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The Economist's @econcallum calls out economists who predicted robots would replace workers during COVID, only to be proven wrong and move on to predicting AI will take everyone's jobs: "During the pandemic, there was a strong body of economists who were like, ‘All those people who got laid off during the lockdowns are not gonna get their jobs back. Companies are gonna use a robot instead.’ Lo and behold, by early 2021, there was an unprecedented labor shortage in the US." "None of these…
MTS@MTSlive4h ago
FULL INTERVIEW: The Economist's Callum Williams says only about 25% of American businesses use AI four years in, when most people in 2023 would have bet on nearly all of them. Ask CFOs what AI has done for their bottom line, and he says it "basically balances to zero." @econcallum is the senior economics writer at @TheEconomist. He joined @theojaffee and @schisofrenia to lay out why AI hasn't changed the economy yet and the signal he's watching for: 00:50 why AI hasn't changed the economy yet 01:38 why AI spread slower than the internet in business 03:05 why a laptop and ChatGPT isn't enough 04:20 the CFO surveys where AI's impact balances to zero 04:49 why cost will decide how fast AI spreads 06:11 the 25% stat, and the labor market signal he's watching 08:30 whether AI layoffs are real or just an excuse 09:43 robot McDonald's vs a fast food labor shortage 10:28 the COVID robot predictions nobody apologized for 11:55 the economic doom predictions that did come true
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