Economic assessment from Daron Acemoğlu: 'Turkey will age rapidly'

Nobel Prize in Economics winner Prof. Dr. Daron Acemoğlu arrived in Istanbul today following his award. The Nobel-winning economist Prof. Dr. Daron Acemoğlu commented on almost every topic from the global economy to artificial intelligence, population dynamics, and climate change at the Brand Week Istanbul summit. Visiting Turkey for the first time since receiving the Nobel Prize, Acemoğlu drew attention to important details ranging from income inequality in the US to the effects of artificial intelligence on the labor market.

Stating that despite the growth of the US economy, income inequality has increased, Acemoğlu noted that this gap widened rapidly between 1980 and 2015. Emphasizing that wage inequality in the US is linked to the political structure, he stated, "There is no other period in US history where nearly half of the population did not receive a share of the growth."

"TURKEY WILL AGE RAPIDLY"

Acemoğlu said that the growth in the world population has ended and that the world population will reach its peak by 2050, after which it will enter a downward trend. Stating that Turkey will also be affected by this aging trend, Acemoğlu said, "You will see that Turkey will age faster than many other countries. Aging societies can face many economic and social problems."

Citing developed countries such as Germany, Japan, and South Korea as examples of countries taking precautions against aging, Acemoğlu stated that these countries are trying to solve the problem of an aging population by effectively using robot technologies and their workforce.

ARTIFICIAL INTELLIGENCE MUST BE DIRECTED CORRECTLY

Pointing out that artificial intelligence has high potential to increase productivity, Acemoğlu emphasized the importance of directing this technology correctly. Stating that artificial intelligence is currently used more within the framework of automation, Acemoğlu said, "If artificial intelligence is directed to work together with humans rather than transferring the work done by humans to machines, the productivity of the working class can be increased."

News Source: 12punto