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Despite negatively impacting the labor market, there are many reasons to think AI will eventually contribute to creating new jobs and economic growth.
Artificial intelligence (AI) can increase productivity, boost economic growth, alter existing occupations and generate new ones. Without a doubt, AI will result in some job displacement in the short term, but there are numerous reasons to think that AI will also contribute to creating new jobs and economic growth in the long run.
Artificial intelligence can also help workers become more effective and productive by giving them access to real-time data and insights, enabling them to enhance their performance and make better decisions. In addition, AI can generate new employment opportunities in the creative and artistic industries by nurturing new modes of expression and creativity. For instance, artificial intelligence can produce original works of literature, music and art, allowing creators to work with AI systems to explore new kinds of creativity.
Will Ai erase jobs? Yes
Will Ai create jobs? Yes
1-1 goaless draw
— Kalu Aja (@FinPlanKaluAja1) April 6, 2023
Similarly, by assisting organizations in identifying and averting cyberattacks, AI can create new jobs in the cybersecurity sector. For example, AI can spot behavioral patterns that could be signs of a cyberattack, enabling organizations to take proactive steps to stop or lessen the attack. Cybersecurity experts who are proficient in employing AI and machine learning techniques to protect against cyber threats may find new employment prospects as a result.
Enabling new products, services, industries and jobs with AI
By enabling the development of new products and services previously unattainable or unfeasible, AI can also create new jobs. For instance, AI can create personalized medicinal treatments, precision farming and sophisticated industrial methods. These new products and services can lead to new responsibilities in research, development and marketing, along with new skills and experience requirements.
AI can potentially generate new jobs by enabling new sectors and business models. For instance, the emergence of AI-powered digital assistants and smart home appliances has opened up new career prospects for hardware engineers, data analysts and software developers. Similar to how autonomous vehicle and drone research has opened up new career prospects for engineers, technicians and logistics specialists.
AI automation and the transformation of existing jobs
Automating tedious and normal chores allows people to concentrate on more difficult and creative tasks, which is one example of how artificial intelligence might create jobs. For instance, AI-powered chatbots can respond to routine customer service questions, freeing up human customer service agents to handle more complicated situations that call for interpersonal connection and problem-solving abilities.
In addition, businesses can engage with clients and partners in new areas thanks to language translation services enabled by artificial intelligence. As a result, there are more opportunities for linguists, software developers and localization experts to create and enhance these systems.
Similarly, AI-powered drones are now being utilized for inspecting infrastructure, and surveying and monitoring crops. As the demand for software developers, data analysts and drone operators increases, new job possibilities will arise in these fields.
AI-powered drones, sensors, and robotics will optimize crop management, reduce waste, and improve sustainability.
Example: Blue River Technology's See & Spray system uses AI to identify and target weeds, reducing the need for chemical herbicides.
— Tomas Ondrejka (@tomas_ondrejka) May 2, 2023
Some concerns and the call to action
However, there are fears that AI may result in significant job displacement in some businesses and areas. Automation fueled by AI, for instance, may result in considerable job losses in the industrial, retail and transportation industries, and some administrative and white-collar positions. Automating low-skilled occupations and creating new opportunities for highly trained individuals at the expense of workers with less education and training could also worsen already-existing disparities.
Policymakers, educators and business leaders must collaborate to address these issues, ensuring people are ready for the evolving nature of work in the AI era. Focusing on education and training will be necessary, especially in the science, technology, engineering and mathematics professions, and other areas where there will likely be a significant need for competent individuals. To facilitate the development and commercialization of new products and services, it will also be necessary to make investments in infrastructure and innovation.
Additionally, authorities need to make sure that society as a whole benefits from AI. New laws and regulations may be required to address the issues of income inequality and job displacement, and ensure employees are protected with access to social safety nets.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.