Category: Automation Impact on Jobs

AI will eliminate certain roles, but will create more jobs than it eliminates: Deloitte AI exec

AI will eliminate certain roles, but will create more jobs than it eliminates: Deloitte AI exec

In an interview with PTI, Tandon, Managing Director, AI and Insights Practice Leader, Deloitte LLP, said AI will not snatch jobs, but will simply do away with some of the easier jobs, and create new roles.

Representative image New Delhi: AI will replace people with people, contrary to the common narrative, Deloitte’s AI Executive Rohit Tandon said, emphasising that the future belongs to AI-human collaboration, not replacement, as he envisions a revolutionary era where technology empowers, rather than replaces, the workforce . In an interview with PTI, Tandon, Managing Director, AI and Insights Practice Leader, Deloitte LLP , said […]

Elon Musk Predicts Universal Basic Income Surge with AI Job Replacement: His 8 Best Quotes on UBI

Elon Musk Predicts Universal Basic Income Surge with AI Job Replacement: His 8 Best Quotes on UBI

Elon Musk Patrick Pleul/AFP/Getty Images Elon Musk, a prominent advocate for universal basic income (UBI), sees it as a crucial response to the rapid advancements in automation and artificial intelligence (AI), which he predicts will drastically reduce the need for human labor. As the CEO of Tesla and SpaceX, Musk envisions a future where self-driving vehicles and AI-powered machines perform most of the work, leading to widespread job displacement. Musk’s perspective on UBI is rooted in the belief that as automation progresses, the economy will be so productive that everyone will receive not just a basic income but a […]

Is Artificial Intelligence (AI) Genuinely A Transformational Technology?

Is Artificial Intelligence (AI) Genuinely A Transformational Technology?

Artificial Intelligence (AI) is not just a buzzword, or a concept confined to the realms of science fiction. It is a rapidly evolving technology that has already begun to reshape various aspects of our lives and holds the potential to fundamentally transform society in ways we are only beginning to understand.

The concept of AI, which encompasses machine learning, natural language processing, robotics, and more, has been a subject of both awe and controversy. Its capabilities have expanded from simple automated tasks to complex problem-solving, predictive analytics, and even mimicking human interactions. The impact of AI on society is multifaceted, […]

How has the rise of automation impacted employment rates in various industries?

How does automation affect job availability in industries? 5 answers

Automation’s impact on job availability in industries is a multifaceted issue with contrasting views. While some predict job losses due to automation , others suggest that automation can actually lead to higher labor demand at both the firm and industry levels . Studies indicate that automation does not necessarily cause a net loss of employment overall, but low-skilled workers in routine jobs may face job displacement, emphasizing the need for new skill sets and specializations within occupations . The transformation to digitalization and automation of production equipment can result in […]

Understanding the Economic Impacts of AI Technology: Deflationary and Inflationary Effects

Understanding the Economic Impacts of AI Technology: Deflationary and Inflationary Effects

Understanding the Economic Impacts of AI Technology: Deflationary and Inflationary Effects

Soren Azorian

· Follow 4 min read·3 hours ago AI Technology’s Economic Impacts: > Deflationary Impacts: Increased Productivity : AI automates routine tasks, optimizes processes, and improves decision-making, leading to higher productivity and lower production costs. These savings can be passed on to consumers at lower prices. Cost Reduction : AI-driven automation reduces the need for human labor, decreasing labor costs. AI also streamlines supply chains, reduces waste, and improves inventory management, further lowering costs. Reduction in Employment Costs : Automation of repetitive tasks allows […]

AI automation in the workplace is about to reach a major tipping point

AI automation in the workplace is about to reach a major tipping point

According to a survey of CFOs by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, plans to use AI in the coming year are surging. More U.S. companies are about to flip the “on” switch when it comes to automating tasks with artificial intelligence.

According to a survey of CFOs by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, plans to use AI in the coming year are surging.

To be sure, companies have been automating work for generations, and the survey said that 60% of companies […]

The Role of Fiscal Policies in Addressing Challenges of Productive Artificial Intelligence

The Role of Fiscal Policies in Addressing Challenges of Productive Artificial Intelligence

The expanding landscape of artificial intelligence has the potential to revolutionize productivity and enhance public services, while also posing significant concerns over job displacement and increasing inequality. To navigate this transformative era successfully, governments must adopt a “nimble” approach to address both the continuity of regular operations and the potential for disruptive scenarios.

Unleashing the Power of Adaptability

In exploring the implications of technological advancements on society, the conversation shifts towards the pivotal role of fiscal policies in steering the trajectory of AI deployment for the greater good. Recognizing the uncertainties surrounding the nature, impact, and pace of progress in productive […]

How Do Robots Impact Employment And Labor Markets?

How Do Robots Impact Employment And Labor Markets?

Key Takeaway

Robots impact employment and labor markets in various ways. Displacement: Robots can replace workers in routine tasks, leading to job losses. Studies show adding one robot per thousand workers can reduce employment rates by 0.16–0.20 percentage points and lower wages by 0.42%.

Productivity: Automation boosts productivity and reduces costs, creating new jobs and increasing labor demand in some sectors. Skill Requirements: Workers need new skills to operate and maintain robots, prompting upskilling and reskilling. Economic Implications: While automation can widen income inequality if benefits are not equitably distributed, it also presents opportunities for economic growth and innovation. Introduction […]

Elon Musk predicts universal basic income will take off once AI replaces workers. Read his 8 best quotes about UBI.

Elon Musk predicts universal basic income will take off once AI replaces workers. Read his 8 best quotes about UBI.

Elon Musk Patrick Pleul/AFP/Getty Images Elon Musk sees universal basic income as a necessary response to automation eliminating human jobs.

The Tesla chief predicts there will be "universal high income" that will give people more free time.

Here are Musk’s eight best UBI quotes, including that people should spend the cash as they wish. One of the biggest champions of universal basic income ( UBI ) is Elon Musk, who expects it to become necessary when robots evict humans from their jobs.UBI typically refers to making recurring cash payments to all adults in a population, regardless of their wealth […]

What Happens When There May Not Be Enough Jobs To Go Around Due To Automation And AI Advancements?

What Happens When There May Not Be Enough Jobs To Go Around Due To Automation And AI Advancements?

Abstract image of a robot looking at Earth from a space station. (City Lights 2012 – Flat map … [+] By C. M. Rubin

Nick Bostrom, Howard Gardner, Charles Fadel, Andrew Hargreaves, and Michael B. Horn Share Perspectives on Reimagining Education and Curriculum Design to Prepare Youth for a Future Where Traditional Employment May Not Be the Norm

What happens when there may not be enough jobs to go around due to automation and AI advancements? This pressing question demands a fundamental reimagining of education and curriculum design to prepare children for a future where traditional employment may […]