What is artificial intelligence? An explanation of the tech buzzword
The artificial intelligence industry has exploded in growth over the past year, from chatbots to facial recognition.LEARN MORE
AI may worsen overall inequality, a concern that policymakers must address to prevent technology from escalating social tensions.
Artificial intelligence could negatively impact nearly 40% of all jobs across the world by potentially increasing inequality.
In a new study, the International Monetary Fund says the world is on the edge of a tech revolution that could increase productivity, boost global growth, and raise incomes globally.
The study, which examines the global impact of AI on jobs, reveals that nearly 40% of jobs worldwide are in some form already exposed to AI, impacting high-skilled jobs the most. Meanwhile, around 60% of jobs in developed economies could be impacted, with roughly half benefiting from AI integration to enhance productivity.
The study notes that approximately half of those affected will benefit from increased productivity due to AI integration, but that the other half might face the replacement of core tasks by AI, resulting in lower labor demand, reduced wages, and fewer job opportunities.
“The effect on labor income will largely depend on the extent to which AI will complement high-income workers. If AI significantly complements higher-income workers, it may lead to a disproportionate increase in their labor income. Moreover, gains in productivity from firms that adopt AI will likely boost capital returns, which may also favor high earners. Both of these phenomena could exacerbate inequality,” said IMF chief Kristalina Georgieva in a blog post.
Georgieva says that AI may worsen overall inequality, a concern that policymakers must address to prevent technology from escalating social tensions.
“It is crucial for countries to establish comprehensive social safety nets and offer retraining programs for vulnerable workers. In doing so, we can make the AI transition more inclusive, protecting livelihoods and curbing inequality,” said Georgieva.
According to CNN, some tech firms are already reconsidering staffing levels, directly attributing it to the impact of AI.
For example, Google and Amazon announced layoffs this week, following their significant investments in AI startup Anthropic late last year.
Discord also cut 17% of its staff, Unity Software reduced its workforce by 25%, and Duolingo laid off approximately 10% of its contract workers, with Bloomberg reporting that it will focus on its AI tools.
A newly released Google AI tool had been generating false historical images of people of color, prompting Google to stop the tool.
The Biden administration intends to balance the needs of AI companies with the rights and security needs of consumers and the nation.
Nvidia's total revenue is up 265% year over year thanks largely to huge investments across the tech space in artificial intelligence computer models.
There were no injuries in the Saturday incident, according to a statement from the attorney general's office. A motive has not been established.
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