The impact of Artifcial Intelligence (AI) on particular sectors of the economy is quickly becoming apparent, but the consequences for wider society are yet to be fully understood.
AI, particularly large language models like ChatGPT and its more advanced counterparts, transform the way businesses operate, disrupting traditional roles, and paving the way for a future where the adoption of AI technologies may lead to a hierarchy of businesses, exacerbating the gap between those that harness AI's power and those that do not.
While this technology brings remarkable opportunities, it also poses significant challenges for society and the workforce.
The emergence of artificial intelligence represents a pivotal moment in the pantheon of technological developments that have shaped human history. Comparisons with groundbreaking innovations like the printing press, electricity, cars, trains, and the internet are not unwarranted. AI possesses the potential to revolutionise our world in ways that were previously unimaginable, and some experts argue that its impact could surpass all of these past transformations.
The introduction of the printing press was introduced in the 15th century, it democratised knowledge dissemination and led to a cultural renaissance. The advent of electricity in the late 19th century revolutionised how we powered our lives, enabling a plethora of technological advancements that transformed every aspect of society.
Cars and trains replacing horses and carriages revolutionised transportation and changed the urban landscape, leading to new industries and opportunities, while rendering certain traditional professions obsolete.
The computer and the internet, which emerged in the latter half of the 20th century, created an interconnected global network that transformed communication, commerce, and information access. These innovations had significant implications for various industries and the jobs market, prompting a shift in the workforce towards digital and knowledge-based professions.
AI, with its ability to mimic human intelligence, has the potential to revolutionise industries on an unprecedented scale. From autonomous vehicles and smart cities to personalised healthcare and advanced automation in manufacturing, AI is already reshaping numerous sectors. It holds the promise of unlocking solutions to complex challenges in areas such as climate change, disease diagnosis, and space exploration.
Workaday world
However, the disruptive potential of AI also raises concerns about its impact on the jobs market and the workforce. While past technological advancements displaced certain
industries, they also created new opportunities and industries that absorbed the workforce. The concern with AI is that it might lead to widespread job displacement without a proportionate creation of new careers.
The fear of not having a clear ‘pivot’ to new industries and employment is valid. AI-driven automation threatens to replace human labour in various routine and repetitive tasks across multiple sectors. Unlike the industrial revolution, where physical labour was replaced but still required human oversight and skill, AI has the potential to automate cognitive tasks and decision-making processes as well.
Big tech companies, like Google, Amazon, and Microsoft, are at the forefront of AI development, investing billions to lead the way in new technologies. As these companies continue to refine and market their AI solutions, they may face the challenge of differentiating their offerings to attract customers willing to pay for their services.
