ChatGPT, the world’s first-ever artificial intelligence (AI) app, has already created widespread changes across various industries. It uses generative AI technology that employs advanced neural networks to create entirely new content, chat responses, art, and music. While 100 million people use ChatGPT to converse, find answers, and receive help with homework, the technology tends to create inaccurate or fabricated information. Traditional AI is excellent at recognizing patterns and classifying data around those patterns, while generative AI could heavily affect 19% of jobs, with 50% of those at risk of becoming obsolete. A recent report from Goldman Sachs estimates that 300 million full-time jobs could be automated, and possibly eliminated, by AI technology.
The report also adds that 66% of current jobs in the US and Europe are exposed to some degree of AI automation. While this primarily threatens white-collar jobs, including administrators and lawyers, it would also encourage changes in the labor market and create new job opportunities in service industries. Goldman Sachs predicts that the use of AI could lead to a 7% increase in the global Gross Domestic Product, or an increase of almost $7 trillion, with productivity growth of 1.5% over ten years.
Artificial Intelligence technologies have disrupted the way humans research, learn, and work. Those who can learn how to compete and adapt to working with AI will discover new ways to profit, resulting in an overall economic boost.
OpenAI is an Artificial Intelligence research laboratory consisting of for-profit and non-profit entities globally and is sponsored by Elon Musk, its co-founder. The company aims to ensure that Artificial Intelligence is utilized for the greater benefit of humankind.
Daniel Rock is an assistant professor in the Operations, Information, and Decisions department at the University of Pennsylvania. His research looks into how technology affects labor markets and economic inequality.
In conclusion, AI technologies like generative AI and ChatGPT have changed the way people converse, learn and work. While it poses a risk to human jobs, it also encourages changes in the labor market and creates new job opportunities in service industries. Adapting to work with AI offers a novel way to profit and leads to an economic boost.
