Tag: productivity

Artificial Intelligence: Is it a Looming Threat to Employment Generation?

Artificial Intelligence: Is it a Looming Threat to Employment Generation?

In the rapidly evolving landscape of technology, the advent of Artificial Intelligence (AI) has sparked both awe and apprehension. While hailed for its potential to revolutionize industries and streamline processes, there’s a growing concern that AI could pose a significant threat to employment generation. This sentiment has ignited a fervent debate among experts and policymaker’s worldwide. Proponents of AI argue that it has the capacity to enhance productivity, efficiency, and innovation across various sectors. From automated manufacturing processes to intelligent customer service systems, AI applications promise to streamline operations and unlock new avenues for growth. Advocates often highlight the […]

Is AI threatening employment stability? Here’s what economist says

Is AI threatening employment stability? Here’s what economist says

Illustration of construction workers. (Photo: Public Communication Bureau PUPR Ministry) UNAIR NEWS – The International Monetary Fund (IMF) has identified the development of Artificial Intelligence (AI) technology as it has the potential to exacerbate inequality and lead to a loss of 40 percent of jobs. These jobs are predicted to be replaced by AI. What are the threats of AI to employment stability in Indonesia?

Economics expert Prof. Dr. Sri Herianingrum SE MSc from Universitas Airlangga pointed out that these threats will target low-skilled jobs. All such jobs can be replaced by technology automation, such as robots.

“Low-skilled jobs that can […]

Sharing the benefits of technological progress

Sharing the benefits of technological progress

High-tech-city-skyline-hologram.-3D-rendering. Image: iStock / Jarmo Piironen This is the first of three articles discussing how the benefits of technological progress are shared, and thus determine the distribution of income and influence our economic and social structures. This first article focuses on how these benefits have been shared historically.

Throughout history the growth in living standards has come from increasing productivity and over thousands of years almost all that productivity growth has been driven by technological progress. Furthermore, the standard model used by economists who study economic growth typically assumes that this increase in productivity is more or less equally […]

The Inevitable March of AI: A Future of Smart Automation

The Inevitable March of AI: A Future of Smart Automation

The advancing tide of artificial intelligence (AI) is poised to redefine the workplace with nearly half of employees acknowledging the superior capability of AI in handling mundane tasks. This seismic shift is anchored in a history of research stretching back to the 1950s, initiated by visionaries such as Alan Turing who laid down the fundamental principles of computing and the potential for machines to mimic human intelligence.

Today, figures like Sam Altman, the CEO of OpenAI, are instrumental in driving forward the development of potent AI technologies. Their work underscores the reality that countless jobs may soon be under the […]

Embracing the Future: Navigating the Impact of GenAI on Career Evolution

Embracing the Future: Navigating the Impact of GenAI on Career Evolution

Embracing the Future: Navigating the Impact of GenAI on Career Evolution

Daniel CF Ng

· Follow 3 min read·1 hour ago In an era defined by rapid technological advancement and innovation, the emergence of GenAI represents a transformative force that is reshaping the landscape of work and employment. As fears of job displacement and automation loom large, it is crucial to recognize that GenAI itself is not the harbinger of job loss, but rather the individuals who embrace and harness its potential stand to thrive in the evolving workforce. In this essay, we delve into the inevitable situation […]

Food Industry Innovation: Blockchain and automation reinventing supply chains

Food Industry Innovation: Blockchain and automation reinventing supply chains

Blockchain is a decentralised information technology that could improve food supply chains by increasing transparency, efficiency, security, and trust. Blockchain could enable consumers, delivery drivers, stores, and food and beverage companies to have access to transaction history that is immutable and traceable. Blockchain could also reduce transaction cost and time, enhance consumer trust, production speed, and product efficiency, and improve food safety and policies.

Here are some ways in which blockchain technology is transforming the food and beverage industry:

Supply Chain Transparency: Blockchain technology can help improve supply chain transparency by providing real-time visibility into the entire supply […]

IMF raises caution on rising AI

IMF raises caution on rising AI

Washington, DC

THE International Monetary Fund (IMF) has called for a careful balance of policies to tap into the potential of artificial intelligence (AI), which is projected to take over 40 percent of jobs around the world.
In a new analysis titled “AI will transform the global economy: Let’s make sure it benefits humanity’, the IMF states that AI could also affect income and wealth inequality within countries.
“We may see polarisation within income brackets, with workers who can harness AI seeing an increase in their productivity and wages and those who cannot fall behind. Research shows that AI […]

Bill Gates Anticipates AI Revolution’s Impact on Labor Market and Employment

The advance of AI technologies is reshaping the labor market, leading to significant reductions in human workforces globally. In emerging economies, certain call centers have astonishingly dismissed up to 90% of their staff as automation takes hold. Studies concerning the future of jobs predict a challenging transition period for workers as society shifts towards widespread automation.

While some view the rise of AI primarily as a marketing strategy designed to weather a potential “AI winter,” others, like Bill Gates, recognize the profound changes AI could bring. Gates, who has substantial investments in artificial intelligence, opined in a discussion on Sam […]

Do you really need AI for your business?

Do you really need AI for your business?

Here are some ways you can use AI to increase efficiency and productivity in your company

EBL On-Demand KN Piers Linney How can SMEs effectively implement AI in their business? What are the steps to choosing the right AI solution for your company? The first day of the Elite Business Live 2024 saw hundreds of attendees in the audience as former Dragon Den Piers Linney took to the stage for the Digital Transformation keynote. Piers Linney, a serial entrepreneur and co-founder of Implement AI, spoke about the advantages of using artificial intelligence in your business – and why AI […]

MALAYSIA MUST STUDY FUTURE DISPLACEMENT OF LABOURERS

Opinions on topical issues from thought leaders, columnists and editors.

Seventeenth century English poet William Blake, in the poem ‘London’ – considered to be one of his greatest works – when describing the people of London in the city, lamented that in every face, he “had met”, he found that it revealed “weakness” and “marks of woe”.

Blake penned these thoughts to paper at a time when England was beginning its transition to the industrial revolution – a rather tumultuous time for the country. While the industrial revolution paved the way for modernisation which led to the country’s dramatic economic advances […]