Nobel economist Robert Shiller warns AI job loss fears could become a self-fulfilling prophecy

Summary

Nobel laureate economist Robert Shiller argues that apocalyptic narratives about AI destroying jobs could become self-fulfilling prophecies. Drawing on his work on how markets misprice risk, Shiller contends that the stories people tell about the economy shape expectations and behavior. He draws a parallel to the Great Depression, noting that the 1929 crash alone couldn't have caused it (only 2% of households owned stock), but rather a collapse in consumer spending driven by negative expectations deepened the crisis. He warns that widespread fear about AI and jobs could similarly birth negative economic realities.

Source

bskyNobel economist Robert Shiller warns AI job loss fears could become a self-fulfilling prophecyfortune.com