Artificial intelligence (AI) is among the technologies that have had tremendous impacts on the global economy. Today, an increasing number of companies are incorporating AI into their processes. For example, there are companies that are relying less on human labor and turning to robots for support with complex tasks. While AI remains a promising technology, concerns have been raised about the possible damaging impacts on human societies. In particular, there are fears that this technology could devastate the labor market. From a review of the perspectives of experts and available data, it appears that the impacts of AI on the labor market are mixed.
Understanding and Estimating Effect of AI
It is rather difficult to make accurate predictions regarding the overall impact that AI will have. However, there are some strategies that mankind can implement as it seeks to better understand and estimate the effect of this technology. According to Ross (2017), examining the past is among the strategies that allow for the impacts of AI to be determined. In his text, he offers various examples of technologies whose effects in the past were rather mild. Over time, these technologies have gained greater prominence and application. The increase in the popularity and use of these technologies can serve as indication that AI will play a more central role in human endeavors. Examining the current effects of AI is another approach to understanding and estimating its impacts. In a podcast that brought together experts, the McKinsey Global Institute (2017) notes that the disruptive nature of the current impacts of AI sheds light on the implications that this technology presents for the future. Basically, according to this institute, since most of the impacts of AI have been drastic and disruptive, mankind should brace for further disruptions. While some experts feel that it is possible to understand the changes that AI will introduce, others have raised concerns about the uncertainty that mankind faces as it attempts to control and manipulate AI. For instance, Bill Gates and Stephen Hawking are among the experts who have warned that AI could pose a serious threat to mankind (Snyder, 2015). Since it is a fairly new technology, it remains difficult to accurately determine the effects of AI.
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Risks, Benefits and Consequences
While it is true that mankind may be unable to fully understand the future impacts of AI, the current effects of this technology re clear. As a result of this technology, humanity has witnessed a number of benefits. The main benefit involves transforming work. Today, new economies have emerged in response to AI. For example, by freeing workers, AI has made it possible for them to pursue other opportunities and jobs (McKinsey Global Institute, 2017). The gig economy serves as evidence that AI is causing far-reaching and significant changes to the labor market. Another benefit that AI has presented is that it has improved the impact of human effort. Thanks to this technology, workers are able to deliver products of higher quality (Casselman, 2018). Additionally, firms have witnessed massive productivity, quality and performance improvements. AI has also forced workers to find ways to maintain their relevance (Ross, 2017). For example, in a bid to keep their jobs, workers are seeking more training and education. Overall, AI delivers improved productivity and product quality while driving the creation of new jobs and industries.
Whereas it is true that AI is beneficial, this technology also comes with risks and adverse consequences. Job losses are among the main risks. It is feared that as AI becomes more widely adopted, it will replace millions of human workers (Ross, 2017; Casselman, 2018). This fear is indeed valid. However, one should understand that the job losses could be offset by the creation of new jobs. Additionally, it is predicted that only employees who work in certain industries where tasks can be automated should be concerned about the threat of losing their jobs to AI (McKinsey Global Institute, 2017). Other risks that AI presents have little to do with the labor market. For example, concerns have been raised that AI could be manipulated to conduct massive surveillance and to perpetrate discrimination (Marr, 2018). It should be understood that these risks are mere predictions that may not materialize. Given that AI’s impacts so far have mostly been positive, mankind can expect to reap more benefits from this technology.
In conclusion, AI represents a new and bold step for mankind. This is among the technologies whose impacts have been revolutionary. From computing to communication and manufacturing, there is virtually no human pursuit that has been spared the effects of this technology. The labor market has also witnessed the impacts of AI. In addition to improving productivity, this technology has also created new jobs and industries such as the gig economy. However, AI has also had some damaging impacts. In order to experience the full benefit of AI, mankind should be cautious in adopting it.
References
Casselman, B. "Robots? Training? Factories Tackle the Productivity Puzzle." New York Times, June 25, 2018.
https://www.nytimes.com/2018/06/25/business/economy/unemployment-productivity-robots-training.html?emc=edit_nn_20180626&nl=morning-briefing&nlid=7884102320180626&te=1
Marr, B. (2018). Is artificial intelligence dangerous? 6 AI risks everyone should know about. Forbes. Retrieved September 21, 2019 from https://www.forbes.com/sites/bernardmarr/2018/11/19/is-artificial-intelligence-dangerous-6-ai-risks-everyone-should-know-about/#1f56073d2404
McKinsey Global Institute. (2017). What is the future of work? McKinsey. Retrieved September 21, 2019 from https://www.mckinsey.com/featured-insights/future-of-work/what-is-the-future-of-work
Ross, A. (2017). The industries of the future. New York: Simon & Schuster.
Snyder, B. (2015). Bill Gates, Stephen Hawking say artificial intelligence represents real threat. CIO. Retrieved September 21, 2019 from https://www.cio.com/article/2877482/bill-gates-stephen-hawking-say-artificial-intelligence-represents-real-threat.html
