Investing.com — A senior White House economist rejected a weekend research report on artificial intelligence risks that affected stock market performance, calling it “science fiction,” according to reporting from Bloomberg.
Pierre Yared, the acting chair of the White House Council of Economic Advisers, criticized the paper from Citrini Research during an interview with Bloomberg after speaking at the National Association for Business Economics in Washington.
The Citrini Research paper presents a 2028 scenario where rapid machine intelligence advances increase productivity but make large portions of human labor obsolete. The report predicts job losses, falling consumer spending and declining stock indexes including the .
Yared said the paper contradicts basic economic principles by claiming AI will eliminate jobs due to high productivity.
“The Citrini report is an interesting piece of science fiction — and I like science fiction,” Yared said. “But I think that if you really look at it, and think long and hard about it, it violates some of the basic identities in economics.”
The Nasdaq Composite index fell more than 1% on Monday as technology shares declined following negative sentiment from the Citrini Research release.
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