AI, free trade seen as boon for world

Nobel prize winner calls for bigger role of tech in boosting innovation

Contrary to widespread concerns that it may replace human jobs, artificial intelligence will actually create opportunities for new businesses, fostering innovation and skill development of workers both in China and other parts of the world, according to a renowned economist.

This process is not intentionally designed to impact the labor market. It is a natural progression, said Thomas Sargent, the 2011 Nobel laureate for economics and professor of economics at New York University.

Arguing that software and AI are just tools, Sargent said technological changes will continuously bring forth many new ideas.