Limerick economist urges people to reject fears around rise of AI technology

LEADING local economist, Prof Stephen Kinsella has urged people to reject doomsday projections around the rise of Artificial Intelligence (AI).

The Castleconnell resident, who is the head of economics at University of Limerick, said there is a “dystopian” narrative around the rise of the new technology.

But he said it will be more of a help than a hindrance to Limerick organisations.

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Speaking at Limerick Civic Trust’s Christmas dinner at No 1 Pery Square hotel in the city centre, Prof Kinsella believes we are “at the top of the hype cycle” around AI.

“It will come down from that. For smaller cities like Limerick, the technological changes are a big advantage. It distributes the last kind of problem we have which is our scale and space. It lets institutions do more with the same resources. It gives cultural organisations like the Limerick Civic Trust the tools to digitise archives, interpret its heritage in new interactive formats. And reach audiences beyond this region,” he said.

Prof Kinsella also said there are many reasons for businesses in the Mid-West to be optimistic for the future.

“Workers are recovering some of the purchasing power they've lost since 2021 and in Ireland, real wages have been improving quarter-by-quarter. For a city like Limerick where cost of living pressures affect different communities in different ways, rising real incomes creates room for people to engage in civic life,” he said.

Prof Kinsella also pointed to the fact that pricing in global energy markets has stabilised.

“This matters for competitiveness. We have billions of euro of investments going into plants all around this region - Eli Lilly and many others. We need energy prices to be stable. When energy prices vary wildly, again investment goes down,” Prof Kinsella added in his address to the audience of local business people.