💰 AI threatens wages, not jobs
🇬🇧 75% of young Brits use AI
Martin Crowley & Arturo Ferreira
November 28, 2023
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Welcome to AI Tool Report!
A recent report by the European Central Bank has found that AI threatens wages, but not job security (if you’re in the right field).
Read on more to find out how…
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Read Time: 4 minutes
Our Report: Recent advancements in AI-enabled technologies have revived the debate about their impact on jobs, but a recent report by the European Central Bank (ECB) has found AI displaces human labor less than previously thought (and actually complements it in many cases).
🔑 Key Points:
This study examines the relationship between AI, employment, and wages in 16 European countries from 2011-2019, focusing on different occupations, skills, and age groups. The analysis measures AI exposure based on tasks and abilities required in various occupations.
Results indicate a positive association between AI-enabled automation and employment changes, especially among younger and high-skilled workers, with AI technology complementing the skillset of this subset.
The study notes that the impact is consistently positive across the different countries, although it varies in magnitude due to the pace of technology diffusion, education rates, and regulations.
🤨 Why you should care: The evolving role of AI in shaping employment trends underscores the need for adaptive skill development and policy adjustments to harness its benefits while mitigating potential challenges. Countries that upskill their workforce in AI are likely to reap the most benefits from the changes.
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Silicon Valley startup—ClimateAI—has developed an AI platform that forecasts the impact of climate change on agriculture, helping farmers adapt by selecting more resilient seeds and optimizing planting schedules.
By using ClimateAI’s tool to analyze vast amounts of data, AI can enhance weather predictions, optimize resource use, and accelerate the deployment of climate solutions (something that ultimately needs to be balanced with the consideration that AI technology is currently power-intensive to run).
Yesterday (for Cyber Monday), the AI Garage Sale offered a unique online shopping experience where customers could negotiate with AI for various items, including things like a PS5, toilet magazines, and even Tesla stock.
The unique experience was created by Brain—a Los Angeles-based art studio—and whilst almost comical, the experiment highlighted the capabilities of AI in performing in complex, social situations such as bartering (performed incredibly well, too).
Sports Illustrated has reportedly published articles by fictitious AI authors, including 2 articles attributed to fake authors like "Drew Ortiz" and "Sora Tanaka," which were discovered to have AI-generated headshots.
Investigations revealed connections to AdVon Commerce, a company involved in similar controversies with other publishers, and the situation highlights ethical questions about AI's role in content creation and the transparency required in journalism (I’m sure we’ll all make similar such mistakes in the future as this becomes more prevalent).
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Until next time, Martin & Arturo.
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