A recent study suggests that fears about artificial intelligence displacing human jobs may be overstated. Released by the European Central Bank (ECB) on Tuesday, November 28, the research indicates that while the swift integration of AI could lead to lower wages, it has actually resulted in job creation rather than job loss.
Examining 16 European nations, the ECB noted an increase in employment within AI-related sectors, particularly in more skilled positions. Conversely, there was minimal impact on lower and medium-skilled jobs due to this trend.
Titled “Reports of AI ending human labour may be greatly exaggerated,” the study highlights that the effect on wages is inconclusive, showing neutral to slightly negative outcomes. It stresses that the full scope of AI’s impact on employment, wages, growth, and equality is yet to be fully understood as AI technologies progress and are embraced further.
In contrast to some bold forecasts in the AI field, like the prediction from OpenAI executives envisioning AI mastering any human job within the next decade through “artificial general intelligence” (AGI), the report takes a more cautious stance. While recognizing AGI’s potential as a transformative tool, the CEO of OpenAI, Sam Altman, underlined the importance of responsible development, risk management, knowledge exchange, and regulatory adjustments to ensure alignment with societal requirements.
Elon Musk, the CEO of Tesla and founder of X, expressed similar worries about uncontrolled AI advancement during a recent conversation with British Prime Minister Rishi Sunak. Musk cautioned against a future where AI surpasses human intelligence, making all jobs redundant. Despite acknowledging the chance for individuals to find work, Musk envisions a scenario where AI capabilities outpace human abilities in all areas.
