Tag: inequality

The impact of artificial intelligence on labour economics

The impact of artificial intelligence on labour economics

Manasvi Khamesra

Over the past few years, Artificial Intelligence has emerged as a transformative technology across various industries, profoundly impacting the global economy. While the potential benefits of AI are vast and diverse, its impact on labour economics has been a topic of significant debate. Despite concerns about large-scale job losses and disruptions to various sectors of the economy, Artificial Intelligence has the potential to enhance human capabilities to increase productivity, improve job quality, and increase demand for human resources. The impact of AI on employment and wages is complex and depends on several variables such as the type […]

Automation’s role in RMG production remains uncertain

Automation’s role in RMG production remains uncertain

The spectre of automation has hung over Bangladesh’s garment industry for as long as I have been a factory owner. Now and then, we hear talk that automation will soon become mainstream within the industry, and that the lack of automation is holding our industry back and preventing it from fulfilling its potential. There are also those who argue that automation could help to increase our (historically low) productivity levels.

There is no doubt that automation can be both a threat and an opportunity for our garment industry and its workers, depending on how it is implemented and managed. There […]

Research: ChatGPT Enhances Worker Productivity in Certain Writing Tasks

Research: ChatGPT Enhances Worker Productivity in Certain Writing Tasks

Amid a huge amount of hype around generative AI, a new study from researchers at MIT sheds light on the technology’s impact on work, finding that it increased productivity for workers assigned tasks like writing cover letters, delicate emails, and cost-benefit analyses.

The tasks in the study weren’t quite replicas of real work: They didn’t require precise factual accuracy or context about things like a company’s goals or a customer’s preferences. Still, a number of the study’s participants said the assignments were similar to things they’d written in their real jobs – and the benefits were substantial. Access to the […]

ChatGPT | If AI is here to stay, what are the jobs of the future?

ChatGPT | If AI is here to stay, what are the jobs of the future?

In the wake of the huge advancements in AI, concerns have been mounting about the impact of automation on the workforce.

ChatGPT, an advanced language model developed by OpenAI, has emerged as a prominent example of AI technology reshaping industries and potentially displacing workers.

ChatGPT has demonstrated remarkable capabilities in natural language processing and understanding. In a short space of time, it’s already been utilised across many industries, including customer service, content creation, and data analysis. However, as the technology rises, the fear is that jobs currently undertaken by humans will diminish.It’s a fact that, as ChatGPT’s adoption has expanded, […]

What Are Labor Economists Saying About AI?

What Are Labor Economists Saying About AI?

“Mankind is solving its economic problem. I would predict that the standard of life in progressive countries one hundred years hence will be between four and eight times as high as it is to-day,” wrote John Maynard Keynes, one of the most influential economists ever, in a 1930 essay entitled “Economic Possibilities for our Grandchildren”.

Indeed, after the Second World War, the West entered a golden age of economic growth. But this was not Keynes’ boldest claim.

Writing at the beginning of the Great Depression, the economist continued to predict that technological advancement and the accumulation of capital would lead to […]

An alternative approach: Full speed ahead on AI. The economy needs it

An alternative approach: Full speed ahead on AI. The economy needs it

By Steven Rattner

NEW YORK: The workers were furious. Believing that new mechanical looms threatened their jobs, they broke into factories, seized machinery, brought it into the street and set it afire, all with widespread public support, even tacitly from the authorities.

That was in 1675. And those English textile workers were neither first nor last in the long procession of worriers about the potential harm to jobs from labour-saving devices. Several centuries earlier, the adoption of the fulling mill caused an uproar among workers forced to find other occupations. Almost exactly 60 years ago, Life magazine warned that […]

AI’s disruptive economic impact, an India check Premium

‘Research from across the world is also largely optimistic about AI’s impacts on growth. At the same time, experts also point to multiple negative impacts of AI technologies’ | Photo Credit: Getty Images/iStockphoto Little did we know that beyond the automated factory machines, self-driving cars, and robocops, Artificial Intelligence (AI) would one day crash into our lives, authoring poems, tipping us with pickup lines, and passing the toughest examinations. The recent rise of Large Language Models and Generative AI has sparked more interest in the progress of AI across the globe. ChatGPT was running with its servers crammed for […]

The Future of Work: Navigating the Challenges and Opportunities of Automation

The Future of Work: Navigating the Challenges and Opportunities of Automation

Automation has become a significant force reshaping the workforce and the nature of work itself. As technology continues to advance at a rapid pace, it brings both challenges and opportunities for workers in various industries. In this article, we will explore the future of work and discuss how individuals can navigate the changing landscape of automation.

Understanding Automation in the Workplace
Automation refers to the use of technology to perform tasks or processes that were previously done by humans. It involves the deployment of machines, artificial intelligence, and software algorithms to streamline operations and increase efficiency. There are […]

Full Speed Ahead on A.I. Our Economy Needs It.

Full Speed Ahead on A.I. Our Economy Needs It.

The workers were furious. Believing that new mechanical looms threatened their jobs, they broke into factories, seized machinery, brought it into the street and set it afire, all with widespread public support, even tacitly from the authorities.

That was in 1675. And those English textile workers were neither first nor last in the long procession of worriers about the potential harm to jobs from labor-saving devices. Several centuries earlier, the adoption of the fulling mill caused an uproar among workers forced to find other occupations. Almost exactly 60 years ago, Life magazine warned that the advent of automation would make […]

The Future of Work in the Age of AI: Job Disruption, Reskilling, and Economic Implications

The Future of Work in the Age of AI: Job Disruption, Reskilling, and Economic Implications

AI is transforming the future of work, with potential disruptions and the need for reskilling. While some jobs may be automated, AI can enhance human capabilities and productivity. Reskilling is crucial to adapt to changing demands, and collaboration is needed for comprehensive programs. AI has economic implications, creating new industries and addressing inequality, but also poses challenges. Upskilling, social safety nets, and worker protections are necessary for an equitable future of work. In the rapidly evolving age of artificial intelligence (AI), the future of work is undergoing a profound transformation.

This article delves into the potential job disruptions, the significance […]