Written by 5:27 pm AI Threat, Uncategorized

### European Study Reveals AI Poses a Greater Risk to Wages than Jobs

A new paper published by the European Central Bank found that artificial intelligence technology co…

C3 AI’s CEO, Tom Siebel, shared insights on the ‘unimaginably powerful’ technology during an episode of ‘The Claman Countdown.’

The rapid advancement of AI technology has sparked concerns about potential job displacement due to the efficiency of deep learning machines. However, recent research indicates that AI has actually been instrumental in job creation, albeit with potential implications for wage levels.

A study released by the European Central Bank (ECB) revealed that during the deep learning surge of the 2010s, opportunities for younger and highly skilled workers expanded rather than diminished.

While the ECB cautioned that these findings do not serve as a complete exoneration, they suggest that the apprehensions surrounding AI’s impact on human employment may be overstated.

The research delved into the correlation between AI-driven technologies and job distribution across 16 European nations from 2011 to 2019. This period witnessed significant advancements in language processing, image recognition, algorithmic recommendations, and fraud detection, ushering in a technological revolution that is poised to accelerate further with the advent of generative AI models such as OpenAI’s ChatGPT.

In the 16 European countries under scrutiny, sectors exposed to AI experienced a rise in employment shares, with low- and medium-skilled roles remaining relatively unaffected while highly skilled positions saw the most significant growth, as per the ECB’s report.

Nonetheless, the study also noted “neutral to slightly negative impacts” on wage progression for occupations more susceptible to AI integration.

On the subject of AI’s potential to replace human jobs, a survey revealed that up to two-thirds of Americans harbor concerns about this possibility. Despite the optimism regarding AI’s benefits, a substantial percentage of respondents expressed worries about the technology’s broader impact on their respective industries.

Furthermore, the survey highlighted a positive outlook among U.S. workers regarding AI’s future implications on the workforce. A significant majority believed that AI could alleviate job-related stress and potentially lead to a reduction in the number of working days per week for the average American.

Moreover, a large proportion of respondents advocated for employer-provided training programs for tools like ChatGPT and other AI technologies, underscoring the perceived importance of upskilling in the era of AI integration.

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Last modified: February 9, 2024
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