New research counters economists’ views on loss of jobs with adoption of AI

By Seun Johnson
A new research published by the European Central Bank has confirmed that the rapid adoption of Artificial Intelligence will not possibly result in job loss’ especially for the young techy people.
The research, which was published on Tuesday, countered the views of a group of American economists who expressed worries over the impact of AI on the Labour Market, noting that the new technology is driving fears among the wider public for the future of their jobs.
According to the publication, in a sample of 16 European countries, the employment share of sectors exposed to AI increased, with low and medium-skill jobs largely unaffected and highly-skilled positions getting the biggest boost.
The research further confirmed that AI could only reduce wage but cannot destroy job especially among the youthful generation.
“These results do not amount to an acquittal. AI-enabled technologies continue to be developed and adopted. Most of their impact on employment and wages – and therefore on growth and equality – has yet to be seen.
“The findings were in contrast to previous technology waves when computerization decreased the relative share of employment of medium-skilled workers, resulting in “polarization,” the research said.
These latest findings is coming days after billionaire businessman and owner of Microsoft Word, Bill Gates stated that the advent of Artificial Intelligence could make it possible for humans to reduce workweek to three days.
Gates revealed this in a Podcast interview with South African Comedian, writer and actor, Trevoh Noah, noting that it will be okay to have a society where people will only need to work three days a week since there are machines that can do most of the jobs humans do.


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