Friday, July 14, 2023

How will AI change work? A look back at the ‘productivity paradox’ of the computer age shows it won’t be so simple - BHASKAR CHAKRAVORTI AND THE CONVERSATION

Finally, given how wrong economists and other experts have been in the past, it is safe to say that many of today’s predictions about AI technology’s impact on work and worker productivity will prove to be wrong as well. Numbers such as 300 million jobs affected or $4.4 trillion annual boosts to the global economy are eye-catching, yet I think people tend to give them greater credibility than warranted. Also, “jobs affected” does not mean jobs lost; it could mean jobs augmented or even a transition to new jobs. It is best to use the analyses, such as Goldman’s or McKinsey’s, to spark our imaginations about the plausible scenarios about the future of work and of workers. It’s better, in my view, to then proactively brainstorm the many factors that could affect which one actually comes to pass, look for early warning signs and prepare accordingly.