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Scott Galloway, a professor of marketing at New York University’s Stern School of Business, entrepreneur, and best-selling author, shares his thoughts on AI, youth, and generational wealth in the first episode of the second season of My Wildest Prediction.
ADVERTISEMENTMy Wildest Prediction is a podcast series from Euronews Businesswhere we dare to imagine the future with business and tech visionaries. In this episode, Tom Goodwin talks with Scott Galloway, professor of marketing at the NYU Stern School of Business, best-selling author and entrepreneur.
Balancing hype and threats of artificial intelligence
Over the past decade, the hype around artificial intelligence (AI) has been huge, polarising the debate between those who fear its negative impacts on humanity and those who cannot wait to witness its revolutionary benefits.
In 2014, Professor Stephen Hawking warned that ‘AI could spell the end of human race’ and four years later, Google CEO Sundar Pichai affirmed that AI is ‘more profound than electricity or fire’.
Where does the truth lie? According to entrepreneur, author, and marketing professor Scott Galloway somewhere in the middle.
Galloway explains that humans have always tended to think that new technologies could shape the future, but the reality has often ended up being different, with technologies developing slower than expected.
Despite his balance, Galloway recognises this technology’s significant positive and negative potential.
On the one hand, the professor believes AI will have a beneficial effect on the economy, creating new jobs and boosting the productivity of those who know how to use it. “Are you a mediocre lawyer? You should be worried. Are you a great lawyer who understands and experiments with AI? You’re going to see your earnings go up 40% because you’re going to be 60% more productive,” he said.
On the other, Galloway predicts that AI could be a danger to the United States (US): “The biggest threat to the US is going to be domestic terrorism, from men and women in uniform who are weaponized by AI girlfriends,” he stated.
He explained that AI tools controlled by terrorist organisations could exploit trust relationships with US officials, ultimately directing their actions against their nation.
Rethinking generational wealth
To counter, or at least lower the potential detrimental aspects that AI could have on people, Galloway gave his constructive view on the situation.
The professor believes it is important for people to take a step back and reduce their engagement in heated social media arguments. “We should educate to social media,” Galloway stated. “And we should invest in third places, where young people can meet each other and discuss”.
From an economic perspective, Galloway advocates for greater economic independence for young people. To build it, he argues for a reevaluation and ultimately ending of financial transfers from young to older generations.
“We transfer $1.4 trillion a year from young to old in the form of Social Security. And what do you know? Child poverty is flat, while senior poverty has significantly decreased,” Scott Galloway told Euronews Business.
Learn more by listening to My Wildest Prediction.
