AI Fails to Replace Most Jobs, Finds MIT Study
A recent study conducted by the Massachusetts Institute of Technology (MIT) has dispelled the fears surrounding artificial intelligence (AI) replacing human jobs. Contrary to popular belief, the study found that AI is currently unable to replace the majority of jobs in a cost-effective manner.
Researchers at MIT’s Computer Science and Artificial Intelligence Laboratory examined the viability of using AI to automate various tasks in the United States, particularly focusing on jobs where computer vision was employed. These jobs included professions like teachers and property appraisers. The study discovered that only 23 percent of workers, based on their wages, could be effectively replaced by AI. In cases where AI-assisted visual recognition was required, the cost of installation and operation proved to be more expensive than relying on human labor.
The adoption of AI technology has been on the rise, with companies like Microsoft, Alphabet, Baidu, and Alibaba Group Holding rolling out new AI services and intensifying their development plans. However, concerns about AI’s impact on employment have long been a central issue.
The MIT study, titled Beyond AI Exposure, focused on computer vision—a field of AI that enables machines to extract meaningful information from digital images and visual inputs. It found that computer vision is most beneficial in segments like retail, transportation, and warehousing, where companies like Walmart and Amazon are prominent. The study also highlighted the potential for AI to be used effectively in healthcare.
The research, which was funded by the MIT-IBM Watson AI Lab, collected data through online surveys on approximately 1,000 visually-assisted tasks across 800 occupations. Currently, only 3 percent of these tasks can be cost-effectively automated using AI. However, the researchers predict that this number could rise to 40 percent by 2030 if data costs decrease and accuracy improves.
While AI technologies like OpenAI’s ChatGPT and Google’s Bard have sparked concerns about job displacement, the MIT study suggests that such fears may be premature. The International Monetary Fund has cautioned that nearly 40 percent of jobs worldwide could be impacted by AI, urging policymakers to strike a careful balance between AI’s potential benefits and its potential negative consequences.
The MIT study also included a case study on a hypothetical bakery, which illustrated that even tasks like visually inspecting ingredients for quality control could not be cost-effectively automated using AI. The time and wage savings from implementing cameras and AI systems were still not enough to justify the significant technological upgrades required.
Neil Thompson, the director of the FutureTech Research Project at MIT’s Computer Science and Artificial Intelligence Lab, stated that their study examined the applicability of computer vision across various industries and occupations. He emphasized that while automation is likely to increase in sectors like retail and healthcare, it is expected to be less prevalent in areas such as construction, mining, and real estate.
As the debate around AI and its impact on jobs continues, the MIT study provides valuable insights into the limitations and cost-effectiveness of AI technology. It underscores the need for a measured and balanced approach to AI adoption, taking into account the specific requirements and economic feasibility of different industries and occupations.
Source: [MIT Study Finds AI Fails to Replace Most Jobs, Contrary to Fears]
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