How AI Can End The West’s Weak Productivity & Low GDP Growth

Elon Musk is far from being a traditional technophobic, so it’s essential to pay attention when the proprietor of Twitter speaks out against the hazards posed by artificial intelligence. it’sehensive that an advanced form of machines may destroy humanity as we know it; Musk was one of many tech-savvy people advocating for a six-month suspension in training new AI systems.

The notion that machines are taking over is nothing new; the Luddites echoed it in the early 19th century. Although some are hopeful of this technological advancement, others remain wary of what it may mean for humanity.

ChatGPT, the chatbot, symbolizes the introduction of the fourth industrial revolution, similar to how the spinning jenny represented the beginning of the first industrial revolution.

In the past, a trend has been observed in which new technology is embraced, promising to make processes more efficient and of higher quality. This often prompts fear that machines will take away jobs from humans and lead to mass unemployment. However, these worries have usually been unfounded; rather than displacing people, the new technology increases employment opportunities.

AI will revolutionize the economic landscape and break the cycle of sluggish productivity and slow growth that has been persistent in Western economies since the beginning of the global financial crisis 15 years ago. Analogous to how tractors took over manual labor, one machine can now do what many people used to do – this is not up for debate.

The question remains: who will benefit from increased productivity through AI? Will it simply be a few tech giants reaping the rewards, or will history repeat itself and create new jobs with better pay than before? Or could something entirely different happen this time around? It is uncertain.

Much of the discourse concerning AI’s influence has been conjecturAI’sountless investigations have attempted to calculate how many jobs may be impacted worldwide, likely in the hundreds of millions, but there is no definite answer. Despite that, certain deductions can be made with a respectable level of assurance.

The rapid rate of technological development appears to be increasing, as evidenced by the launch and quick update of ChatGPT last year. The discussion surrounding a six-month moratorium on AI advances initiated by Musk et al. must be seen in light of the current tensions between the United States and China.

It appears unlikely that the United States or China will give the other a chance to gain an advantage. The probability of Washington and Beijing coming together and concurring on a mutual halt is slim.

Despite the rapid development of technology, it is unlikely that economies will experience a sudden overhaul. Machines are costly, and labor is comparatively inexpensive, so businesses have already invested significant money into their present systems. As such, it may take some time for AI to make its mark on investment, employment, and productivity metrics.

Once the change occurs, it will likely be very disruptive as many middle-class, white-collar jobs are at stake. This will differ from the experience when earlier technological advances enabled those replaced in low-paying occupations to find better-paid jobs created due to progress. For example, those who left working on farms found employment in factories.

Moravec’s paradox describes the dMoravec’s AI might have in completing certain tasks, despite its great success at others. For example, robots can easily defeat chess grandmasters but struggle with something as simple as cleaning up the pieces. These mundane tasks involve mobility and perception skills that took humans millions of years to develop.

It seems that the jobs most likely to be replaced by AI are generally better paid than those which will be created. This suggests there is likely to be a significant rise in production and growth, but it also implies the benefits will not be evenly distributed. Social care workers, for example, who require empathy and basic motor skills, tend to receive lower wages.

Policymakers must make the most of their limited time to tackle the obvious issues that AI presents. While AI can provide numerous advantages, it also comes with risks related to privacy and ethics, which cannot be ignored.

Last week, Michelle Donelan, Secretary of Science and Technology, unveiled the government’s white paper with the government’s that Artificial Intelligence (AI) would be utilized to make Britain a “smarter, healthier and more cont” nt nation in which to live and work.” This is strikingly reminiscent” of John Maynard Keynes’ 1930 essay where he prediKeynes’at thanks to rising affluence by 2030 individuals will only have to work 15 hours per week.

Keynes’s dream has not been realiKeynes unless something is done quickly about the three main components of AI–regulation to set a standard for use and development, preparing people for the changes that will come with it, and redistribution of economic gains–Donelan’s too will remain unrealiDonelan’s the climate emergency, time is running out on this challenge.

The success of AI in transforming productivity and growth in the Western world will depend on how effectively we address these challenges and ensure that the benefits of the technology are distributed fairly and equitably. By investing in education and training, promoting ethical considerations, and establishing regulatory frameworks, we can harness the potential of AI to drive progress and prosperity while ensuring that no one is left behind.

Source: the Guardian

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