News Snapshot:
Goldman Sachs chief economist Jan Hatzius sees artificial intelligence creating substantial dislocations in developed world economies. He estimates, for example, that almost half of the current functions of the legal and office support functions can be automated using generative AI applications similar to ChatGPT. Mr. Hatzius published The Potentially Large Effects of Artificial Intelligence on Economic Growth earlier this week. He described the importance of AI lay in its “ability to generate novel, human-like output” and “break down communication barriers between humans and machines.” All told, Goldman Sachs sees 25 per cent of all labour in Europe and North America...
