Besides politics, artificial intelligence is all over the news today. Generative AI chatbots like ChatGPT can summarize scientific articles for you, debug your faulty code, and write Microsoft Excel formulas at your command. But have you considered how many jobs AI can replace? Goldman Sachs thinks something like 300 million.
See: https://redskyalliance.org/xindustry/the-future-is-here
According to the investment bank, about 300 million jobs could be lost to AI, signaling that the technology can and will upend work as we know it. Like past technological revolutions, AI can help companies decrease costs by automating specific processes, freeing companies to grow their businesses.
A global economics research report from Goldman Sachs says that AI could automate 25% of the entire labor market but can automate 46% of tasks in administrative jobs, 44% of legal jobs, and 37% of architecture and engineering professions. Of course, AI is the least threatening to labor-intensive careers like construction (6%), installation and repair (4%), maintenance (1%), and dog-walking (0%).
The study also concludes that 18% of the global workforce could be automated with AI. In countries like the U.S., the U.K., Japan, and Hong Kong, over 28% of the workforce could be automated with AI. The study shows potential for a balanced and mutually beneficial relationship between workers and AI. The study says that occupations partly exposed to automation will use their free time to increase their productivity at work.
If you are worried about your job being usurped by AI, Goldman Sachs anticipates that displaced workers will become reemployed in jobs that directly result from widespread AI adoption. Displaced workers might also see higher levels of labor demand due to nondisplaced workers becoming more productive.
Consider how IT innovations created a demand for software developers and, with an increased income, directly increased the need for education, which created a demand for higher education professionals. It’s a domino effect but an alarming one too.
AI's potential to displace 300 million jobs is a primary concern for workers and tech moguls. Recently, notable people in the industry, like Steve Wozniak, Rachel Bronson, and Elon Musk, co-signed an open letter to pause AI experiments. The letter comes out of fear that AI development is moving too quickly for humans and can topple our society as we know it.
In March 2023, the U.S. Chamber of Commerce called for intense AI regulation at the federal level to ensure a job, national, and economic security. Generative AI is arguably the most game-changing technology humans have created in a long time. Consider the steam engine, the tractor+combine, the telephone, automobiles, and the computer in its early years of use.
These impressive chatbots lack true intelligence (for now), and technology is reshaping our world every day. Can AI commit crimes, and can our current legal system understand and deal with computer crimes without human control?
Red Sky Alliance is a Cyber Threat Analysis and Intelligence Service organization. For questions, comments or assistance, please contact the office directly at 1-844-492-7225, or feedback@redskyalliance. com
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