Economists already utilize machine learning, a branch of AI, to analyze data and develop economic projections.
Korinek expects it to “revolutionize research,” according to a paper he wrote that was accepted for publication by the Journal of Economic Literature.
Impact on employmentSo what could be the impact of genAI’s advancement on employment in economics?
Jobs site Indeed conducted a recent study gauging the level of exposure of certain jobs to genAI based on the skills needed to perform them.
Economists use a lot of technology to do their jobs, which are tasks that genAI could also perform, especially as it becomes more and more refined.
Persons:
CNN — Anton Korinek, ”, “, ” Korinek, GenAI isn’t, Louis, Bing, Google’s Bard, Anthropic’s Claude, GenAI, Claude 2, Korinek, It’s, Tyler Cowen, Alex Tabarrok, “ ChatGPT, ” Cowen, Tabarrok, GPT, genAI, Louis Fed, Svenja, ” Gudell
Organizations:
CNN, University of Virginia, Korinek, Journal, Economic, George Mason University, Federal Reserve Bank of St, St, Professional
Locations:
genAI