El-Erian Warns Failure To Work 'With' AI Risks Fueling Political, Social Opposition

• He urged individuals, companies, and governments to come together to work with AI technology.
• El-Erian also called on leading AI firms to put in more effort in combating the weaponization of AI by bad actors.
• Earlier, El-Erian called AI a “major transformational general purpose knowledge,” and compared it to electricity, saying that it will change a lot of what we do.

Mohamed El-Erian, Chief Economic Advisor at Allianz, on Friday warned that a failure to work “with” artificial intelligence technology could result in a range of economic, political, and social issues.

“Achieving this is a critical joint responsibility. Critical, because failure risks not only undermining economic wellbeing and fueling political and social opposition; it would also unleash those characteristics of AI that exacerbate inequality.”

— Mohamed El-Erian, Chief Economic Advisor, Allianz

The economist emphasized that while advances in AI have been “breathtaking,” merely working on this technology is not enough.

Working On AI Versus Working With AI

El-Erian stated that individuals should work on upgrading their ability to interact with AI technology. Companies should not focus only on displacing labor with AI, but also on enhancing the quality of labor. He also said governments should agree on basic standards and regulations when it comes to AI.

El-Erian also called on leading AI firms to put in more effort in combating the weaponization of AI by bad actors.

Risk Of Worsening Inequality

El-Erian called on individuals, companies, and governments to work jointly on AI technology. “By all means, let’s remain fascinated by the work of those building AI. But we must also address the challenges of working with AI. Our economic well-being—and a less unequal and divided society—depends on it.”

Earlier, El-Erian called AI a “major transformational general purpose knowledge,” and compared it to electricity, saying that it will change a lot of what we do.

Meanwhile, U.S. equities declined in Friday’s midday trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down 0.87%, the Invesco QQQ Trust ETF (QQQ) declined 1.49%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) fell 0.49%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.

Also See: Gary Black Explains Why TSLA Stock Is Seeing Little Follow Through After Elon Musk's Historic $1 Trillion Pay Package Approval

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