In this article Owen Lamont from Acadian Asset Management  revisits Einstein’s Depression-era warning about “technological unemployment” and argues that the real economic threat may not be AI itself, but the narrative that AI will replace us all. Einstein's Layoffs A spectre is haunting the economy – the spectre of mass layoffs due to AI. One manifestation is the recent announcement by Block that it was embracing a “deliberate and bold” AI adoption policy and was therefore laying off 40% of its employees.[1] In assessing the economic impact of artificial intelligence, can we learn anything from Albert Einstein, an exemplar of human intelligence? What would Einstein have to say about the impact of AI? He’d be...