The closing paragraph is really important: While the study shows the great positive potential for AI to enhance the global economy, there are risks, e.g., around the possibility of increasing inequality. But the simulations just show possible futures. What actually happens will be the product of our choices.
Thanks to Irving for a thoughtful reading of this paper.
I think author misses the point on who benefits the most from AI. I believe that people with great empathy and compassion but with little or no education will now be able to do the jobs with the help of AI that they couldn’t do before. For example, a compassionate truck driver will be able to become a nurse with the help of triage AI and star-track tricorder like diagnostic devices.
It’ll be interesting to see AI’s effect on higher paying professions such as doctors and financial advisors. For example, it seems inevitable that medical diagnoses will be largely automated in the future. What should that mean for students today entering college who want to go into medicine? Where should they be specializing?
With enormous wealth generated by AI, we shall not underestimate the effect of job displacement due to AI will have on the world economy. As outlined in my new book “AI Superpowers”, 40-50% of our jobs will be technically and economically doable by AI and automation over the next 15 years.
AI is exactly what the Internet was years ago: bringing tremendous economic impact but widening a divide between those who move quickly to embrace it and those who do not adopt it.
I think that AI will add even more to the global economy in the long-run. One of the biggest challenges being faced is how to reshape the workforce of tomorrow so that our employees can lead this revolution around the word. How can we solve that? Enterprises need to partner with L&D professionals, bootcamps, and Universities now to bridge that gap. Otherwise the financial metrics shared will be slower realized by 2030.
In this study, and others like it, researchers have to grapple with the sheer level of uncertainty in the timing and degree of technological change. This is a conclusion in itself and a serious challenge for policy makers whose goal it is to plan for social support and education across generations.
We do not know the effects, the AI technology is in its infancy. It definitely has the potential for economic disruptions, it will depend on the what, why, and how of its development and use.
This is indeed about choice. Recent history has illustrated that we need to be more thoughtful about how technology is integrated into society...the results can either be a huge step forward, or a complete disaster. I hope that collectively we can prioritize careful, thorough consideration before forging ahead blindly.
AI's Contribution to output-- an annual average contribution to productivity growth of about 1.2 percent between now and 2030, according to a September, 2018 report by the McKinsey Global Institute on the impact of AI on the world economy.
“If delivered, this impact would compare well with that of other general-purpose technologies through history,” notes McKinsey. “Consider, for instance, that the introduction of steam engines during the 1800s boosted labor productivity by an estimated 0.3 percent a year, the impact from robots during the 1990s around 0.4 percent, and the spread of IT during the 2000s 0.6 percent.”
Did the McKinsey simulation use A.I.?
Biggest disruption since computation
Winds of change. Exciting and a bit scary.
I think India isn't the country with "moderate foundation".
Their economy has been spiking.They have solid IT ground enough to send many engineers to the other advanced countries.
Prediction of the future job marcket is impossible but updating the existing ideology is inevitable.
Interesting report by McKinsey & Company regarding AI’s significantly economic benefits and disruptions for business and society
Fini la corvée de plonge !!
A community of leaders, subject matter experts, and curious minds bringing nuance back to how we talk about the news.
No content overload: our editors will curate the most notable and discussion-worthy pieces for you every day.
Don’t just read the story, tell it: contribute your ideas and experience to the dialogue.