Whether we like it or not, artificial intelligence is here. It’s always difficult to predict the future, but the spread of AI in the past few years has provided some insight into what it might look like for workers and businesses.
Automation is a broader category in which generative AI and other intelligent systems fall. Automation has been prevalent for quite some time. Remember learning about the Industrial Revolution? Many believe society has turned a new leaf in a similar manner with GenAI. Research from McKinsey Global Institute actually shows that “with GenAI in the picture, 30% of hours worked today could be automated by 2030” (Ellingrud et al., 2023). Of course, this differs by field, but it’s also very likely that lower-wage jobs will be most affected.
What about the benefits? Some believe that the rise of AI will create more jobs than it destroys, especially in the tech sector. In fact, “in a recent survey, 84% of business leaders believed that generative AI would have a positive impact on their workforces, and 97% said the technology would free their employees to take on a more thoughtful and creative role in the workplace” (PYMNTS, 2023). AI implementation might help a business reduce manual errors, make informed decisions, and speed up operation time significantly.
The truth is, we have to wait for a complete answer. “I believe time will tell to see the implications of Artificial Intelligence and I am hopeful economics theories will evolve to reflect the impact,” says local AP Econ teacher Lindsay Mueller. In addition, the societal implications of this technology will span far beyond what one may consider traditional worker/business dynamics. Novice artist Kaylen Ng states that “the spread of AI has led to a reduction in jobs for freelance artists, and is heavily indicative of the lack of value that AI users place on artistic thought and creation.” Whether one is concerned with the benefits or downfalls of AI, it’s undeniably important to understand what’s on the horizon and prepare accordingly with community effort and genuine care for our workers, the backbone of our economy.
List Sources:
With GenAI in the picture, 30% of hours worked today could be automated by 2030. (link)
In a recent survey, 84% of business leaders believed that generative AI would have a positive impact on their workforces, and 97% said the technology would free their employees to take on a more thoughtful and creative role in the workplace. (link)
Lindsay Mueller, AP Economics teacher
Kaylen Ng, artist
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