Goldman Sachs chief economist Jan Hatzius sees artificial intelligence creating substantial dislocations in developed world economies. He estimates, for example, that almost half of the current functions of the legal and office support functions can be automated using generative AI applications similar to ChatGPT.earlier this week. He described the importance of AI lay in its “ability to generate novel, human-like output” and “break down communication barriers between humans and machines.
All told, Goldman Sachs sees 25 per cent of all labour in Europe and North America as subject to automation and two-thirds of all jobs at least partially affected. Some occupations are more at risk than others. Mr. Hatzius’s analysis points to 46 per cent of office and administrative support work being automated, 44 per cent of legal tasks and 37 per cent of architectural and engineering work. Construction and maintenance work is less replaceable.
The potential for massive labour disruption is clear as AI use becomes more pervasive and this must be managed by public policy. Mr. Hatzius sees substantial economic growth benefits from AI – as much as an additional 7 per cent added per year to global GDP – but the costs will be too high if unemployment rates approach 20 per cent.
For investors, the rise of AI makes Microsoft Corp. attractive. The company is integrating AI with its Bing search engine and also throughout the Azure cloud computing platform.This is the Globe Investor newsletter, published three times each week. If someone has forwarded this e-mail newsletter to you or you’re reading this on the web, you can sign up for the newsletter and others on our
So tell me. Robotics have already taken many physical jobs. AI to remove the thinkers jobs. Who is going to pay taxes to support our modern society. No need for higher education. AI will do it for you. Just because you can doesn’t mean u shud. Tech knows nothing about society.