"In the blink of an eye, artificial intelligence has been set to work transforming every walk of life - from self-driving taxis, to software that reads X-rays as accurately as radiologists, to virtual assistants that can schedule meetings and draft emails, to original if derivative music created in an instant in the style of Mozart or Marley. Like disruptive technologies before it - think automobiles, mechanical textile looms and more - it promises to radically change the world we live in, including the world of work."
"Techno optimists argue that technology has historically been a powerful driver of economic growth, spurring new industries with novel jobs. That's what happened with the advent of the automobile, after all: The ranks of carriage makers, horse breeders and stable owners melted away as jobs opened up in the emerging oil industry, and then in brand new sectors like motor hotels - motels - and drive-in theaters."
"International Monetary Fund economists have estimated that AI may affect as many as 40 percent of all jobs as AI-driven machines replace work that was traditionally performed by people, much of it skilled. And even where jobs aren't lost, work by human beings could become less valuable, causing wages to fall, says Anton Korinek, an expert on the economics of AI at the University of Virginia."
Artificial intelligence is rapidly transforming many areas, including transportation, medical imaging, virtual assistants, and music generation. The technology promises broad economic change and triggers debate over labor market effects, especially with potential artificial general intelligence. Some observers note historical technological shifts that destroyed old occupations while creating new industries and jobs. Others warn that AI could affect a large share of jobs—International Monetary Fund economists estimate up to 40 percent—displacing skilled tasks and reducing the value of remaining human work, which could put downward pressure on wages. Policymakers are urged to consider deliberate government actions to distribute AI’s benefits widely.
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