Tag: inequality

The future of work: How AI will transform the job market

The future of work: How AI will transform the job market

Artificial Intelligence (AI) is no longer a futuristic concept; it is here, and it is transforming the world around us. From chatbots and virtual assistants to sophisticated machine learning algorithms that predict consumer behaviour, AI is already reshaping industries. As it continues to evolve, its impact on the job market is inevitable. This raises a critical question: Will AI create more jobs than it destroys, or will it leave a trail of unemployment in its wake?

The dual-edged sword of AI

AI’s influence on the job market can be viewed through two lenses—job displacement and job creation. Both aspects are critical […]

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, […]

Impact of artificial intelligence on the job market.

Impact of artificial intelligence on the job market.

Impact of artificial intelligence on the job market.

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· Follow 4 min read·5 hours ago Introduction Artificial Intelligence (AI) is rapidly transforming industries, economies, and societies. The advancement of AI technologies has the potential to revolutionize the job market, influencing the nature of work, job roles, and employment opportunities. While AI brings numerous benefits such as increased efficiency and productivity, it also raises concerns about job displacement, skill redundancy, and the growing demand for specialized skills. Understanding AI’s impact on the job market is critical, particularly in the context of policy-making, governance, and workforce development. Historical […]

Labour Ministers agree G7 AI plan, but ignore cost-of-living and climate crises

Labour Ministers agree G7 AI plan, but ignore cost-of-living and climate crises

As requested by G7 Leaders, Labour Ministers from G7 countries agreed a ‘G7 Action Plan for a human-centred adoption of safe, secure and trustworthy AI in the World of Work’.

The Plan includes positive commitments to: Promote the active involvement and consultation of workers and workers’ organisations in the adoption of AI systems in the workplace.

Promote social dialogue and collective bargaining at all levels, including on the development, deployment and monitoring of AI. Address potential risks of undermining social dialogue, collective bargaining and other fundamental principles and rights at work, including freedom of association, non-discrimination in the world of […]

Automation and Job Markets

Automation and Job Markets

from class:

Ethnic Studies

Definition Automation refers to the use of technology to perform tasks that would typically require human labor, often resulting in increased efficiency and reduced operational costs. The connection between automation and job markets is significant, as advancements in technology can lead to the displacement of certain jobs while simultaneously creating new opportunities in emerging fields. This dual impact shapes the landscape of employment and can influence economic systems globally.congrats on reading the definition of Automation and Job Markets. now let’s actually learn it. 5 Must Know Facts For Your Next Test> The rise of […]

Is it time for India to introduce a Universal Basic Income? Premium

> Opinion

The idea of a universal basic income has gained traction since the International Labour Organization’s most recent World Employment and Social Outlook links the decrease in jobs growth and the increase in inequality to a surge in automation and the use of artificial intelligence. The idea of a universal basic income has gained traction since the International Labour Organization’s most recent World Employment and Social Outlook links the decrease in jobs growth and the increase in inequality to a surge in automation and the use of artificial intelligence. | Photo Credit: Getty Images/iStockphoto

Due to the phenomenon of […]

Will AI hit employment and increase inequality?

Will AI hit employment and increase inequality?

A helping hand: A robot delivering food at the first restaurant in Kenya to use humanoid machines. Automation generally leads to productivity gains, which generate income that can be spent on new products and services. — AFP THE release of ChatGPT in November 2022 has raised great hopes that artificial intelligence (AI) can contribute to solving problems in many fields and lift productivity, but also fears that many jobs may disappear, and that income inequality could rise further.

AI is commonly seen as a general-purpose technology, like the internal combustion engine, early electricity-based technologies, and computers.

Such technologies have the potential […]

Not All Career Ladders Are Created Equal

Not All Career Ladders Are Created Equal

Transcript

Tim Sablik: My guests today are Katka Borovičková and Claudia Macaluso, both economists in the Research department at the Richmond Fed. Katka and Claudia, welcome to the show.

Katarina (Katka) Borovičková: Thank you very much for having us. Claudia Macaluso: It’s a pleasure to be here. Sablik: Today we’re going to be discussing your recent research looking at how career changes affect worker earnings. You recently published an Economic Brief article that discusses a concept that I think should be familiar to a lot of people, which is the job ladder.The conventional wisdom has long been that […]

Intervene to check growing inequality

Intervene to check growing inequality

A recent ILO (International Labour Organisation) report on the links between technology, especially automation and artificial intelligence (AI), and income inequality has raised questions that need answers from governments and societies. The World Employment and Social Outlook September 2024 report has taken note of the increasing pressure on income equality caused by the decline or stagnation of labour income, and also the lack of access to employment, education and training for a large number of young people. The study shows that the global labour income share, which is the portion of total income earned by workers, fell by 0.6 […]

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, […]