AI Update: 'AI needs to be controlled, otherwise it will not be good for society', why did the Nobel Prize winner say this, find out...

With the advent of Artificial Intelligence (AI), there's been a growing debate about its positive and negative consequences. Many prominent figures have expressed their views on this issue. Now, a Nobel Prize-winning economist has stated that AI holds tremendous potential, but it also has the potential to eliminate jobs. Therefore, it's essential to control it. This was stated by Canadian Professor Peter Howitt, winner of the 2025 Nobel Economics Prize. Professor Howitt's comments come at a time when people are concerned about AI's impact on society and jobs.

The Power and Danger of AI
Newsbug reports that Howitt stated that AI is a remarkable technology that can transform many sectors, but it can also eliminate highly skilled jobs. If AI is left unregulated, it will be detrimental to society. Howitt suggested that governments should enact regulations to control it. He believes that the interests of private companies do not align with those of society, so regulations are essential.

Theory of Creative Destruction
Howitt received the award along with his colleague Philippe Aghion. They both worked on the theory of creative destruction. According to this theory, when a new and improved product enters the market, companies selling older products are left behind. Howitt said that AI could have a similar impact, but it's not yet clear which jobs it will affect. He said this is a major moment in human history, just like the advent of electricity.

What's Another Nobel Prize Winner's Opinion?
This year's third Nobel Prize went to American-Israeli economist Joel Mokyr. Mokyr believes that AI, rather than eliminating jobs, can provide people with interesting and challenging work. He said that technological change not only eliminates jobs but also creates new opportunities. Mokyr also expressed concern that in the future, there may not be a shortage of jobs, but rather a shortage of workers, as the population is aging and the number of working people is decreasing.

New regulations also emerged.
California Governor Gavin Newsom has introduced a new law governing interactions with AI chatbots. This law contradicts the White House's policy of leaving AI unregulated.

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