Waves of innovation in artificial intelligence have revived the debate on the impact of new technologies on employment. And while the jury is still out on how these newer innovations will play out, new research published by the Frankfurt-based European Central Bank (ECB) has said the adoption of AI could reduce wages, but so far is creating, not devouring jobs. But there are caveats: the conclusion of this latest Europe-focused study is more pronounced in the category of the young and highly-skilled workers in what is clearly a developed market setting, with the paper primarily looking at the deep learning boom of the 2010s.
The conclusion here is that occupations potentially more exposed to AI-enabled technologies actually increased their employment share in Europe and that jobs with a relatively higher proportion of younger and skilled workers gained the most. For salaries, it said that the evidence is “less clear and suggests neutral to slightly negative impacts”. “These results do not amount to an acquittal,” the paper noted. “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,” said the paper published by the ECB in a Research that was authored by Stefania Albanesi of the University of Pittsburgh and the NBER, and others.
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