Latest news with #DaronAcemoglu
Business Upturn
5 days ago
- Business
- Business Upturn
Daron Acemoglu, Chris Bangle and Michele De Lucchi awarded the Ethic Award at the Oscar Pomilio Blumm Forum 'Happy Chaos? Rethinking Ethics in an Age of Global Change'
By GlobeNewswire Published on July 25, 2025, 21:45 IST From geopolitics to technology, from economics to architecture, the 2025 edition of the Oscar Pomilio Blumm Forum gathered three leading voices of the global debate at the Aurum in Pescara to reflect on the profound transformations reshaping our time. The event, titled 'Happy Chaos?', explored the systemic changes redefining institutions, society, and the very language of contemporary culture. The Forum awarded Daron Acemoglu, Chris Bangle, and Michele De Lucchi with the 2025 Ethic Award, in recognition of the ethical value of their contribution to society: individuals who, through research, design, and creativity, have expressed an original, deeply civic vision — capable of pointing to new directions. 'With this Forum, we wanted to explore the fractures of our time through the lens of three visionary minds,' said Franco Pomilio, President of Pomilio Blumm. 'The extraordinary participation and high level of debate confirmed that ethics can—and must—be the driving force behind innovation and global citizenship.' Daron Acemoglu: 'AI must empower people, not replace them' The Forum opened with Daron Acemoglu, Nobel Prize winner for Economics in 2024, professor at the Massachusetts Institute of Technology (MIT), and author of the landmark book Why Nations Fail , which argues that it is institutions—not geography or culture—that determine the prosperity or decline of nations. In his keynote, Professor Acemoglu focused on the concept of 'Remaking Liberalism', that is also the main topic of a book he is working on, and he warned of the dangers of artificial intelligence designed to replace human labor: 'The current model reinforces the power of elites and increases inequality. We need technology that is built to democratize opportunity.' He called for a new social contract to guide digital development: 'We can build tools that assist teachers, doctors, artisans, and citizens—but it requires democratic rules and long-term vision.' Chris Bangle: 'Design is pulling us away from ourselves' Next to speak was Chris Bangle, the American designer who transformed the aesthetics of BMW, MINI and Rolls-Royce, and is considered one of the most influential creatives of our time. Bangle offered a provocative reflection: 'We have built a world where good design means hiding the human hand. But this paradigm is consuming us.' He criticized the impersonal, algorithm-driven aesthetic, stating: 'The meaning of an object lies not only in its form or function, but in the human input behind it. If perfection is inhuman, then imperfection can become value.' Michele De Lucchi: 'Every project is an equation—and the unknown variable is humanity' The Forum concluded with Michele De Lucchi, the renowned Italian architect and designer, founder of AMDL CIRCLE, creator of the iconic Tolomeo lamp and of numerous international architectural projects. 'Today, architecture must be conceived as an environmental installation capable of responding to the unpredictable changes triggered by human beings,' he explained, presenting his personal 'equation' of design. De Lucchi reminded the audience that the role of the designer is not only to shape objects, but also to inspire behaviors, desires, and collective imagination. 'We can no longer design for eternity in a world that is changing so rapidly,' he stated. 'Architecture must be reimagined as something adaptable, sustainable, and deeply human.' Attachment Oscar Pomilio Forum 'Happy Chaos? Rethinking Ethics in an Age of Global Change' Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Hamilton Spectator
5 days ago
- Business
- Hamilton Spectator
Daron Acemoglu, Chris Bangle and Michele De Lucchi awarded the Ethic Award at the Oscar Pomilio Blumm Forum 'Happy Chaos? Rethinking Ethics in an Age of Global Change'
From geopolitics to technology, from economics to architecture, the 2025 edition of the Oscar Pomilio Blumm Forum gathered three leading voices of the global debate at the Aurum in Pescara to reflect on the profound transformations reshaping our time. The event, titled 'Happy Chaos?', explored the systemic changes redefining institutions, society, and the very language of contemporary culture. The Forum awarded Daron Acemoglu, Chris Bangle, and Michele De Lucchi with the 2025 Ethic Award, in recognition of the ethical value of their contribution to society: individuals who, through research, design, and creativity, have expressed an original, deeply civic vision — capable of pointing to new directions. 'With this Forum, we wanted to explore the fractures of our time through the lens of three visionary minds,' said Franco Pomilio, President of Pomilio Blumm. 'The extraordinary participation and high level of debate confirmed that ethics can—and must—be the driving force behind innovation and global citizenship.' Daron Acemoglu: 'AI must empower people, not replace them' The Forum opened with Daron Acemoglu, Nobel Prize winner for Economics in 2024, professor at the Massachusetts Institute of Technology (MIT), and author of the landmark book Why Nations Fail , which argues that it is institutions—not geography or culture—that determine the prosperity or decline of nations. In his keynote, Professor Acemoglu focused on the concept of 'Remaking Liberalism', that is also the main topic of a book he is working on, and he warned of the dangers of artificial intelligence designed to replace human labor: 'The current model reinforces the power of elites and increases inequality. We need technology that is built to democratize opportunity.' He called for a new social contract to guide digital development: 'We can build tools that assist teachers, doctors, artisans, and citizens—but it requires democratic rules and long-term vision.' Chris Bangle: 'Design is pulling us away from ourselves' Next to speak was Chris Bangle, the American designer who transformed the aesthetics of BMW, MINI and Rolls-Royce, and is considered one of the most influential creatives of our time. Bangle offered a provocative reflection: 'We have built a world where good design means hiding the human hand. But this paradigm is consuming us.' He criticized the impersonal, algorithm-driven aesthetic, stating: 'The meaning of an object lies not only in its form or function, but in the human input behind it. If perfection is inhuman, then imperfection can become value.' Michele De Lucchi: 'Every project is an equation—and the unknown variable is humanity' The Forum concluded with Michele De Lucchi, the renowned Italian architect and designer, founder of AMDL CIRCLE, creator of the iconic Tolomeo lamp and of numerous international architectural projects. 'Today, architecture must be conceived as an environmental installation capable of responding to the unpredictable changes triggered by human beings,' he explained, presenting his personal 'equation' of design. De Lucchi reminded the audience that the role of the designer is not only to shape objects, but also to inspire behaviors, desires, and collective imagination. 'We can no longer design for eternity in a world that is changing so rapidly,' he stated. 'Architecture must be reimagined as something adaptable, sustainable, and deeply human.' Attachment
Toronto Star
5 days ago
- Business
- Toronto Star
Daron Acemoglu, Chris Bangle and Michele De Lucchi awarded the Ethic Award at the Oscar Pomilio Blumm Forum 'Happy Chaos? Rethinking Ethics in an Age of Global Change'
From geopolitics to technology, from economics to architecture, the 2025 edition of the Oscar Pomilio Blumm Forum gathered three leading voices of the global debate at the Aurum in Pescara to reflect on the profound transformations reshaping our time. The event, titled 'Happy Chaos?', explored the systemic changes redefining institutions, society, and the very language of contemporary culture. The Forum awarded Daron Acemoglu, Chris Bangle, and Michele De Lucchi with the 2025 Ethic Award, in recognition of the ethical value of their contribution to society: individuals who, through research, design, and creativity, have expressed an original, deeply civic vision — capable of pointing to new directions.
The Print
23-07-2025
- Business
- The Print
Knowledge is no longer scarce. Rise of AI must push universities to rethink what they offer
The model worked because the supply curve for high-quality information sat far to the left, meaning knowledge was scarce and the price – tuition and wage premiums – stayed high. That process did two things: it gave you access to knowledge that was hard to find elsewhere, and it signalled to employers you had invested time and effort to master that knowledge. For a long time, universities worked off a simple idea: knowledge was scarce. You paid for tuition, showed up to lectures, completed assignments and eventually earned a credential. Now the curve has shifted right, as the graph below illustrates. When supply moves right – that is, something becomes more accessible – the new intersection with demand sits lower on the price axis. This is why tuition premiums and graduate wage advantages are now under pressure. According to global consultancy McKinsey, generative AI could add between US$2.6 trillion and $4.4 trillion in annual global productivity. Why? Because AI drives the marginal cost of producing and organising information toward zero. Large language models no longer just retrieve facts; they explain, translate, summarise and draft almost instantly. When supply explodes like that, basic economics says price falls. The 'knowledge premium' universities have long sold is deflating as a result. Employers have already made their move Markets react faster than curriculums. Since ChatGPT launched, entry-level job listings in the United Kingdom have fallen by about a third. In the United States, several states are removing degree requirements from public-sector roles. In Maryland, for instance, the share of state-government job ads requiring a degree slid from roughly 68% to 53% between 2022 and 2024. In economic terms, employers are repricing labour because AI is now a substitute for many routine, codifiable tasks that graduates once performed. If a chatbot can complete the work at near-zero marginal cost, the wage premium paid to a junior analyst shrinks. But the value of knowledge is not falling at the same speed everywhere. Economists such as David Autor and Daron Acemoglu point out that technology substitutes for some tasks while complementing others: codifiable knowledge – structured, rule-based material such as tax codes or contract templates – faces rapid substitution by AI tacit knowledge – contextual skills such as leading a team through conflict – acts as a complement, so its value can even rise. Data backs this up. Labour market analytics company Lightcast notes that one-third of the skills employers want have changed between 2021 and 2024. The American Enterprise Institute warns that mid-level knowledge workers, whose jobs depend on repeatable expertise, are most at risk of wage pressure. So yes, baseline knowledge still matters. You need it to prompt AI, judge its output and make good decisions. But the equilibrium wage premium – meaning the extra pay employers offer once supply and demand for that knowledge settle – is sliding down the demand curve fast. What's scarce now? Herbert Simon, the Nobel Prize–winning economist and cognitive scientist, put it neatly decades ago: 'A wealth of information creates a poverty of attention.' When facts become cheap and plentiful, our limited capacity to filter, judge and apply them turns into the real bottleneck. That is why scarce resources shift from information itself to what machines still struggle to copy: focused attention, sound judgement, strong ethics, creativity and collaboration. I group these human complements under what I call the C.R.E.A.T.E.R. framework: critical thinking – asking smart questions and spotting weak arguments resilience and adaptability – staying steady when everything changes emotional intelligence – understanding people and leading with empathy accountability and ethics – taking responsibility for difficult calls teamwork and collaboration – working well with people who think differently entrepreneurial creativity – seeing gaps and building new solutions reflection and lifelong learning – staying curious and ready to grow. These capabilities are the genuine scarcity in today's market. They are complements to AI, not substitutes, which is why their wage returns hold or climb. What universities can do right now 1. Audit courses: if ChatGPT can already score highly on an exam, the marginal value of teaching that content is near zero. Pivot the assessment toward judgement and synthesis. 2. Reinvest in the learning experience: push resources into coached projects, messy real-world simulations, and ethical decision labs where AI is a tool, not the performer. 3. Credential what matters: create micro-credentials for skills such as collaboration, initiative and ethical reasoning. These signal AI complements, not substitutes, and employers notice. 4. Work with industry but keep it collaborative: invite employers to co-design assessments, not dictate them. A good partnership works like a design studio rather than a boardroom order sheet. Academics bring teaching expertise and rigour, employers supply real-world use cases, and students help test and refine the ideas. Universities can no longer rely on scarcity setting the price for the curated and credentialed form of information that used to be hard to obtain. The comparative advantage now lies in cultivating human skills that act as complements to AI. If universities do not adapt, the market – students and employers alike – will move on without them. The opportunity is clear. Shift the product from content delivery to judgement formation. Teach students how to think with, not against, intelligent machines. Because the old model, the one that priced knowledge as a scarce good, is already slipping below its economic break-even point. Patrick Dodd, Professional Teaching Fellow, Business School, University of Auckland, Waipapa Taumata Rau This article is republished from The Conversation under a Creative Commons license. Read the original article.
India Today
21-07-2025
- Business
- India Today
AI may affect just 5% of jobs, not entire workforce: Nobel-winning MIT economist
At a time when headlines speak of artificial intelligence changing everything, Nobel Laureate and MIT economist Daron Acemoglu is urging caution. In a recent conversation with MIT, Acemoglu said the economic impact of current AI tools may be far more limited than popular claims suggest.A MODEST ESTIMATE: 5% JOBS, 1% GDP IMPACTAcemoglu estimates that AI may only affect about 5% of jobs and contribute around 1% to the global GDP. 'These are just guesses,' he said, 'but the prediction stands.' Unlike earlier technologies that reshaped production, like electricity or the internet, he argues AI has not yet produced tools that deeply transform how goods and services are to Acemoglu, most current AI tools perform best in routine environments: tasks such as basic accounting, cybersecurity monitoring, or standardised software functions. These do not cover the kind of work most people AI CAN AND CAN'T DO Much of human labour involves judgment, interpretation, and interaction. 'No real-world task is just repeating what is already known,' Acemoglu explained. 'Most jobs rely on context, tacit knowledge, and decisions that machines still find difficult.'He also pointed out that today's AI models work by imitating human decision-making using historical data. But imitation, he said, has its limits. 'If you mimic a human decision-maker, you won't outperform them.'CHALLENGING THE AGI HYPEAcemoglu is sceptical of claims that general-purpose AI, or AGI, will soon replace large swathes of cognitive work. 'If you're a professor, a CEO, or a construction worker, your job is not disappearing in five years,' he said. 'If you believe in AGI, then you should be able to list jobs that will completely vanish soon. I don't see that happening.'His comments contrast sharply with a 2024 International Monetary Fund (IMF) report that warned 40% of jobs globally might be affected by AI, particularly in wealthier economies where white-collar work is called for a more thoughtful direction in AI development, one that complements human skills rather than replacing them. 'The best way forward is pro-human,' he said. 'We should be designing tools that help people do better, not push them aside.'His advice to business leaders was clear: 'Don't fall for the hype. Focus on how to use your most important resource, your people, better.'- Ends
