This Chatham House meeting has the following speakers: Dr Carl Benedikt Frey, Stephanie Flanders, Blake Lawit and Baroness Minouche Shafik.
AI is now more unpopular than Donald Trump…
Everyone is having lots of conversations about AI. what is happening to jobs right now? At LinkedIn they have a broad perspective of the entire employment market. Hiring is down about ten percent. Job transitioning is at an all-time low. What are we seeing with AI? In the U.K. about 100000 jobs in AI have been created. AI literacy skills are in demand. Humans are still going to be there.
What are the economic consequences of AI? AI is supposed to be able to roll out a 0.3%-0.7% productivity gain which is actually quite huge in terms of economics.
The productivity gains are more likely to be seen in the disrupter firms than larger firms.
Exposure to AI does not mean displacement. The proportion of jobs that are at risk are small. Regulatory barriers have to be addressed, regarding privacy and security.
Going forward we are likely to see change. AI is likely to make jobs easier. There is likely to be a new wave of globalization after this. A world of self service is more likely to be opened up. What kind of new jobs are likely to be created? It’s not just abot the technology it’s about the human and policy choices also.
FIguring out strategically where the best opportunities for AI are is a question for companies to decide. There has to be a balance between regulation and having guard rails.
The biggest barrier to adoption are skills. The most in demand skils are for AI literacy. Businesses will have to look at outcomes from AI productivity.
Some of the leaders of the AI companies have been the worst for scaremongering about job losses.
One of the things that people acorss the board in the United States believe that the government should intervene to ensure that they have meaningful jobs.
The session was a thorough examination of the hot topic that is AI. It certainly is a disruptive technology and we will all have to embrace it at some stage in whatever the situation might be.
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