Is AI a boon or a bust for the economy? Maybe neither, as reported in The Register:

In a National Bureau of Economic Research paper titled “The Simple Macroeconomics of AI,” Daron Acemoglu, professor of economics at Massachusetts Institute of Technology, argues that predictions AI will improve productivity and boost wages in a “blue-collar bonanza” are overly optimistic.

“AI will have implications for the macroeconomy, productivity, wages and inequality, but all of them are very hard to predict,” Acemoglu argues. “This has not stopped a series of forecasts over the last year, often centering on the productivity gains that AI will trigger.”

Don’t believe the hype.

Read their analysis here.