2023-06-14 09:53:41
Artificial intelligence (AI) seems to be the most debated topic at the moment around the world because of the “miracles” it will perform in all areas of human life. But alas, far from doubting the power of this miracle worker, an expert has just revealed the “hidden face” of AI, the negative impact it could have on the labor market.
Julien COSTA
“There is no guarantee that AI will benefit humans, or that the gains of the winners will be enough to offset the losers. It is entirely possible that AI will simply replace human jobs without creating new, more productive jobs for humans, as noted by economist Daron Acemoglu,” said Gita Gopinath, First Deputy Managing Director of the Monetary Fund. international (IMF).
The Indian-American economist, who recently made the remarks at the University of Glasgow during the commemoration of the 300th anniversary of the birth of the eminent economist Adam Smith, pointed out that, despite the potential of AI, the world should also take into account the general negative effect that it could have on employment and the social upheavals that could result from it.
“Given that the well-being of the individual and the plight of the common worker underlay much of Adam Smith’s thinking, this would surely have troubled him. He was interested in developing an economy that worked for everyone, not just a select few,” explained Gina Gopinath.
“Throughout his book ‘The Wealth of Nations’ he criticized the mercantilist trading system in which England sought to expand its exports at all costs, with too much market power concentrated in the hands of profiteering corporations. trade monopolies,” she added.
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According to this eminent professor of international studies at Harvard University, while Adam Smith would have been impressed by the emergence of such powerful technology in a globalized economy, he could also have realized that the invisible hand alone might not be enough to ensure broad benefits to society.
“In fact, in many areas, from finance to manufacturing, the invisible hand hasn’t been enough to secure broad benefits for some time.”
Consequently, the chief economist of the IMF urges the world to be ready to face the broader effects of AI on economies and societies. According to her, given the threat of widespread job losses, it is essential that governments put in place flexible social safety nets to help those who will lose their jobs.
“In addition, they should also reinvigorate labor market policies to help employees keep working.”
Finally, she continued, tax policies must also be carefully assessed to ensure that tax systems do not promote indiscriminate labor substitution.
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