peter: my dad was an m.i.t.fessor at the time and he also ran a consulting firm that my mother managed. david: so, if your father is teaching math at m.i.t., i presume you are pretty good at math? peter: not by his standards. david: but you were good? peter: i was ok. david: did you get 800 on your math sat? peter: i did very well on my math sat. david: you chose not to go to m.i.t. or another school called harvard, but you went to princeton. and you got a phd at the london school of economics? peter: i did. david: what did you decide to do with a phd in economics? did you want to teach or what did you do when he came back to the united states with your phd? peter: in the middle of graduate school, and i think it reflects the fact that i did not yearn to be a pure academic, i had spent not quite a year, but a year in moscow with a team of advisors to the government there, and then when president clinton was elected one of my undergraduate professors called me up and said, isn't it kind of cold in moscow? would y

david: you chose not to go to m.i.t.r another school called harvard but you went to princeton and got his phd at the school of economics. what did you decide to do with a phd in economics? did you want to teach or what did you do when he came back to the states with your phd? peter: in the middle of graduate school, and i think it reflects the fact that i did not yearn to be a pure academic, i had spent a year in moscow with a team of advisors, the government there and then when president clinton was elected, one of my undergrad professors called me up and said, isn't it kind of cold in moscow, would you like to come join the new clinton administration at the council of economic advisors, which i did. david: how long were you in the clinton administration? peter: i did a couple of years, i went back and finish my phd. i went back for a year or two. cumulatively maybe four or five years. david: in the clinton administration you left and went to brookings? peter: i left the clinton administration. i have the shortest tenur

looking at it from an m.i.t. perspective, the international students harnessing the innovation possibilities that their on premise brings but also managing the risks that might appear with ip. china high-risk on the watchlist, how do you see the future or what r&d has to do what has to be done? dr. prabhakar: this is an issue that has been very challenging in the research enterprise and especially universities. it is not that long ago that everyone was being encouraged to build these linkages with chinese research organizations. and it started to recognize that china's behavior has changed over the last 10 or 15 years and they have crossed one boundary after another, whether it is militarily in economic interchanges or going after intellectual property. in research in particular, i think how you deal with that has been a vexing issue for you. it has been a vexing issue for all of us as well. and we recently put out security guidance to try to wrangle three facts. one of china's aggressive and inappropriate behavi

the nobel prize for economics simon johnson wins it from m.i.t., h he worked for imf in 2016, duringtinguished man, predicted if donald trump were elected we would have a stock market crash, now, a bunch of years later, he gets nobel prize. art laffer should have got it not simon johnson or a goofball, what do you think. you are not a professional economist, how does this happen? >> you know, i doe agree with you, i think that art laffer should have won, you talking m.i.t., he probably got 800 on his s.a.t.s and static view of the economy. and not a dynamic view not a business person. trump is good at seeing entrepreneur rally side, one think he mentioned. number one, growth. number two, is energy. we have to get our energy back. that is what is going to drive down prices, will enable to us have growth, bring back our supply chains and make us dominant. and we'll project strength on the world stage and not be leveraged by two bit countries in the world. larry: i will bet you, that this simon johnson, would be part of the chorus of you know green new deal, let's get rid of fossil fuel

a renowned professor at m.i.t. says by his calculation only a small percent of all jobs, around 5% is ripe to be taken over or heavily aided by ai over the next decade. he joins us now. welcome to the program. this was one of the most read programs over the next 24 hours. there is no surprise. it has all of the facets of the story that would engage our audience on bloomberg technology. why only 5% of jobs in which sectors and industries are you basing your thesis on? >> it is great to be on the program. i think right now there is a lot of potential excitement, perhaps hype about ai. if you look at its current capabilities, we are very far from ai performing any of the tasks that involve a heavy level of interaction with the physical world. construction work, manufacturing work, carpentry, those perhaps one day will be much more feasible if ai become so much more advanced and reliable and to be integrated with better robots. it is not something that will happen in the next five or 10 years. there is a lot of other p

and his colleague, simon johnson, also from m.i.t..oins us now to talk about the award and some of the findings. congratulations. recount the moment that you learned you were a nobel prize winner. >> i woke up at 6:00 which is my normal time and i looked at my phone, routine and saw some text messages. i did not believe it so i did some checking on the internet until i was convinced that i had indeed won the prize with my colleagues. geoff: your work examines the different types of colonialism and how it ended up with some nations being poor and some being rich. >> a big part of the prosperity gap particularly with countries formerly con -- cologne realized by the europeans was the way they were colonial iced. in some places european colonial authorities decided to bring in more europeans and then they wanted to make that attractive so they would give more rights to the people they were trying to bring in. in other places they just try to control the local population. and those places set up institutions and a lot of those initial ones

daron acemoglu with m.i.t. that does it for "the exchange" today.2% we'll pick up coverage of isart llth mkese-off on "power lunch. i'll join tyler right after this break. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. ♪ (suspenseful music) ♪ why not? did you forget something? ♪ (suspenseful music) ♪ my protein shake. the future isn't scary. not investing in it is. you're so dramatic amelia. bye jen. nasdaq-100 innovators. one etf. before investing, carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's your free, just for calling the number on your screen. and when you call, a knowledgeable, licensed agent-prod

cnbc and says don't take my word for it, take the word of the regulator, the expert who taught at m.i.t.. they were her words. she told him what to say and chevron ended the regulatory capture from senators like senator warren who don't care about the truth but only care about a specific agenda. i said as a special attorney, i prosecuted people under the perjury statutes. when you encourage someone not to tell the truth in an official proceeding. she is absolutely guilty of that. it may seem harsh for me to say it, but it's the truth. maybe now she will explain to america why that's not corrupt. sen. warren: mr. deaton is just spinning this whole fantasy story. my responsibility is oversight and i want to make sure that we cover the issues we need to cover. nobody said anything that was untruthful. mr. deaton has no evidence of that. but understand this. there is a reason that mr. deaton is very focused on the sec. and the reason for that is that is the only agency that seems to have a little wage on regulating crib though. and has held these crypto multibillionaire is accountable when

just this week before a congressional committee and expert at m.i.t. ordered the ingredients from 1918 influenza virus under the pseudonym. if he can do is soak it all qaeda. do you see what i mean? >> did you conclude the covid 19 virus was a bio weapon we don't consider it it's if a biological weapon. i don't think it is. inc. her book we think it's a -- since the book came out the evidence has been much stronger. the question is what were they doing most dangerous experiment. for? they had very little upside. the theory was the reason they were doing it which is believable as to and prevent the next' pandemic. while that one out well, didn't it? >> you do t believe it? >> i believe that's what they were trying to do. but inhe the process they got carried away with the technologies they were excited about doing andde the idea competitively doing it. they it looksnd like again we can't be sure because the chinese will not collaborate but it looks like they put together a virus soup it up a little bit with the unique ingredient and there was military i

a renowned professor at m.i.t. is not sure ai can deliver on the promise of an economic revolution.gets the potential of ai but by his calculation a small percent of all jobs, 5% is right to be taken over or heavily aided by ai over the next decade. ed: codieum raised $150 million in a series c round, the ceo and cofounder joins us for more. welcome. a lot of people phoned me, you have to check out codieum. varun: it fundamentally enables users to use software faster. the platform has 700,000 developers. one of the key things we focus on d ise-personalization. code is an independent data source and we try to make the responses as personalized as we can to the companies. right now they are seeing a 20% reduction in total development time. ed: i will make an observation and you respond. 700,000 users, 100,000 enterprise customers. you raised little money compared to companies that have raised a lot, that have not started selling anything yet. what do you make of that? varun: i don't have a lot of comments on this. i worked in autonomous vehicles where companies were raging large amoun

science and technology podcast for newsrooms including propublica, the "wall street journal," and m.i.t. technology review.w her latestt show shift launched last year and early this conversation should also be on shift. so do check that out. a previous conversation also on her incredible podcast. check out. also frank mccourt who we are having this fireside chat with celebrates celebrate our biggest fight, don't forget our biggest fight.com. an executive chairman of mccourt global, along with for a partner for today the founding executive chairman of project liberty which is a far-reaching effort to build an internet where individuals have control over their data, a voice and a platforms operate, and more access to theat economic benefis of innovation. he's also the author of as you see it, "our biggest fight: reclaiming liberty, humanity, and dignity in the digital age." so please get a round of applause for both of them. [applause] >> a really good starting board. so a lot of great comment you willll see if you go to our biggest fight.com. one of them that really struck meec was from

impressing everyone equally, one of the most read stories is bloomberg's interview with abel known m.i.tprofessor, basically poured a little cold water on the optimism here, so at a time when you can see here just how much ai related stocks have been outpacing the border market moves, you have nvidia, broadcom , and then at the bottom, the s&p 500, but nothing close to what we see in this specific tech names. he is saying that actually despite all the regulation we see from industry to industry, he says only 5% will be disrupted by ai, and he is looking for three different scenarios. the first is that the tech mania fizzles out essentially slowly over the next year or so. the second is that it continues to build over the time horizon and then we have a tech stock crash, and in the third scenario talks about companies continuing to invest heavily in ai and they essentially remove workers who they need to rush to rehire when big companies figure out ai technology is not working as expected. what they are saying is that a combination of two and three is not a likely scenario and those could

into the mainstream, it is a rate that is done well is an interview bloomberg did with the renowned m.i.tprofessor, and basically he is saying at a time when you have got a high stocks that are outpacing the broader market and you have got every single industry looking at job descriptions, he is not saying it will go that far. he is saying at best only 5% of roles are looking to be replaced by technology. where do we go with investor mania? he is looking at three different scenarios. the first is the hype calls over time. in the second difference he builds for another year and leads to a tech stock crash. in the third scenario you end up having many of that goes unchecked for years. he sees a combination of two and three they could have economic consequences. tom: a warning from someone who has a deep insights on this phase. some caution around its evaluation and what it tells us about the buzz around genai. coming up, counting the cost. hurricane helene, insurance losses expected to reach more than $6 billion and potentially disrupt the solar and chipmaking industries. we will explain wh

looking at it from an m.i.t. perspective, the international students harnessing the innovation possibilities that their on premise brings but also managing the risks that might appear with ip. china high-risk on the watchlist, how do you see the future or what r&d has to do what has to be done? dr. prabhakar: this is an issue that has been very challenging in the research enterprise and especially universities. it is not that long ago that everyone was being encouraged to build these linkages with chinese research organizations. and it started to recognize that china's behavior has changed over the last 10 or 15 years and they have crossed one boundary after another, whether it is militarily in economic interchanges or going after intellectual property. in research in particular, i think how you deal with that has been a vexing issue for you. it has been a vexing issue for all of us as well. and we recently put out security guidance to try to wrangle three facts. one of china's aggressive and inappropriate behavi

at some schools, you see a big decline in the share of black students in columbia, m.i.t., and in otherools, it is relatively flat or even slightly up. places where it is flat or georgetown, dartmouth, northwestern. after the decision, people thought we might see similar trends at all schools but there is a lot of variation. geoff: the admissions at bc use have been increasing as well. david: which makes sense. geoff: let's talk about asian american enrollment because that paints a picture as well and i raise it because the people who supported the supreme court case said that race-based admissions were a barrier for asian american students. david: and i think some of the evidence suggested they were a barrier. what we have seen is the changes at a typical college are not huge. what we see is the share of black students is indeed down. analysis suggests from 12% to 10.3%. the asian share is up. maybe by a percentage point or so. the officials number -- the official numbers may understate however because the number of students not reporting race has also risen and people think that is di

. >> there's a really fantastic m.i.t. program where you can change the assumption about policies and see what happens in terms of economic growth in co2 emissions. one of the things you can do is put in a carbon tax at all different prices per ton and see what it does to emissions. if there's one thing in a program that worksam like that s exactly what we are talking about. >> why isn't there a carbon tax coming? >> those people are pushing in some the best activists in the country are climate lobbyists pushing incredibly hard for it and it isn't something that our political system at the moment is capable of yielding. so that's one of the reasons why there are workarounds like this emission measurement. obviously everyone is known for decades that make sense to not allow the auto industry to use the atmosphere is in open for free butlw the industry has had enough political power to prevent that from happening and that's why this next election among other things, it's not because of the part -- carbon tax and i don't thin

sal education is a hule right and interest in education began as an under graduates at m.i.t. book brave new words how a.i. will revolutionize education why that's a good thing sal explores what a.i. technology means for students and educators and the social and ethical implications that a.i. also will have on society. "the wall street journal" called hisll book a readable and cheery view of the academic apocalypse. [laughter] and bill gates posted very recently no one understands why education is headed better than sal con and i can't recommend brave new words enough. sal welcome back to the club. and now pleased one more round of applause. [applause] i hope i'm not too clever in asking my first question which is how much of chat gpt wrote where are book? wrog your book? >> very little. i would say i definitely -- used it for the chapter titles but i don't think any of chat gpt made the final cut. >> yet the book is a very articulate cheery -- did the defense of an i think explanation of why a.i. will be a valuable tool specifically for education. so, you know, share the high

he believes education is human righted and is interest in education began as an undergraduate at m.i.t. in his new book, "brave new words: how ai will revolutionize education," and why that's a good thing, sal explores what ai technology means for students and educators and the social and ethical implications that i also will have on society. the "wall street journal" called his book a readable and she review of the academic a complex -- apocalypse. bill gates posted very recently, no onene understands where education is headed better than sal khan, and i can't recommend "brave new words" enough. southcom welcome back to the club, and a please one more round of applause. [applause] too in asking you my first question, which is how much of gpt wrote your book? very little. i will say that i i definitely used it for ideas doing some of the chapter titles. i don't think any of that. gpt these ideas made the final cut. okay. so and yet the book is is a very articulate and cheery defense of and i think explanation of why ai will be a valuable tool specifically for education. so, you know, s

there was a research project that was done by a class at m.i.t. where they basically -- they basically mapped out carbon footprints for many different people and one of the different groups actually map out the carbon footprint for and unhoused individual in boston. and they basically mapped it out and they were going to shelters and et cetera and so forth. and even a unhoused individual living on and off the streets of boston had a bigger carbon footprint and people in most developing countries and that is because there's only so much you can do. i have solar panels. i drive electric cars. i plug in at home where it is solar-charged. but when i go to work i still have to turn on the power. this system has to change. i applaud you. everyone should be doing as much as we possibly can, but we cannot get there without doing individual actions. >> well, the air was pretty clean during the pandemic. i would have to look at the research. >> but that was systemic. the government said you cannot leave your house. you are not making that decision by yourse

joining us now is jim walsh senior research associate at m.i.t.curity expert as well. hard to believe that it's been a year, jim, iran has not done a whole lot. there was that ballistic missile launch against israel. but they seem to prefer to send hezbollah, the houthis, hamas to do their dirty work. do you expect iran will get more involved in strikes against israel? >> i don't unless they feel like they have to preserve credibility or to preserve, you know, some domestic audience. but in general they do not want to go there. they have avoided the tit for tat and they've been restrained that israel has taken advantage of it and escalated on them because they don't want a general war and one clue to that i had a chance to meet with the president of iran back on september 25th during the u.n. general assembly. it was clear from his remarks they were looking to avoid a general war and he even used the phrase that this is a trip. that israel is trying to nudge us into a war and that we're going to get trapped in something we're going to lose i think

looking at it from an m.i.t. perspective, the international students harnessing the innovation possibilities that their on premise brings but also managing the risks that might appear with ip. china high-risk on the watchlist, how do you see the future or what r&d has to do what has to be done? dr. prabhakar: this is an issue that has been very challenging in the research enterprise and especially universities. it is not that long ago that everyone was being encouraged to build these linkages with chinese research organizations. and it started to recognize that china's behavior has changed over the last 10 or 15 years and they have crossed one boundary after another, whether it is militarily in economic interchanges or going after intellectual property. in research in particular, i think how you deal with that has been a vexing issue for you. it has been a vexing issue for all of us as well. and we recently put out security guidance to try to wrangle three facts. one of china's aggressive and inappropriate behavi

rate decision joining us now former boston fed president eric rosen gren, now a visiting scholar with m.i.tshe seems to be saying this very difficult line that the fed is trying to follow, that they're being successful that inflation seems like it's headed in the right direction and labor market is going pretty well too so that's a -- such a difficult needle to thread you think the fed is on the right track or are there trouble signs? >> i think the fed is on the right track, and as you pointed out, inflation has come down, and while corepce inflation is 2.7% that's still higher than the 2% inflation target as a result of oil prices being soft we have a total number that's 2.2% so that's close to the 2% inflation target and the unemployment rate is 1.4%. the committee when it met in september thought we would end the year at 4.4% so the labor market already is doing better than the fed expected at the last meeting so i think it's well set up for a 25 basis points cut at each of the next two meetings. >> all these data points unfortunately are things that happened in the past and if the fed

. >> the m.i.t.s is almost like the first case scenario a family of four, to a parents both working, two kids it's not much of a gotcha question because most people probably don't know this. guess what the wood -- living wage should be according to m.i.t. living wage calculator? >> in new jersey or the country? >> in new jersey. >> i would say 65 or 70,000. in terms of per hour. >> oh per hour. living wage i would say it's probably around $8.20. >> i would say probably 19 to 21. >> $30.19 according to this calculator. are those jobs out there for people without a college education? >> we are struggling right now. we have seen a challenge and that's why we need to address the fundamental inequality in our country right now. we have billionaires and huge amounts of poverty and challenges here. >> let me tell you what i'm doing but i created 1100 jobs. i have hundreds of people that make way more than $30 an hour because we started in enterprise that worked. we started with 20 employees. now we have 100

the winners daron acemoglu, simon johnson, both from m.i.t.rsity of chicago. the committee said their work helped show why societies with poor rule of law and institutions that exploit the population do not generate prosperity, growth, or change for the better. >> that's really interesting. >> i guess you figure that. the prize money about 11 million crowners or crowns. i don't know. it's $1 million. going to be split evenly between the three. and the award, we call it a nobel prize for economics, but it's really not one of the original nobel prizes. officially it's known as the syringes rixbank prize in economic sciences in memory of alfred nobel. and i always point that out. not a real nobel prize. it's not a real science. >> it's a real topic. >> can't be an actual nobel prize if it's not a real science. like the nobel peace prize. i don't know what that is at this point. almost like the "time" magazine thing where they had a little -- >> it's cool. >> you are the person of the year. >> if you got the nobel prize, i don't think you would --

according to m.i.t., 2-1 sdem democrats to republicans. fewer kbaballots, harder to harvest.gin. accumulative loss, take georgia, arizona and wisconsin, less than 44,000 votes. so it's very narrow. again, comes down to turnout. who turns out and how many ballots are going to come in through the mail. that's really the issue. i think favors republicans right now. factually, just fewer mail-in ballots than back in 2020. >> although i think it was in georgia they've already started mail-ins and it's off the charts. more than -- >> yeah. accumulatively and of course where are the ballots coming in to? >> okay. joe, thanks. sarah, thank you. >>> coming up, a.i.'s thirst for power and the reembracive nuclear. what the biggest tech companies want out of these next generation systems and whether the public will support an energy source with a complicated past. or even restarting three mile is island. that's going for us. >>> reminder heading to break. watch or listen to us using the cnbc app. stay tuned. "squawk box" will be right back. ) [narrator] not all multi-millionaires built t

i asked the president of penn, m.i.t.vard, does calling for the genocide of jews violate your university's code of conduct and they said it depends on --. you are fired. and you know, compare that with president trump. he brought us the most secure border in our nations history. he brought us the strongest economy. he proudly supports our law enforcement. and he has and always will stand with israel. he, donald j. trump has fought for us, the american people. whether it was fighting against the sham impeachment and i was a proud member of president trump's impeachment defense team. whether it was standing up for election integrity or whether it was facing the witch hunt by new york's own alvin bragg and corrupt judges. you know, after we fire joe biden and kamala harris, we are going to fire alvin bragg, tish james, you are fired! as i said, president trump has fought for us. it is now our opportunity to fight for him. and new york, we make history -- we made history when we fired nancy pelosi and took those five congress