AI Boosts Productivity but Stirs Job Security and Wage Concerns
May 16, 2024
AI is enhancing productivity for lower-skilled workers, potentially leading to the outsourcing of higher-skilled jobs.
Economists and labor unions are concerned AI's benefits are uneven, risking job displacement and widening the productivity-pay gap.
The IMF warns up to 60% of jobs in advanced economies could be impacted by AI within two years, with global job market effects at 40%.
Labor unions are apprehensive about the rapid integration of AI without worker consultation, fearing negative impacts on jobs.
AI is expected to automate repetitive tasks, potentially leading to wage stagnation in sectors like transportation and logistics.
There is a possibility of fully automated firms emerging, where even management tasks are performed by AI technologies.
The growing use of AI in the workforce is prompting calls for policy intervention to address the long-term implications on employment and wages.
Summary based on 1 source
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Source

The Hill • May 16, 2024
How AI could make workers more productive – but paid less