Whether generative AI – including large language models like ChatGPT-4 – will be good for workers depends significantly on whether it leads to more innovation in products or processes. But there is currently no evidence that the technology will lead to decreased employment in the long run.
SEOUL – Recent advances in artificial-intelligence technology have raised the specter of mass displacement in labor markets. It is no longer just blue-collar factory and construction jobs that are at risk of being taken over by machines; a wide range of professional and service jobs have become newly vulnerable as well.
In the United States, up to 47% of all jobs could be automated in the coming years. So, is the world headed toward economic devastation, or will this era of job destruction also bring comparable levels of job creation?
An innovation’s impact on employment depends on the ratio between its displacement and compensation effects. The type of innovation is important. Whether generative AI – including large language models like ChatGPT-4 – will be good for workers depends significantly on whether it leads to more innovation in products or processes.
SEOUL – Recent advances in artificial-intelligence technology have raised the specter of mass displacement in labor markets. It is no longer just blue-collar factory and construction jobs that are at risk of being taken over by machines; a wide range of professional and service jobs have become newly vulnerable as well.
In the United States, up to 47% of all jobs could be automated in the coming years. So, is the world headed toward economic devastation, or will this era of job destruction also bring comparable levels of job creation?
An innovation’s impact on employment depends on the ratio between its displacement and compensation effects. The type of innovation is important. Whether generative AI – including large language models like ChatGPT-4 – will be good for workers depends significantly on whether it leads to more innovation in products or processes.