The Rise of AI and Its Impact on the Job Market
The latest advancements in artificial intelligence (AI) are heralding a fundamental tech shift that could impact the current level of employment. Industry leaders and technology stalwarts predict that large language models such as OpenAI’s GPT-4 will have the ability to write essays, code, and do math with even greater accuracy and consistency than before. However, there are still questions over how advanced chatbots could impact the job market.
White-collar workers may be at greater risk than blue-collar workers as a result of the new wave of AI, especially large language models that include neural networks such as Microsoft-backed OpenAI’s ChatGPT. According to Goldman Sachs economists Joseph Briggs and Devesh Kodnani, approximately 300 million full-time jobs around the world are set to get “automated” with workers replaced by machines or AI systems. Lawyers, economists, writers, and administrative staff are among those projected to be at greatest risk of becoming redundant.
However, there is also a possibility of a labor productivity boom, with significant labor cost savings, new job creation, and a productivity boost for non-displaced workers in other industries. OpenAI predicts that the vast majority of workers will have at least part of their jobs automated by GPT models.
Models such as ChatGPT get better with more usage – being pre-trained by human developers initially and then primed to learn for itself as more and more queries are posed by users to it. These models will end up as general-purpose technologies “like the steam engine or the printing press.” The AI advantage is that the jobs where the AI has a distinctive advantage can bring in more profit for the company.
A January 2023 paper, Anuj Kapoor of the Indian Institute of Management Ahmedabad and his co-authors explored the question of whether AI tools or humans were more effective at helping people lose weight. The authors conducted the first causal evaluation of the effectiveness of human vs. AI tools in a real-world setting to compare the weight loss outcomes achieved by users of a mobile app. Human coaches help consumers achieve their goals better than AI coaches for consumers below the median BMI relative to consumers who have above-median BMI.
Further, human coaches help consumers achieve their goals better than AI coaches for female consumers relative to male consumers. High BMI individuals might find it difficult to interact with human coaches, but with well-trained coaches, these individuals may feel more at ease. Technology platforms should focus on training coaches well to make the high BMI individuals feel comfortable and heard and to decide the optimal mix of the AI and Human components of the guidance for weight loss.
While AI has its advantages, human coaches help consumers achieve their goals better than AI coaches for those below the median BMI, below the median age, below the median time in a spell, and female consumers relative to male consumers.
The impact of these tools will be skewed in favor of high-skilled white-collar jobs, including business professionals, managers, science and engineering professionals, and legal, social and cultural professionals.
In conclusion, the advancements of AI have undoubtedly brought about profound changes in the job market, with both threats and opportunities. Jobholders need to invest in reskilling and upskilling to take advantage of these emerging opportunities. At the same time, policymakers need to address the challenges of inequality and lack of opportunity and ensure that the potential benefits of AI are distributed widely.
Editor Notes:
As AI continues to evolve and revolutionize our world, it’s essential to stay up-to-date with the latest developments. GPT News Room offers the latest news and insights on AI, and is an excellent resource for anyone interested in the future of this booming industry. Check out their website at https://gptnewsroom.com.
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