Tag: productivity

Inflation of Knowledge: Unpacking the Challenges and Philosophical Implications of Intellectual Inflation in the Tech-Driven Era

Inflation of Knowledge: Unpacking the Challenges and Philosophical Implications of Intellectual Inflation in the Tech-Driven Era

Photo by engin akyurt on Unsplash In the predicted scheme of our forthcoming decade, an astounding 60% of the working class will be compelled to undergo retraining, a direct consequence of the inescapable tides of global transformation and overarching macro trends. This striking figure, underscored in the World Economic Forum’s 2023 Future of Jobs Report, emphasizes more than just the urgent need for businesses to adapt to the rapidly changing employment landscape. It also signals a profound shift in the human condition and the ways in which we engage with our environment, our technologies, and one another.

As the […]

Low Skilled Labour – A Weak Link in China’s Industrial Strategy

Low Skilled Labour – A Weak Link in China’s Industrial Strategy

A vast majority of Chinese manufacturers are facing labour shortage. According to a survey of China International Intellectech Co. (CIIC), the shortages range from a few hundreds to thousands of workers in many factories constituting equivalent to 10%-30% of their total work force.

Chinese businesses face labour shortages of 70% and it is 55% for companies, according to the ‘Blue Collar Employment and Compensation Management Report 2021’. China’s Ministry of Education has forecasted a shortage of nearly 30 million manufacturing workers by 2025. Although, a large number of young people enter into job market every year, they lack appropriate skills […]

AI Adoption and Employment: The Reality

AI Adoption and Employment: The Reality

Artificial intelligence (AI) was predicted to automate various professions, leading to job losses. However, eight months after the release of ChatGPT and the advent of other AI business tools, the expected mass firings have not materialized. The United States still maintains full employment, with only 3.5% unemployment. This is because AI technology, although impressive, is not yet capable of handling most jobs. Instead of replacing workers, companies want employees to become better at their roles. Firms attempting to replace humans with bots are finding change management to be challenging.

For example, in the legal sector, AI tools have been integrated […]

AI Adoption and Employment: The Path to Mass Unemployment is Complex

AI Adoption and Employment: The Path to Mass Unemployment is Complex

As artificial intelligence (AI) technology progressed, fears of mass unemployment and job automation became prevalent. Many believed that professions like law, engineering, and journalism would be quickly replaced. However, as time passed, these predictions have yet to fully materialize.

Despite the release of ChatGPT and other AI business tools, widespread adoption of AI has not resulted in the anticipated mass firings. The United States, for example, still maintains a low unemployment rate of 3.5%. The expected job losses due to AI have not occurred as predicted.

Contrary to the usual narrative, the relationship between AI and employment is not straightforward. While […]

Amazon Fulfillment Center Drives Job Growth and Wages through Robotics

Amazon Fulfillment Center Drives Job Growth and Wages through Robotics

Chelsea Johnson 10 August 2023 In recent years, Amazon has been at the forefront of the robotic revolution in the fulfillment center industry. The company’s use of robotics has not only increased efficiency and productivity but has also resulted in significant job growth and better wages for workers.

With the implementation of robots, Amazon’s fulfillment centers have been able to handle a higher volume of orders, leading to an increased demand for workers. The company has been able to create thousands of new jobs to support these automated systems, providing employment opportunities for individuals in various communities.

Additionally, the use of […]

Report Ranks Richmond Among Metropolitan Areas at Risk from AI

Report Ranks Richmond Among Metropolitan Areas at Risk from AI

A recent report from the Chamber of Commerce has identified Richmond as one of the top metropolitan areas where artificial intelligence (AI) could potentially disrupt the workforce. The report, which utilized data from the U.S. Bureau of Labor Statistics, ranks cities based on the number of jobs at risk of being taken over by AI. Richmond falls at number 34 on the list, with approximately 77,000 jobs, or 12% of total employment, identified as potentially vulnerable to AI automation.

However, experts in the economic and business fields in Virginia argue that the impact of AI on employment levels may not […]

Economists forecast $200B in AI investment in the next couple years

Economists forecast $200B in AI investment in the next couple years

FILE – Zoubin Ghahramani, vice president of research at Google, speaks at the Google AI@ event on Wednesday, Nov. 2, 2022, in New York. (AP Photo/John Minchillo, File) (TND) — Goldman Sachs economists expect the economic impact of artificial intelligence to rival previous big technological advances, such as the electric motor and personal computer.

Investments in AI could reach around $200 billion globally by 2025, they said.

The U.S. is positioned as the market leader. They estimate AI investment could reach $100 billion in the U.S. alone.And they think the economic benefits of AI will outweigh the downside. “While some worker […]

Will AI be an economic blessing or curse? History offers clues

Will AI be an economic blessing or curse? History offers clues

High school student Richard Erkhov is reflected on a screen of "Alnstein", a robot powered with ChatGPT, in Pascal school in Nicosia, Cyprus, March 30, 2023. PHOTO: Reuters file

PUBLISHED ON August 07, 2023 7:47 PM

If medieval advances in the plough didn’t lift Europe’s peasants out of poverty, it was largely because their rulers took the wealth generated by the new gains in output and used it to build cathedrals instead.Economists say something similar could happen with artificial intelligence (AI) if it enters our lives in such a way that the touted benefits are enjoyed by the few rather […]

Analysis-Will AI be an economic blessing or curse? History offers clues

Analysis-Will AI be an economic blessing or curse? History offers clues

By Mark John

(Reuters) – If medieval advances in the plough didn’t lift Europe’s peasants out of poverty, it was largely because their rulers took the wealth generated by the new gains in output and used it to build cathedrals instead.

Economists say something similar could happen with artificial intelligence (AI) if it enters our lives in such a way that the touted benefits are enjoyed by the few rather than the many.“AI has got a lot of potential – but potential to go either way,” argues Simon Johnson, professor of global economics and management at MIT Sloan School of Management.“We […]

Will AI be an economic blessing or curse? History offers clues

Will AI be an economic blessing or curse? History offers clues

High school student Richard Erkhov is reflected on a screen of "Alnstein", a robot powered with ChatGPT, in Pascal school in Nicosia, Cyprus, March 30, 2023. REUTERS/Yiannis Kourtoglou/File Photo [1/5] Summary

Technological leaps have patchy economic records

AI creates fears about job destruction, workers’ rights Competition policy, access to training is key Aug 7 (Reuters) – If medieval advances in the plough didn’t lift Europe’s peasants out of poverty, it was largely because their rulers took the wealth generated by the new gains in output and used it to build cathedrals instead.Economists say something similar could happen with artificial […]