Generative AI is not replacing jobs or hurting wages at all, say economists
According to a recent study, generative AI chatbots like ChatGPT have not significantly affected employment or wages. Economists Anders Humlum and Emilie Vestergaard analysed data from 25,000 workers across various occupations in Denmark and found that, despite the fast adoption of AI chatbots, they have had minimal impact on earnings and recorded hours worked. This raises questions about the vast investments tech companies are making in AI infrastructure.
Key Points
- Generative AI chatbots have yet to impact wages or job loss significantly.
- The study covered 11 occupations, including high-profile roles like accountants and journalists.
- Fast adoption rates of chatbots haven’t translated into economic benefits for workers.
- AI tools are creating new tasks that may offset potential time savings and productivity gains.
- Only 2.8% average time savings reported from using AI; much lower than previously expected productivity benefits.
Why should I read this?
If you’ve been worried that AI is out to take your job or slash wages, this article is a must-read! It debunks the hype surrounding generative AI and highlights that, as of now, these tools haven’t had the impact many expected. Dive in to save yourself from the alarmist AI narratives and see what experts really think about the economic effects of AI!