ERIA and Princeton University Discuss Robots and AI in a New Economic Era

Princeton, 30 September 2024: Dr Lili Yan Ing, Senior Economist at ERIA, met with Professor Gene Grossman, Professor of Economics at Princeton University, to discuss the transformative impact of robots and AI on the global economy. During the meeting, Dr Ing explored how advancements in robotics and AI are reshaping industries, particularly manufacturing and services. She examined these technologies' role in revolutionising global supply chains, redefining labour markets, and boosting economic productivity.

Highlighting the growing influence of automation on the future of work, Dr Ing delved into how robots and AI are revolutionising productivity. She also addressed the need to balance innovation with inclusive economic growth. Dr Ing underscored the need for policies that ensure workers, particularly in developing nations, are not left behind as industries increasingly adopt AI-driven systems. Prof. Grossman echoed these concerns, stressing that policymakers should adapt to these emerging technologies, particularly as automation begins to influence comparative advantages in trade.

The conversation also touched on the broader implications of AI for international trade and development. Both speakers underscored the critical need for education and skill-building initiatives to prepare future generations for a workforce increasingly shaped by robotics and AI. In conclusion, Dr Ing and Prof. Grossman emphasised the importance of understanding both the economic and social implications of these technologies to navigate the new economic era effectively.