Together with George Akerlof and Joseph Stiglitz, the 79-year-old received the Nobel Prize in 2001 for an analysis of markets with asymmetric information.
(Photo: Getty Images; Per-Anders Pettersson)
Denver Companies like OpenAI and Microsoft show a way to a new information age. This will have serious consequences for all those employees who “work creatively and produce content”, “that’s what I would worry about the most at the moment,” says Michael Spence, winner of the Nobel Prize in Economics, in an interview with the Handelsblatt. “I’m also thinking about music and film.”
With the ChatGPT system, the start-up OpenAI has launched a language model that uses simple input to write poems, design business models or even write computer programs. Microsoft is now bringing the technology behind it to millions of customers via its search engine Bing.
Other AI systems create photos based on voice input or rewrite text within seconds. The exact economic consequences of this new era cannot be foreseen at such an early stage, says Spence, but he calls for protecting the people whose jobs are threatened by AI programs.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Further
Read on now
Get access to this and every other article in the
Web and in our app — 4 weeks for €1.
Further