Posted: February 17th, 2022

The Economics of Artificial Intelligence

 

 

 

 

 

 

 

 

 

 

 

HOW WILL AUTOMATION AFFECT THE FUTURE OF WORK?

 

 

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How Will Automation Affect the Future of Work?

Introduction

Automation refers to the creation and application of technology to deliver goods and services with minimum human intervention. Automation robotics and artificial intelligence transform businesses and contribute to economic growth and high productivity. Automation transforms the place of work and the nature of work in the office. Machines can carry out most of the works done by humans and do even beyond what humans can do. Due to automation, some occupations will decline, others will grow, and others will change. This essay will look at how automation will affect the future of work in consideration of information technology, artificial intelligence, and robotics on the economy, jobs, and employment.

Economy

The technologies have the potential to transform businesses and contribute to economic growth. Productivity growth is the crucial factor to economic growth. Unlocking investments and demands and embracing automation is crucial for its productivity contribution. A study of robots in seventeen countries in 2015 found that they added 0.4 % of Annual Gross Domestic growth (Agrawal et al., 2019). The deployment of AI can do much to increase global prosperity.

Job and employment

Artificial intelligence creates significant disruptions to work since half of the activities carried out by workers can be automated. Current developments in robotics, automation, and artificial intelligence can reshape how work is performed. Artificial intelligence and automation replace cognitive skills leading to many people being unemployed. After being displaced by technology, many jobless workers find new jobs (Manyika & Sneader, 2018). While the digitization of technological progress causes some workers to lose jobs, the creative nature of capitalism creates other jobs. More jobs change as machines complement the human labor in workplaces. Technologies lead to the rise of digital platforms, and only the tech-enabled individuals will work on them. The demand for physical and manual skills will decline, and workers will need different skills to thrive in workplaces in the future. As intelligent machines are integrated into workplaces, workflows will evolve to enable humans and machines to work together. Due to automation, many workers are more likely to change their occupations to fit in the new work sectors. AI can also improve the labor market by matching workers to their respective work. Unemployment is temporary and a less severe problem. Automation has led to the polarization of wages and skills—they share high-skill jobs with high wages and low-skill jobs with low wages increases. Middle-skilled workers perform many routine tasks, and thus they are most at risk of automation. The organization of economic cooperation and Development[OECD] found that jobs that had highly automatable skills had less than a high school degree compared to those with a college degree (Furman, 2018). As workers receive low wages, a large proportion of the income will be for owners of those technologies.

Conclusion

Balancing the unfortunate trade-off between unemployment and economic growth obscures the benefit that fuller automation may bring. Work in the future will be different, requiring greater workforce adaptability and new skills. Training the midcareer workers and the new generations for future challenges will be imperative. If we harness the technologies with aplomb, the future with technology will be a richer one.

 

References

Agrawal, A., Gans, J. & Goldfarb, A., 2019. The Economics of Artificial Intelligence: A plan, Chicago: The University of Chicago Press.

Furman, J., 2018. Should we be reassured if automation in the future looks like automation in the past? NBER. Available at: http://www.nber.org/chapters/c14031 [Accessed January 21, 2022].

Manyika, J. & Sneader, K., 2018. Ai, automation, and the future of work: Ten things to solve. McKinsey & Company. Available at: https://www.mckinsey.com/featured-insights/future-of-work/ai-automation-and-the-future-of-work-ten-things-to-solve-for [Accessed January 21, 2022]. 

 


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