The hype around artificial intelligence and the threats that it poses to human jobs have been growing exponentially. Many experts have warned that this could lead to mass unemployment, as machines become capable of automating more and more tasks.
There is a growing body of evidence that suggests that the AI hype is overblown. A study by the McKinsey Global Institute found that only about 5% of jobs in the United States are at high risk of being automated by AI in the next decade. The study also found that AI is likely to create new jobs, as it opens up new opportunities for businesses and consumers.
Follow the money!
So why is there so much hype about AI and job losses? We argue that a significant part of the hype is being intentionally created by businesses and organizations that want to lower wages. By convincing people that AI is going to take their jobs, businesses can create a climate of fear and anxiety that can be used to justify cutting wages and benefits.
The AI and Singularity hype is about creating a climate of fear and anxiety that can be used to justify wage cuts.
A recent study by the Center for American Progress found that companies that are investing in AI are also more likely to be cutting wages. The study also found that the wages of workers in AI-intensive industries are growing more slowly than the wages of workers in other industries.
The studies suggest that a relevant part of the AI and Singularity hype is about creating a climate of fear and anxiety that can be used to justify wage cuts. By convincing people that AI is going to take their jobs, businesses can create a pretext for lowering wages and reducing benefits.
We have to be aware of the potential for AI to be used to lower wages. However, it is also important to remember that AI is not a threat to all jobs. In fact, AI is likely to create new jobs and opportunities but, not surprisingly, this is not widely known.
What to do
Some things that can be done to mitigate the risks of AI and ensure that workers benefit from the technology involve:
- Investing in upskilling and retraining programs for workers who are at risk of losing their jobs to AI.
- Creating new policies and regulations that protect workers’ rights and ensure that they are not exploited by businesses that are using AI to lower wages.
- Promoting a more positive and inclusive narrative about AI, one that emphasizes the potential benefits of the technology for workers and society as a whole.
- Provide tax breaks and other incentives to businesses that create new jobs in the AI economy. This will help to create more jobs and opportunities for workers.
- Support research and development into new technologies that can help to create new jobs and opportunities. This will help to ensure that the benefits of AI are shared widely.
- Educate workers about the potential benefits and risks of AI. This will help workers to make informed decisions about their careers and to prepare for the future of work.
- Create a social safety net that can provide support to workers who lose their jobs due to AI. This will help to ensure that workers are not left behind in the AI economy.
It is important to be aware of this and to be critical of the claims that are being made about AI and job losses. We need to make sure that the benefits of AI are shared widely and that workers are not left behind.
References:
https://www.mckinsey.com/mgi/our-research/generative-ai-and-the-future-of-work-in-america
Priorities for a National AI Strategy
https://www.theatlantic.com/technology/archive/2023/07/ai-chatbot-human-evaluator-feedback/67480
IYH this – the wage and benefits cuts – has already come to be over the last year. You just need to read the experiences on reddit recruitinghell, jobs, cscareer etc
This statement “AI is likely to create new jobs and opportunities but, not surprisingly, this is not widely known.” is itself age-old hype. Yes, for 0.001% of top of the line AI engineer and architect and swe, but highly misleading for white collar workers and creative types whose jobs are being replaced by gigs w wages that may be competitive for India and Philippines but not for 1st world countries.