Michael Spence in Project Syndicate (HT: Prof A.J.C. Bose) :
Nearly 250 years ago, Adam Smith identified two potential constraints on economic specialization: the “extent of the market” and the inevitable risks. Today, the risk constraint is proving to be the more powerful, and another, more fundamental challenge to Smith’s model of specialization has emerged.
The risk is AI:
But Smith’s model of specialization may soon face an even more fundamental shift. Recall that it is based on the creation of pockets of specific knowledge and expertise that are not easily acquired or transferred. But generative AI models, among their many effects, now appear to be on course to deliver expertise in almost any area, to anyone who wants it, at very low cost.
Mostly Economics 
