Daron Acemoglu, Simon Johnson and James A. Robinson receive the 2024 Nobel Prize Economics . Their merit? To have contributed to the Economics at subject of institutions and development. The laureates argue that, with the emergence of artificial intelligence, we are at a social crossroads and propose a way to deal with it.

These economists advocate the need to develop inclusive social institutions. They argue that this is the only way for nations to prosper.

What do you mean by inclusive institutions? Institutions that seek the benefit of all citizens. In other words, institutions that have not been created by a small elite to satisfy their own interests, but that distribute the benefits of any social progress among all citizens.

While this thesis has been widely welcomed in the academic world, it has also attracted criticism. Political scientist Yuen Yuen Ang has expressed her doubts about the empirical validity of the work of the Laureates. She claims that her theory has no general validity and therefore cannot be extrapolated to non-democratic countries such as China.

On the other hand, the award winners defend the importance of citizen participation and the fact that everyone, companies, administrations and communities must contribute to the creation of the new institutions that will shape a future in which AI will be present in a decisive way.

With these arguments, Acemoglu and Johnson have analyzed in their book Power and Progress (2023) the crossroads opened up by the irruption of artificial intelligence and its integration into social life.

The authors argue that, as has happened before, this disruptive technology will profoundly change the shape of society and, rather than worrying about the potential superbots it may generate, they fear the social and power imbalances that may result depending on how AI is regulated and integrated.

Furthermore, they claim that, although artificial intelligence can be a source of benefits, this does not mean that they will be distributed equally. The excessive power wielded by the companies that create and develop these technologies can lead to great inequality, which can become particularly relevant in labor markets.

Hence the importance of giving citizens a voice in designing the institutional framework that will integrate AI into our lives. It is essential that inclusive institutions are configured. In this way, the costs and benefits of AI will be shared and borne by all social groups and not enjoyed exclusively by an elite at the expense of workers.

In the interview given to UNESCO after the advertisement of award, Acemoglu stresses the importance of citizens in democratic countries having a voice in the institutional evolution of AI. For, as he puts it, "We citizens have more power than we sometimes think."