Seoul: Artificial intelligence (AI)-led growth and transformation is inevitably part of the future. Korea is one of the leading movers in AI, with a distinctive optimism and state-backed initiatives that draw from the country's past industrialization successes. The Lee Jae Myung administration's goal of becoming a top AI powerhouse, pursuing three megaprojects that include building semiconductors and data center hubs, reflects its enthusiasm.
According to Yonhap News Agency, warning messages from Nobel laureates, prominent economists, and AI researchers have surfaced at an opportune time for Korea to realistically factor in the future peaks and valleys of AI growth. In a statement titled "We Must Act Now," global experts highlighted AI's potential to become "radically more powerful over the next 10 years," potentially driving an "unprecedented transformation of our economy." They emphasized that while AI could deliver "opportunities, such as major gains in living standards," it also carries risks, including large-scale job displacement.
The experts urged economists, policymakers, and technology leaders to "act now to understand the economics of transformative AI" and to develop the necessary incentives, guardrails, and institutions to steer AI in a direction that complements humans and benefits society. This call to action has been supported by a diverse group of signatories, including University of Virginia professor Anton Korinek, Ajay Agrawal of the University of Toronto, and Daron Acemoglu of MIT, alongside Nobel laureates Simon Johnson and Michael Spence.
The global message comes on the heels of Pope Leo's call for AI regulation and societal debate, as noted in his first encyclical released in late May. Professor Acemoglu noted that the pope's insights on technology's non-neutrality reflect the influence of those who design, finance, and regulate it.
Despite these warnings, enthusiasm for AI remains strong due to its potential for technological advancement and increased productivity. However, concerns linger over AI's impact on human labor and social inequalities. In response, the Korean government recently hosted a forum to address social and AI technological innovations. This forum was seen as a positive step for Korea and companies seeking to prepare for the AI era by leading in social and technical innovations.
Labor conflicts related to the AI boom have already emerged in Korea, with disputes over bonus payments at Samsung Electronics and protests at Hyundai Motors against the use of Atlantis humanoid robots. While large-scale job displacements are not yet evident, the employment prospects for young job seekers continue to decline. One forum suggestion was to use "excessive profits" to create jobs for younger generations.
As Labor Minister Kim Young-hoon stated, "We now need a new social contract that is befitting the new age of AI." The government, society, and business sector must collectively address challenges related to AI in employment, welfare, and ethics.
Korea's most pressing task is to resolve the social tension accompanying its pursuit to become one of the world's AI powerhouses. Reducing tensions could lead to a social consensus and possibly help draft a new "social contract."