天美传媒

Advancements in AI are set to fundamentally reshape jobs, industries, and economies globally. A  economists suggests that about two-thirds of current jobs in Europe and the US are exposed to AI automation, with up to a quarter of all work potentially being replaced. This raises important questions for policymakers, companies, and workers in EMEA countries regarding how to respond to these changes.

We explored these questions through the Economic Outlook event on February 26, co-hosted by 天美传媒 and The Center for Applied Artificial Intelligence, which brought together experts to discuss the impact of artificial intelligence (AI) on the economies of Europe, the Middle East, and Africa (EMEA). Moderated by journalist , the panel included Professor Randall S. Kroszner and Professor Chad Syverson of Chicago Booth, and  of NYU. The topic was investigated through the lens of contemplating AI鈥檚 impact on workers, firms, and the economy.

The Impact on Workers
The discussion began with a focus on the impact of AI on workers. Syverson highlighted that early case studies suggest AI is more likely to complement workers by automating tasks rather than replacing jobs entirely. This could potentially lead to a narrowing in the earnings distribution, benefiting workers at the lower end of the wage scale.

Lane emphasized the importance of understanding and measuring the productivity effects of AI. She argued that current estimates of AI's impact on the workforce are not robust and that there is a need for better data to inform policy decisions.

Kroszner discussed the historical context of technological revolutions, suggesting that AI, like past innovations, could be job-complementary and increase productivity. He also highlighted the potential for AI to lead to a more flexible workweek.

The Role of Firms
The conversation then shifted to the role of firms in this new AI-driven economy. Lane stressed the need for firms to adapt to a changing labor market by seeking workers with new types of skills and certifications. She also highlighted the importance of building a flexible labor market information system to help firms understand and respond to these changes.

Kroszner pointed out the potential challenges for firms in regions with rigid labor markets, such as Europe, the Middle East, and Africa. He emphasized the importance of flexibility in adapting to technological changes and cautioned against attempts to preserve the status quo.

The Impact on Economies and Policies
The panelists discussed the broader economic and policy implications of AI. Syverson suggested that AI, as a general-purpose technology, could have radical effects on certain industries, leading to potential Black Swan events.

Lane advocated for the development of high-quality data to inform policymakers and help them avoid mistakes of the past. She underscored the critical need for localized data systems tailored to address specific regional needs, drawing parallels with successful historical models like the American agricultural extension system.

Kroszner expressed concern about the potential for overregulation of AI, particularly in the European Union. He argued that it is too early to regulate this rapidly evolving technology and that doing so could hinder innovation and economic growth.

The discussion concluded with a recognition of the challenges and opportunities presented by AI. The panelists emphasized the importance of data-driven policy decisions, flexibility in labor markets, and the need to support workers and regions that may be negatively affected by technological changes. As AI continues to transform the EMEA labor markets, it will be crucial for policymakers, companies, and workers to adapt and embrace the potential benefits of this technological revolution.

• By Lauren Doan
• April 10, 2024
• CAAI - Finance
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