Unregulated AI Will Destroy 300 Million Jobs. Only Regulation Can Save Them | Opinion
NewsweekSep 20, 2023
IMF Warns AI Could Affect 40% of Jobs, Worsen Inequality
The Facts
According to a new analysis by the International Monetary Fund (IMF) published ahead of the World Economic Forum in Davos, Switzerland, artificial intelligence (AI) will hit roughly four in 10 jobs worldwide and most likely deepen overall inequality among countries.
Managing Director Kristalina Georgieva detailed on Sunday that as much as three in five jobs could be affected in more advanced economies partly due to the higher proportion of white-collar jobs, adding that only around half of those may benefit from the technological revolution.
The Spin
Pro-establishment narrative
It's a matter of fact that there's no way back to the pre-AI era and some human jobs will be destroyed, especially as companies want to maximize efficiency. However, this must not come at the expense of the livelihood of hundreds of millions of workers. As recommended by institutions like the IMF, governments worldwide must implement regulations to ensure that integrating this technology won't cause unemployment surges.
Establishment-critical narrative
Essentially, the impact of artificial intelligence on the labor market is no different than that of computers, light bulbs, and automobiles. Whenever a more efficient technology arises to benefit mankind, some jobs will be rendered obsolete and workers will be displaced — and that's exactly the evolutionary process of capitalism. Some justified security concerns aside, AI and its impact on the global workforce must celebrated.
Nerd narrative
There is a 14% chance that the percentage of the U.S. workforce employed in white-collar jobs will decrease by at least 2 percentage points below the 2022 level before 2026, potentially due to the influence of AI or other factors, according to the Metaculus prediction community.