AI has tremendous potential for ‘creative destruction,’ says Canadian Nobel winner
Canadian economist Peter Howitt is among a group of three researchers who won the Nobel memorial prize in economics this week. Their research and modelling looked at the impact of innovation on economic growth and how new technologies replace older ones — a key economic concept known as ‘creative destruction.’ ‘Every new technology that has a major impact on the economy provides great benefits … but there’s always someone who’s hurt by it,’ said Howitt.