Tag: inequality

MIT economist warns of AI’s impact on jobs, urges ethical technological progress and gov’t action

MIT economist warns of AI’s impact on jobs, urges ethical technological progress and gov’t action

Portrait of Daron Acemoğlu, an Economics professor at the Massachusetts Institute of Technology (MIT)./Cody O’Loughlin In a recent written interview with Economy Chosun, Daron Acemoğlu, a professor of economics at the Massachusetts Institute of Technology (MIT), shared his insights on the prospects of Artificial Intelligence (AI) and its implications for the labor market.

Acemoğlu is renowned as a ‘star professor’ in economics, being one of just 12 ‘Institute Professors’ among the 1,080 at MIT. Recognized for his groundbreaking work in political economy, his research emphasizes the pivotal role of politics and institutions in economics. In 2005, he was honored with […]

How does AI affect employment in different industry?

How does AI affect employment in different industry?

AI has a significant impact on employment in different industries. It has the potential to automate repetitive tasks and improve efficiency and accuracy, leading to job losses in some areas but also creating new employment opportunities in technology and AI-related sectors [1] . The integration of AI technology in manufacturing industries affects the employment structure, with different impacts on segmented manufacturing enterprises [2] . Service sector jobs are particularly at risk from AI, but it also offers opportunities for improving service provision and enhancing consumer engagement [3] . The impact of AI on employment is debatable, with concerns about […]

Technological Unemployment

Technological Unemployment

What is Technological Unemployment? What is Technological Unemployment?

Technological unemployment is a phenomenon where advancements in technology , such as automation and artificial intelligence (AI), replace human jobs.

This concept has become increasingly relevant as new technologies change the way we work, creating efficiencies but also displacing workers in various industries.The modern economy faces a complex challenge: while technology can streamline operations and open new avenues for innovation , it also raises concerns about the future of employment and the kinds of skills that will be valued.Understanding technological unemployment is important for several reasons. It helps policymakers develop strategies to […]

Delving into the Complexities of Artificial Intelligence: Recommended Books to Expand Your Understanding

Delving into the Complexities of Artificial Intelligence: Recommended Books to Expand Your Understanding

Are you ready to embark on an exhilarating journey into the ever-evolving world of artificial intelligence? As this cutting-edge technology continues to transform our lives, there is no better time than now to delve deeper and expand your understanding. Whether you’re a curious beginner or a seasoned expert, we have curated a list of recommended books that will take you through the complex nuances of AI. Join us as we unravel the mysteries behind intelligent machines and explore the limitless possibilities they hold. Get ready to be captivated by these captivating reads that are guaranteed to ignite your passion […]

Does Technology Kill Jobs?

Does Technology Kill Jobs?

Does Technology Kill Jobs? 5 The debate around technology’s impact on employment is as old as technology itself. With each wave of innovation, from the industrial revolution to the digital age, concerns about job loss have surfaced. Yet, history shows us that technology not only reshapes the job market but also creates new opportunities. This article explores the multifaceted relationship between technology and employment, drawing insights from various sources, including a Reddit discussion on r/singularity, top articles from Google’s organic search results, and other relevant sources. Key Takeaways

Technology has historically transformed the job market, not just eliminated jobs.

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The historic struggle between workers and the technology that could put them out of a job

The historic struggle between workers and the technology that could put them out of a job

The last year has seen headlines of hope and outright fear around the rapid development of artificial intelligence. It creates questions about whether the innovations can lead to broad gains for everyone or just a select few. Economics correspondent Paul Solman focused on the connections between technology and prosperity with one of the co-authors of the new book, "Power and Progress." Read the Full Transcript

Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors. Amna Nawaz: The last year has seen headlines of hope and outright fear around the rapid development of […]

What we’re reading about productivity growth and jobs

What we’re reading about productivity growth and jobs

Employees who work on a production line Productivity is the key driver of economic growth, accounting for more than half the differences across countries in GDP per capita.

There are long-standing debates, however, on the effect of productivity growth on jobs. Higher productivity enables firms to expand production, employment, and wages – but it also reduces the number of workers needed to produce a given amount of output, possibly decreasing the demand for workers. New technologies further disrupt how productivity-enhancing investments translate into jobs.

Hence, the link between firm-level productivity growth and jobs is shaped by two opposite effects: > A […]

Universal basic income and the gig economy: A combined policy approach to alleviate the challenges of AI

Universal basic income and the gig economy: A combined policy approach to alleviate the challenges of AI

Much has been said about the economic impact of AGI, some of it is already been felt
But not much has been proposed about solutions
Specifically, what approaches should policy makers take? Here, I propose that policy makers should encourage two key trends – together which could alleviate the issues of AI – The Gig economy and Universal Basic Income. The first trend is the Gig economy. The term “sharing” or “gig” economy refers to a growing trend, especially among young people, to eschew traditional asset ownership, such as houses and cars, in favour of a more flexible, experience-driven […]

Displacement Effects of Automation: Urban vs. Non-Urban Perspectives

Displacement Effects of Automation: Urban vs. Non-Urban Perspectives

An article recently published in the journal npj Urban Sustainability explores the displacement effects of automation technologies on urban versus non-urban labor markets. They argue that while automation displaces jobs across all settings, the impacts are unequal. Displacement primarily hits low-skilled workers in non-cities who may exit the workforce entirely. In cities, reinstatement and a shift towards higher-skilled, better-paid occupations offset adverse effects – potentially widening inequality. Study: Displacement Effects of Automation: Urban vs. Non-Urban Perspectives. Image credit: IM Imagery/Shutterstock Recent advances in AI, machine learning, robotics, and other technologies have raised longstanding fears about technological unemployment. Historically, automation […]

What will artificial intelligence mean for your pay?

What will artificial intelligence mean for your pay?

New AI seems better at coding and creativity than anything in the physical world, suggesting low-skilled jobs may be insulated. (Image: Pixabay) Summary

A dispatch from industries on the front line of economic transformation

Around a decade ago Carl Benedikt Frey and Michael Osborne, two economists, published a paper that went viral. It argued that 47% of American jobs were at risk of automation. A deluge of research followed, which suggested the poorest and least-educated workers were most vulnerable to the coming revolution. Such fears have intensified as artificial-intelligence (AI) capabilities have leapt ahead. On November 2nd, speaking after […]