Goldman Sachs maintains that if generative AI lives up to its hype, the workforce in the United States and Europe will be upended. The bank estimates 300 million jobs could be lost or diminished due to this fast-growing technology.
Office administrative support, legal, architecture and engineering, business and financial operations, management, sales, healthcare and art and design are some sectors that will be impacted by automation.
National Bureau of Economic Research, claims that 50% to 70% of changes in U.S. wages since 1980 can be attributed to wage declines among blue-collar workers replaced or degraded by automation. According to NBER, many changes in the U.S. wage structure were caused by companies automating tasks that used to be done by people. This includes “numerically-controlled machinery or industrial robots replacing blue-collar workers in manufacturing or specialized software replacing clerical workers.”
Artificial intelligence systems are ubiquitous. AI-powered digital voice assistants share everything you want to know justby asking it a question. Instead of a live person addressing a problem, you can engage with an online chatbot. AI can help diagnose cancer and health issues. Banks use sophisticated software to check for fraud and noncompliance. AI predominantly controls driverless automobiles, newsfeeds, social media and job applications.
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