The impact of artificial intelligence on income inequality will mostly rely on how well the technology supports people who earn a lot of money.
A study by the International Monetary Fund suggests that nearly 40% of jobs worldwide could be influenced by artificial intelligence. Interestingly, places with more developed economies might feel the impact more than emerging markets and countries with lower incomes.
In simple terms, artificial intelligence (AI) is expected to make inequality worse in many situations. This is a concerning trend that policymakers need to actively work on addressing to avoid the technology causing more social tensions. These insights were shared by Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), in a blog post discussing the study.
The impact of AI on income inequality will mainly rely on how well it works with people who already earn a lot. If AI helps rich workers and companies become more productive, it could make the gap between rich and poor even wider, according to Georgieva. To tackle this, countries should make sure they have strong support systems in place, like safety nets and training programs, especially for workers who might be at risk.
Even though artificial intelligence (AI) has the potential to take over certain jobs, most experts believe it will probably work together with people rather than completely replace them. A study suggests that in developed countries, around 60% of jobs might be influenced by AI, which is more than in developing and low-income nations.
Georgieva’s thoughts about artificial intelligence align with the discussions happening among important business and political figures at the World Economic Forum in Davos, Switzerland. They’re talking about AI and its impact on the world.
Many companies are investing a lot of money in new technologies, and this is making some workers worried about their jobs. For instance, Buzzfeed Inc. said it will use AI to create content and, as a result, had to let go of over 100 employees from its main news department.
In December, the European Union made a preliminary agreement on rules to protect people from potential issues with AI. In the United States, they are still figuring out how the government should regulate AI at the national level.
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