Some researchers in the U.S. have concluded that artificial intelligence (AI) could lead to job loss for freelance workers unless governments intervene. However, another study found that productivity increases when AI is used to assist workers rather than replace them, which is contrary to Elon Musk’s recent predictions. The first study revealed that freelance workers with higher skills were more likely to suffer job losses. However, a separate study conducted by the Boston Consulting Group (BCG) showed that workers who used OpenAI’s GPT-4 for certain tasks were more productive.
Overall, the studies suggest that freelance workers need more labor protections and that AI tools should complement human work instead of replacing it. There are concerns from human rights groups and trade unions about the potential threat of AI to workers; those threats were overlooked in the UK Prime Minister’s AI summit. In contrast, U.S. President Joe Biden has issued an executive order asking AI companies to study the impact of AI models on labor markets and explore ways the government can support labor disruptions caused by AI.
The BCG research findings are a direct challenge to Elon Musk’s statements at the UK AI summit, where he claimed that AI will ultimately replace “all” jobs. It is important to note that Musk’s statements seem biased and suspiciously aligned to his own recent investment interests in AGI, an area of AI that researches human-level artificial intelligence. However, the more immediate concern is how AI will affect knowledge workers and monetary policy. If AI takes over more jobs without new participants entering the affected markets, unemployment will rise, and governments will be forced to consider emergency measures to handle labor disruptions.
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