Is technology taking over the world? Well, maybe it already has. The generative chatbot, ChatGPT, blew up in popularity when it was first released, becoming a go-to tool for working professionals and students alike thanks to its easy-to-use platform. Self-driving taxis and automated buses have hit the streets globally, showing the potential for the replacement of humans in the job market by machines. But will the overall impact of artificial intelligence on the job market be positive or negative? That remains to be seen.
Naysayers of technology argue that with the acceptance of AI technology, a Charlie in the Chocolate Factory-type scenario will become the reality for thousands if not millions of Americans. Where their jobs are replaced by automated machines, leaving them without income in an increasingly expensive world.
On the other hand, proponents of artificial intelligence argue that while advancing technology may replace some jobs, it will create new jobs to replace those lost. And AI technology will be able to make tedious everyday tasks easier, allowing for an increase in productivity. So, is there anything to fear when it comes to embracing artificial intelligence technology, and if there is, can it be stopped?
AI’s Positive Potential
The McKinsey Global Institute reported that according to their simulations, AI will have a tangible impact on the global economy. This amounts to nearly $13 trillion in additional economic activity, and around a 16% boost to the cumulative GDP by 2030 in comparison to today. This shift in the economy would be the aftermath of a substitution of manual labor for an automated workforce. In addition to this, they estimate that 70% of companies will embrace at least one aspect of AI technology.
In addition to McKinsey’s stance on the direct economic impact of artificial intelligence technology, they project that by 2030 there will be 12 million jobs in need of transition. This is in response to the notable shift out of low-paying jobs during the COVID-19 pandemic and the assumption that this trend will continue in years to come.
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