Tag: inequality

Automation and the implications for job market

Automation and the implications for job market

1. "The Rise of Automation: How Technology is Transforming the Job Market"

The Rise of Automation: How Technology is Transforming the Job Market

Automation, powered by advancements in artificial intelligence and robotics, is reshaping the job market at an unprecedented pace. According to a report by the McKinsey Global Institute, by 2030, up to 800 million jobs could be displaced globally due to automation. This transformation is not limited to low-skilled tasks; even roles requiring higher education and specialized skills are at risk. For instance, a study by the Brookings Institution found that nearly 25% of U.S. jobs are highly […]

Sam Altman’s Universal Basic Income Study Reveals Shifts In Spending And Employment

Sam Altman's Universal Basic Income Study Reveals Shifts In Spending And Employment

In a groundbreaking initiative that seeks to understand the impacts of universal basic income (UBI), Sam Altman, the CEO of OpenAI, has been at the forefront of a three-year experiment providing cash to individuals in need. The project has granted $1,000 monthly to thousands of participants across Illinois and Texas, examining how a guaranteed income might reshape lives in an era increasingly influenced by artificial intelligence.

Launched in November 2020, the study included around 3,000 individuals aged 21 to 40 who earn less than $30,000 per year. One-third received $1,000 each month, while a control group was given just $50. […]

Why do we need AI, why is it becoming an indispensable tool?

Why do we need AI, why is it becoming an indispensable tool?

Why do we need AI? It’s not just a question – it’s reshaping our world faster than you can say “Hey Siri.”

Artificial intelligence is everywhere these days. It’s in your pocket, helping your phone recognize your face. It’s in your email, sorting out spam. It’s even in your car, making parking easier. AI is like a super-smart helper that never gets tired. But AI isn’t just about making cool gadgets. It’s changing how we work, learn, and live. Doctors use AI to spot diseases earlier. Scientists use it to understand climate change better. Artists use it to create new […]

The Impact of Artificial Intelligence on Future Job Market

The Impact of Artificial Intelligence on Future Job Market

New technologies are reshaping the job market landscape, with artificial intelligence leading the charge. According to forecasts by McKinsey Global Institute, AI advancements could prompt at least 14% of the global workforce to consider changing career paths by 2030 due to digitization and robotics. This shift is expected to boost global wealth by approximately $13 trillion and increase GDP by 1.2% annually, emphasizing the pivotal role of AI in economic growth.

While concerns surrounding AI’s effects on employment persist, history suggests that the emergence of new professions often balances out the elimination of others. Research indicates that around […]

How AI And Robot Job Displacements Could Lead Us Down The Rode Of Universal Basic Income And Loss Of Identity

How AI And Robot Job Displacements Could Lead Us Down The Rode Of Universal Basic Income And Loss Of Identity

In today’s evolving workplace landscape, AI and robotics are already automating tasks across almost For some, the ascendancy of artificial intelligence and robotics instills the fear that these sophisticated and emerging technologies will one day ultimately replace human workers.

In today’s evolving workplace landscape, AI and robotics are already automating tasks across almost all sectors, including manufacturing, data analysis, customer service and administration. As it stands, repetitive and routine tasks are the most susceptible to automation.

While AI and robotics will undoubtedly change the nature of work, it’s unlikely that these technologies will eradicate the existence of all jobs. The focus […]

Experts Call for Greater AI Regulation

Experts Call for Greater AI Regulation

Screenshot of Brahima Coulibaly, director of global economy and development at the Brookings Institution Screenshot of Brahima Coulibaly, director of global economy and development at the Brookings Institution WASHINGTON, July 16, 2024 – Greater regulation of artificial intelligence is necessary, agreed experts at a Monday Brookings Institution event .

"Our CEO said a few years ago that AI is too important not to regulate and too important not to regulate well,” said David Weller , senior director of competitiveness and sustainability policy at Google.“This is obviously a deeply important and transformative technology, and regulation needs to play a role.”

For the […]

How Automation and AI Will Transform Employment

How Automation and AI Will Transform Employment

The rapid advancement of automation and artificial intelligence (AI) technologies is poised to significantly transform the employment landscape. As machines and algorithms become increasingly capable of performing tasks traditionally done by humans, both the nature of work and the composition of the workforce are expected to undergo profound changes. While these technologies promise numerous benefits, including increased efficiency and productivity, they also raise concerns about job displacement, skill gaps, and the future of work. This article explores how automation and AI will transform employment, examining the potential impacts on various industries, the evolving skills required for the workforce, and […]

Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system

Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system

Keep taxidermists and taxmen at bay Aditya Sinha

Assistant consultant, Economic Advisory Council to PM

It’s often said that governments have a talent for taxing things. But the real jaw-dropper is when economists start cheering for more taxes. A group of economists met Nirmala Sitharaman recently for pre-budget consultations. What popped up on the agenda? The impact of AI on employment, with a proposal for a ‘ robot tax ‘ to reskill displaced workers.On the face of it, the idea sounds appealing. At its core, it’s about philosophical questions about the nature of work, economic justice and societal progress. Proponents […]

China’s Tech Leap & Its Unforeseen Future: A Peek into the Future of Tech

China's Tech Leap & Its Unforeseen Future: A Peek into the Future of Tech

China’s Tech Leap Future Glimpse Opening of a 24/7 robot factory in China raises several important issues and is a remarkable development. This innovative factory runs entirely on its own, using advanced robots and artificial intelligence to oversee production operations without the need for human participation. This signals a turning point in the manufacturing industry. The topic that needs to be addressed is how humanity will fare if robots handle everything in the future.

Effects on Human Race and Employment

The development of fully automated, 24/7 robot factories will immensely impact employment and the human race. Loss of employment […]

Guest opinion: Technological progress and increasing income inequality

Guest opinion: Technological progress and increasing income inequality

Photo supplied

Vijay Mathur

Technological change in the U.S. is essential for capitalism and the market economy to thrive in the globally competitive economy. Many economists and non-economists, including politicians and businesses executives, believe that technical change and automation improve production efficiency, save labor cost, and increase productivity and profits. There is also an understanding that workers will participate in productivity and profit increases in the form of higher employment and wages. Therefore, the share of productivity increase for workers will grow in addition to the increase in shares of profits and compensation for business executives, thus decreasing income inequality. However, […]