How AI could impact the labor market

📆 31/8/2023 7:02 am
📰 YahooFinanceCA

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One of the big concerns about AI is that it could cost people their jobs. Morgan Stanley Chief Global Economist Seth Carpenter says it's important to remember that 'productivity gains have been part of the human economy since there have been humans, and it's not that it only goes in one direction.' 'If you can produce more things with fewer people, you can also produce more things, with the same number of people and not necessarily have to have a big wave of joblessness,' Carpenter adds. Carpenter goes on to say that if it gets to the point 'where the economy can just produce more at a lower cost, ultimately, that could be disinflationary in the short run.' When it comes to what type of jobs could be impacted by generative AI, Carpenter says 'information processing professions,' including jobs like his where he analyzes markets, could be replaced, though more likely they will be supplemented by the technology.

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