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 […]

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 […]

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 […]

Job market: the most valued cognitive skills

Job market: the most valued cognitive skills

To find a job in the digital age, one needs more than just technical skills. Interpersonal qualities are critical to success in an increasingly complex and diverse work environment. Professionals who can master these competencies will be better prepared to thrive and face the challenges and opportunities presented by the labour market of the future.

The new technological revolution we are experiencing has brought about an accelerated digitisation and automation of many tasks, driven by artificial intelligence, which is radically transforming the labour market. This radical evolution of the nature of work requires new skills and personal competencies […]

New Era of Workforce Transformation: AI’s Impact on Jobs

New Era of Workforce Transformation: AI’s Impact on Jobs

As the wheel of technological progress continues to turn, we find ourselves on the cusp of a new transformative period. Goldman Sachs, a notable U.S. investment bank, released a study in 2023 predicting a seismic shift due to advancements in “generative” artificial intelligence (AI). It suggests that this new tech wave might not only improve global productivity but also disrupt the job market significantly. An estimated 300 million jobs across the United States and Eurozone could be affected by automation.

From the origins of the Industrial Revolution, productivity has hinged on breaking down complex tasks into simpler, more efficient processes. […]

The Economist Breaking Ranks to Warn of AI’s Transformative Power

The Economist Breaking Ranks to Warn of AI’s Transformative Power

By Will Henshall

April 16, 2024 11:47 AM EDT

Technologists tend to predict that the economic impacts of their creations will be unprecedented—and this is especially true when it comes to artificial intelligence. Last year, Elon Musk predicted that continued advances in AI would render human labor obsolete. OpenAI CEO Sam Altman has written that AI will inevitably continue the shift in economic power from labor to capital and create “phenomenal wealth.” Jensen Huang, CEO of semiconductor design firm Nvidia, has compared AI’s development and deployment to a “new industrial revolution.”But while the technologists are bullish on the economic impacts […]