Tag: consumer

Australia’s data-driven future will transform economy and workforce

Australia's data-driven future will transform economy and workforce

Jobs will increasingly involve collaboration with AI systems to enhance decision-making and efficiency (Screenshot via YouTube) The rise of data-driven technologies is profoundly influencing global economic trends, labour markets and the future of work.

This transformation is characterised by data becoming a critical asset, the expansion of the digital economy and the integration of automation and artificial intelligence (AI) across various sectors.

Australia, like many other countries, is experiencing significant changes driven by these technologies, affecting its economy and labour market dynamics. Global economic trends Data as a commodity: In today’s digital age, data has emerged as a vital asset, […]

Automating rural manufacturing: The role of AI in enhancing efficiency and quality

Automating rural manufacturing: The role of AI in enhancing efficiency and quality

By Salloni Ghodawat, Director, Ghodawat Consumer Ltd

India, a predominantly agrarian country, has seen a drastic transition in its economic structure in the past several decades. By contributing 17 per cent to the nation’s GDP, the manufacturing industry is emerging as an integral part of India’s economic growth, as reported by India Brand Equity Foundation. While urban cities have always been the core pillars of this growing manufacturing landscape, there has been a shift in focus where the nation is initiating industrial practices in rural areas. Government policies, technological advancements and initiatives to empower rural areas also play an […]

The Disadvantages and Negative Effects of Artificial Intelligence

Artificial Intelligence (AI) has significantly impacted industries ranging from healthcare to finance, enabling advancements in automation, decision-making, and problem-solving. However, as AI continues to evolve, it brings along several challenges and risks. This article delves into the disadvantages and negative effects of AI, addressing concerns over job displacement, ethical dilemmas, security issues, and more. 1. Job Displacement and Economic Inequality

One of the most prominent concerns regarding AI is its potential to displace jobs. As machines and algorithms become increasingly sophisticated, they are capable of performing tasks that traditionally required human intervention. Automation in industries such as manufacturing, […]

The AI revolution: Your career’s metamorphosis

The AI revolution: Your career’s metamorphosis

[Images: muse studio / Adobe Stock] In boardrooms across the globe, executives are scrutinizing every aspect of their operations, envisioning an AI-powered future that’s sleeker, swifter, and more cost-effective. The elephant in that room? It’s wearing your nametag.

But before you contemplate a career change to artisanal breadmaking, consider this: This historical moment isn’t a story about technology replacing humans; it’s about technology amplifying human capabilities. At the cusp of the AI revolution, we’re already working smarter, achieving more, and finding more time to focus on high-value work.

Imagine transforming your workweek into a powerhouse of productivity, getting as much—or more—work […]

Technological Advances Make Things Better – Or Does It?

Technological Advances Make Things Better – Or Does It?

It certainly seems that technological advances make our lives better. Instead of writing a letter, stamping it, and mailing it (which was vastly more personal) , we now send emails. Rather than driving to a local retailer or manufacturer, we order it online. Of course, we mustn’t dismiss the rise of social media, which connects us to everyone and everything more than ever.

Economists and experts have long argued that technological advances drive U.S. economic growth and productivity. As innovations emerge, they play a crucial role in shaping the economy, improving efficiency, and enhancing productivity across various sectors. From artificial […]

‘Place-based industrial strategy’ responds to past and future industrial and labor market shocks

‘Place-based industrial strategy’ responds to past and future industrial and labor market shocks

The motivation for backward-looking investment is clear. The U.S. economy is no stranger to industry shocks, nor their long-term economic and sociopolitical consequences. At multiple points in recent decades, sudden shifts in industry dynamics, supply chains, and trade relationships have levied immense economic burdens on the communities most reliant on those sectors, creating pockets of distress and disinvestment in places once considered America’s industrial hubs. Witness the most severe of these shocks: the “China shock” of 2000 to 2012, when a surge in low-cost imports following China’s 2001 admission to the World Trade Organization erased millions of U.S. manufacturing […]

Impact of Automation on Jobs in 2024

Impact of Automation on Jobs in 2024

New Developments in Job Automation in the Present Year

Artificial intelligence (AI) continues to revolutionize the workforce, with recent advancements showcasing its potential to transform various professions. A diverse range of occupations, from creative roles like journalism to technical fields such as engineering, are witnessing the integration of AI technologies, reshaping traditional job functions.

Shift Towards Digitally Augmented Work Environments In a departure from previous trends, the impact of AI is now more pronounced in high-skilled sectors, including scientific and IT domains, highlighting the growing adaptability of machines in complex decision-making processes. Contrary to fears of widespread job displacement, […]

The Future of ‘Work’ in the Global North and Global South

future of work For my offspring and the children of friends here and elsewhere in the Global North and South, I worry about what future jobs will be available for them. I decided to look at some of the most critical factors.

Work in the Global North and Global South is poised to undergo a significant transformation due to multiple factors, including demographic shifts, technological advances, and climate change. Whether called “work” or “labor,” the focus is on producing goods and services from human efforts, whether physical exertion or mental efforts, with or without non-human assistance, done in exchange […]

The world will not be without work because of AI

The world will not be without work because of AI

Representational image | Commons In 1983, Wassily Leontief, a Nobel Prize-winning economist, concluded that human labour would go the way of the horse after the automobile arrived – “first diminished and then eliminated.”

Today, a new wave of doomsaying has emerged surrounding “technological unemployment” as AI, with its promise of business innovation, has marched to the forefront of economic debate. Pundits argue we’re now drifting towards a “ world without work ” where machines produce all things and algorithms provide all services. Outclassed humans serve no role in this macroeconomic dystopia.

As we argue in Shocks, Crises, and False Alarms , […]

Why AI will not lead to a world without work

Artificial intelligence (AI) is prompting a new wave of technological unemployment fears. Image: Getty Images/iStockphoto A hand holding a looking glass by a lake Crowdsource Innovation Get involved with our crowdsourced digital platform to deliver impact at scale

This article is part of: Centre for the Fourth Industrial Revolution Technology, including artificial intelligence (AI), must be deflationary to have a macroeconomic impact. It can reduce costs and prices and boost real incomes and demand, thereby creating new jobs and offsetting automation-driven losses.

Predictions of technological unemployment have repeatedly proven false, as macroeconomic job creation in new sectors offsets microeconomic […]