Renowned economist and former dean of Columbia Business School, Glenn Hubbard, is sounding the alarm on the United States’ readiness for the AI revolution. In an exclusive interview with Before the Bell, Hubbard expressed concerns about the lack of preparedness for the disruptions that will accompany the widespread adoption of artificial intelligence.
Hubbard emphasized the importance of economic growth in addressing societal challenges such as climate change, education, and national security. However, he noted a glaring absence of discussion on this crucial issue among politicians. According to Hubbard, the key to achieving sustainable growth lies in effectively managing the disruptions brought about by technological advancements like AI.
The economist highlighted the need for government intervention to support workers in transitioning to new roles in the face of automation. He stressed the importance of public policy initiatives, such as investing in education and fostering partnerships between businesses and community colleges, to mitigate the impact of job losses.
Hubbard also criticized current government spending measures, calling for a greater focus on research and development to drive innovation. He warned against excessive deficit spending and emphasized the need for policymakers to make tough choices to ensure long-term economic stability.
As the debate over AI and economic growth continues, Hubbard’s insights serve as a stark reminder of the challenges and opportunities that lie ahead for the US economy. It remains to be seen whether policymakers will heed his warnings and take decisive action to navigate the complexities of the AI revolution.