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Chapter 1: How is AI affecting job security for economics graduates?
Even an econ degree does not insulate you from AI. I'm David Brancaccio in Los Angeles. A lot of money shifted on stock markets yesterday amid the realization that artificial intelligence could replace not just workers but entire business models, especially business software.
The catalyst was in part a new release of Anthropic's co-work system that doesn't just answer questions put to it, but follows through on entire tasks. For example, it might vet a legal contract, or book a whole business trip in one fell swoop, or create a whole deck of slides for a sales pitch. Down went companies that sell traditional software. Legal Zoom stock fell nearly 20%.
Salesforce was down about 7%. Expedia, the travel service, down 15%. The dread felt by human accountants, lawyers, and travel agents now extends to the software firms that had digitized some of their work.
Chapter 2: What are universities doing to adapt economics education in the age of AI?
This extends to entire professions. Is it even worth getting a degree now in economics, long considered a solid route to employability? Economics departments at colleges and universities are worried and working to adapt. We're joined now by Wendy Carlin, a professor of economics at University College London and director of the Core Econ open source curriculum project. Professor, welcome.
Thank you. It's great to be with you. Studying economics can pay off. We know this. But first, you've got to get a job when you get out of school.
Chapter 3: How does the hiring landscape for economics majors look in Hong Kong?
How deep, Professor, how deep is your concern that artificial intelligence might be a cheaper alternative to hiring your econ majors?
I am worried about this. The evidence that people are referring to relates, for example, to the drop in the hiring of juniors in firms that are adopting AI. And we've got to really think about, you know, why did economics majors get a premium in the
Now, this is more than just an abstract concern about the future. I think you were privy to information out of Hong Kong where employers were needing less fresh econ majors.
So this was top of mind for the dean of the business school at Hong Kong University. They're very worried about the future of their econ and business majors through their conversations with employers in the city. And another colleague in Hong Kong said that his contacts in consultancy and finance are now hiring philosophy and history majors rather than econ or business majors.
I mean if you have to change your approach to economics education to adapt to the presence of AI out in the real world, what are some ways to think about that?
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Chapter 4: What should economics students learn to remain competitive with AI?
Anyone who's done an economics degree will remember that they spend a lot of time doing problem sets. These are very well specified or structured cognitive tasks. So we have to really rethink our classrooms and get those problem set sessions out of the way.
They're going to learn how to do that much better individually working with AI as a tutor than they are in a classroom with, you know, 20 other people.
And I think it even goes without saying that artificial intelligence can be a great tool. So if you could come up with a crop of econ majors who are super pros at using AI to solve even more advanced problems, maybe they would stand a shot of finding work.
Yes, I think that that's what we should be aiming for. And it's part of our job to help students to get the AI to work for them, but not to take away the opportunities that they have to learn the benefits of the hard work that has to be put in, which is going to make you useful. And also, it's going to bring you fulfillment in a way that just getting the answer from the AI can't.
Wendy Carlin is a professor of economics at the University College London and has spent a lot of time with the Core Econ Project, which offers free online textbooks and resources.
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Chapter 5: What changes are being made to SNAP benefits and work requirements?
Professor Carlin, thank you for this update. It's a pleasure. Thank you. The big tax law from last summer ushers in a range of changes, including higher standard deductions this filing cycle, for instance, $31,500 for married couples with a joint return. But for lower-income people, the same law is expected to force many to lose dollars in the form of food aid.
Marketplace's Carla Javier has an update.
Among the changes are expanded work requirements. Now even more recipients, including people aged 55 to 64 and those experiencing homelessness, will have to prove they meet them. Karen Ahrens is at the Alliance to End Hunger.
People need to find the time to sit down to a computer, which they may or may not have access to.
Chapter 6: How do recent tax law changes impact low-income individuals?
They need to log into the system. They need to provide the correct paperwork.
Eligibility criteria for SNAP have fluctuated over the years, says Christopher Basso at Northeastern University. But this time, he says, it doesn't stop there.
There are changes in the program that, if fully implemented, will result probably in the biggest percentage-wise cut
in SNAP benefits. States will have to shoulder even more of the costs of running the program. And over the next few years, the more errors a state makes in administering SNAP, the more money they'll be on the hook for.
Joseph Labrera at the Center on Budget and Policy Priorities says states will try to make sure they aren't overpaying benefits, which means... People who are eligible and need the assistance are faced with more barriers and longer wait to get on the program.
For the USDA's part, a spokesperson said it is committed to preserving the integrity of our programs and respecting the generosity of American taxpayers. I'm Carla Javier for Marketplace.
And what's good for patients isn't good for stockholders of Novo Nordisk, the Denmark-based company behind the weight loss drug Wagovi. The firm warned today of, quote, unprecedented downward pressure on prices for weight loss drugs. And the stock is down 17 percent in Copenhagen now. I'm David Brancaccio, Marketplace Morning Report from APM, American Public Media.
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