The era of generative AI has arrived, like it or not. Anyone with access to the internet may now use a variety of programmes that can do everything from generate random numbers to write computer code to create works of art or lifelike photos.
Whether or whether this is a step towards really intelligent AI is debatable at this point. However, even if development halts, current capabilities may still have far-reaching effects on the economy, employment, education, culture, and more. In what ways do you see the present generation of AI influencing your life and the planet in the next 5-10 years?
In general, economists expect generative AI to increase output and growth in developed nations. According to a research published by Goldman Sachs in March, generative AI has the potential to enhance yearly global GDP by 7% during the next decade. This would be equivalent to an increase of almost $7 trillion. “The combination of significant labour cost savings, new job creation, and a productivity boost for non-displaced workers raises the possibility of a labour productivity boom like those that followed the emergence of earlier general-purpose technologies like the electric motor and personal computer,” the report states.
Millions of “knowledge workers” including scientists, editors, attorneys, and physicians will be able to increase their output with the help of AI in the near future. However, given that it is notoriously difficult to evaluate the production of such people, it is safe to say that such things are tough to forecast and estimate.
Employment is one area where generative AI is causing concern, but a different picture may emerge compared to earlier waves of automation, according to University of Toronto economist Avi Goldfarb. Goldman Sachs predicts that generative AI would replace 25% of all occupations in the United States and Europe by 2025. Generative AI, on the other hand, has the potential to increase yearly global output by 7%2 in addition to boosting labour productivity and generating new employment opportunities. Millions of “knowledge workers” including scientists, editors, attorneys, and physicians will be more efficient thanks to AI in the near future, according to this theory3456. However, given that it is notoriously difficult to evaluate the production of such people, it is safe to say that such things are tough to forecast and estimate.
In conclusion, generative AI may have far-reaching consequences for a variety of fields. There are numerous possible positive consequences, like as enhanced production and growth, but there are also worries about job displacement and other potential bad effects. Society must give serious thought to the consequences of this technology and take measures to guarantee that its advancement and usage are ethical and mutually beneficial.
