Tag: inequality

AI: This revolution is different, very different.

AI: This revolution is different, very different.

The AI Revolution: A Paradigm Shift Unlike Any Other

In the annals of human history, we’ve witnessed several paradigm shifts that have fundamentally altered the trajectory of our society. From the industrial revolution to the advent of the Internet to the democratisation of social networking, each technological revolution has brought about significant reformative changes. However, the current AI revolution stands apart from these past defining transformations in two key ways: it challenges our assumptions about human competence and has the potential to redefine intergenerational equity in unprecedented ways. The Human Competence Conundrum

Past technological innovations, be it the […]

What Does Automation Mean to the Workforce?

What Does Automation Mean to the Workforce?

Over the past few years, automation has been growing at a fast rate. In fact, Gartner predicts that about 69% of all daily managerial tasks will be automated by 2024. However, as automation grows, there is an increasing concern about how this technology will impact the workforce.

Some experts argue that automation will increase productivity and create new jobs. Others worry that this transformative technology will aggravate income inequality and displace workers. Regardless of how things will turn out, it’s evident that the growth of automation will significantly impact the future of the workforce. With that said, let’s dive deeper […]

How will AI affect workers? Tech waves of the past show how unpredictable the path can be

How will AI affect workers? Tech waves of the past show how unpredictable the path can be

The explosion of interest in artificial intelligence has drawn attention not only to the astonishing capacity of algorithms to mimic humans but to the reality that these algorithms could displace many humans in their jobs. The economic and societal consequences could be nothing short of dramatic.

The route to this economic transformation is through the workplace. A widely circulated Goldman Sachs study anticipates that about two-thirds of current occupations over the next decade could be affected and a quarter to a half of the work people do now could be taken over by an algorithm. Up to 300 million jobs […]

“Technological unemployment is a myth”, says economist on AI

“Technological unemployment is a myth”, says economist on AI

AI will have a macroeconomic effect on job growth. Credit: Shutterstock Senior global economist Dario Perkins claims that AI will not result in the widespread job loss predicted by Goldman Sachs.

In a recent interview with macroeconomic forecasting consultancy TS Lombard, Perkins argued that, historically, technological development and unemployment rates are uncorrelated trends, and “technological unemployment is a myth”.

Perkins’ assertion comes amid widespread concerns of AI automation rendering many workers’ skills irrelevant.In March, Goldman Sachs published a report stating that AI could replace 300 million full-time jobs – and that generative AI is capable of completing a quarter of all […]

ChatGPT and other AI will challenge Latin American economies. Few leaders are noticing | Opinion

ChatGPT and other AI will challenge Latin American economies. Few leaders are noticing | Opinion

New studies about the likely economic impact of ChatGPT and other artificial intelligence-powered tools should be sounding alarm bells throughout Latin America: They suggest that the region may fall further behind the technologically-advanced world.

Generative artificial intelligence, as the latest technology is known, is likely to add up to $4.4 trillion a year to the world economy, according to a just-released study by the McKinsey consulting firm. But much of the additional economic gains will go to technologically-advanced countries, the report says.

While artificial intelligence (A.I.) will boost productivity by 3.6% in the United States, 3. 9% in Germany and 4.2% […]

Economic thought in the era of artificial intelligence

Economic thought in the era of artificial intelligence

Economic thought in the era of artificial intelligence (AI) is increasingly being recognised for its ability to reshape various aspects of the economy. AI technologies have the potential to enhance productivity by automating tasks, reducing errors and improving efficiency. This, in turn, can contribute to economic growth and improved living standards. However, concerns arise regarding job displacement and the need for acquiring new skills to adapt to changing labour market demands.

AI can disrupt labour markets by automating certain job functions, leading to shifts in employment patterns. This presents both challenges and opportunities, as some jobs may become obsolete while […]

The impact of artificial intelligence on growth and employment

The impact of artificial intelligence on growth and employment

At the 2023 World Economic Forum, tech entrepreneur Mihir Shukla noted: “People keep saying AI is coming but it is already here”. The use of artificial intelligence (AI) for day-to-day tasks has increased rapidly over the last decade and ChatGPT (developed by OpenAI) is a prime example of this, with the popular generative AI used by more than a billion users for everyday tasks like coding and writing. The speed and scale of AI uptake can be captured by a simple fact: it took ChatGPT just 60 days to reach its 100 millionth user; in contrast, […]

Belgium: Is It Time To Tax The Robots?

Belgium: Is It Time To Tax The Robots?

AI and the wave of automation that it heralds opens a world of possibilities, but it also threatens jobs. Could a tax on robots help ease the transition?

For decades, technology and automation have catalysed massive economic growth and driven improvements in working conditions for many. At the same time, they have also been a source of pessimistic forecasts about the destruction of jobs. Still, history shows us that as humans we have always managed to reinvent ourselves. A recent report by Goldman Sachs estimates that Artificial Intelligence could replace as many as 300 million jobs, while creating only […]

Solved According to the Core Reading, employment and wages | Chegg.com

Question: According to the Core Reading, employment and wages have grown at the very bottom and at the very top of the income distribution, while workers in the middle-income range have seen a relative decline in employment and income. Which of the following is NOT cited as a possible cause of this increase in inequality? Superstar effects. Import competition from

According to the Core Reading, employment and wages have grown at the very bottom and at the very top of the income distribution, while workers in the middle-income range have seen a relative decline in employment and income. Which […]

From robots to retraining: How automation is reshaping the workforce

From robots to retraining: How automation is reshaping the workforce

Ajay Malgaonkar

The effect of automation on the employment landscape has been profound, and many experts believe that eventually, automation and AI will displace people from numerous professions. Despite potential productivity gains, automation and AI have led to job loss and increased economic disparity. According to a McKinsey Global Institute study, automation could put approximately 800 million jobs at risk by 2030.

Industries like manufacturing, transportation, retail, and customer service have already experienced substantial job losses due to automation. It has now become the need of the hour for tech leaderships to get a better insight into the advantages and […]