TIME100 AI Panelists Discuss AI’s Potential Impacts, for Better or Worse, on the Economy

The third annual TIME100 AI Impact Dinner in San Francisco brought together executives, innovators, storytellers, and activists to discuss the potential impacts of artificial intelligence on the economy, for better or worse. One of the key concerns raised was whether AI would lead to mass job loss, a new jobs boom, or both simultaneously.

Glen Fogel, CEO of travel conglomerate Booking Holdings, expressed his concern about the displacement of human translators by AI, stating that his company no longer requires such roles. He also unveiled plans for AI travel agents that can tailor and adapt vacation plans based on individual preferences and adjust in real-time due to unforeseen circumstances like bad weather or delays.

Glen Fogel and Cognizant CEO Ravi Kumar S both advocated for the pivotal role of AI in flattening corporate hierarchies, granting power and capability to everyday employees. However, they cautioned that many companies are not yet harnessing this potential. Fogel warned of potential social unrest in the absence of government intervention to alleviate the impact on those who cannot easily retrain for AI-based careers.

Both panelists expressed skepticism towards calls for slowing down AI research and development, as they believed that doing so would be detrimental if "bad actors" do not follow suit. In an optimistic note, Doreen Bogdan-Martin, secretary general of the International Telecommunication Union, praised countries like Canada and Rwanda for their investments in upskilling populations.

She emphasized that AI-literate young people in developing nations are already contributing to innovations in agriculture, healthcare, education, and early warning systems. Bogdan-Martin stressed the importance of international cooperation to ensure global access to AI's benefits, not just as consumers but as producers as well.