US Experts Warn AI Likely To Kill Off Jobs – And Widen Wealth Inequality

Fears have been raised that ChatGPT, the latest technology, could cause job losses for millions across various professions, such as marketing copywriters, stockbrokers, sales reps, programming developers, and reporters.

Although many believe that the fear of ChatGPT and other AI technologies leading to enormous unemployment is exaggerated, workforce experts have a different opinion.

AI has raised the anxiety that it could exacerbate the already substantial income and wealth gap in the US by producing a new crop of tech billionaires while depriving numerous employees of higher-paid employment.

It is feared that AI may take away certain occupations, just as other innovations have done before. However, analysts speculate introducing new roles, and enhanced job duties could nullify this effect. The most pressing issue is to figure out what kinds of chances these alterations will create.e alterations will create.e alterations will create. Lawrence Katz, a labor economist from Harvard, commented.

Lawrence Katz says:

“AI will wipe out a lot of current jobs, as has happened with all past technologies,”

“But I have no reason to think that AI and robots won’t continue changing the mix of jobs. The question is: will the change in the mix of jobs exacerbate existing inequalities? Will AI raise productivity so much that even as it displaces a lot of jobs, it creates new ones and raises living standards?”

Madgavkar, the head of labor market research at the McKinsey Global Institute, has estimated that a quarter of US employees will observe an increase in AI and technology usage in their occupations. She also reported that around half to six-tenths of businesses execute AI projects.

Madgavkar says:

“So one way or the other people are going to have to learn to work with AI,”

During past rounds of automation that affected factory jobs the most, Madgavkar said that AI would hit white-collar jobs the most.

Madgavkar went on to say:

“It’s increasingly going into office-based work and customer service and sales,”

“They are the job categories that will have the highest rate of automation adoption and the biggest displacement. These workers will have to work with it or move into different skills.”

Many experts are questioning the potential impact of AI on workforce dynamics, such as whether it will decrease job opportunities for call-center workers or help them be more efficient by providing them with data quickly when they communicate with customers. In other words, many office employees could experience a decline in their positions.

Is AI capable of taking over radiologists in the process of reading cancer scans, or will it aid them by allowing for more intricate and delicate aspects to be concentrated on when interpreting images?

Can Artificial Intelligence replace some reporters by creating stories related to baseball matches or simple changes in the stock market?

According to workplace professionals, introducing AI & other advanced technologies will have a greater impact on middle-class, white-collar jobs than lower-paying, labor-intensive positions. Madgavkar pointed this out from McKinsey, who also stated that it would take a lot of work for AI or robots to take over janitorial duties.

She stated that, in the realm of food service. At the same time, new technologies may be able to take customer orders, but they cannot replace human interaction.

Madgavkar continues to say:

“We’re not going to see many little robots that bring the food to a particular table.”

AI implementation in law firms could lead to job losses for attorneys as it can generate first drafts of business contracts. On the other hand, paralegals may find themselves with greater responsibility for overdraft contract preparation, which could mean an increase in their salaries.

The deployment of artificial intelligence is likely to kill off millions of jobs and exacerbate inequality, US experts have warned. A study by the UK’s Royal. And a paper published by professors at Stanford University in California said, “the rise of AI technologies will put pressure on wages and employment across developed economies.” It urged governments to act now to mitigate against these effects or face “serious societal challenges” in the future.

Source: the guardian


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