European Central Bank says AI creating, not killing jobs — RT World News

The widespread adoption of artificial intelligence and related technologies has led to an increase in human jobs and a decline in wages, according to a research bulletin published by the European Central Bank on Tuesday.

Titled “Reports that artificial intelligence is eliminating human labor may be greatly exaggerated“, the paper aims to confront fears of AI destroying the labor market with data from 16 European countries collected between 2011 and 2019.

“During the deep learning boom of the 2000s, occupations potentially more exposed to AI-powered technologies increased their share of employment in Europe.“, says the paper, acknowledging that “The jury is still out“On whether this pattern will remain true in the future.

The share of employment in economic sectors most exposed to AI has risen, according to European Central Bank research, with highly skilled jobs – especially those held by younger workers – seeing the biggest boost. The research showed that exposure to AI was more likely to benefit workers in the youngest third of the population.

However, at least one study cited in the paper showed that individual employers in those sectors exposed to AI reduced hiring for non-AI positions — and hiring overall. The impact on low- and medium-skilled jobs was less clear, with no indication that software was displacing routine-heavy jobs, although previous studies cited by the authors suggested that many of these jobs may have been lost in previous years to less formal forms of work. Advancement of jobs. Automation.

While two of the three studies examined in the paper showed no meaningful relationship between exposure to AI and wages, the third study found “Neutral to slightly negative effects“on human income, revealing that occupations more exposed to AI showed worse wage growth than those isolated from the technology.

The authors acknowledge that the degree of labor market disruption due to AI varies widely across countries, with some – but not any – negatively impacted by AI-enabled automation, in contrast to the larger trend.

The continuous and unpredictable development and adoption of artificial intelligence and related technologies means “Much of its impact on employment and wages – and thus on growth and equality – is not yet clear“, the researchers wrote.

The European Central Bank has its own reasons to expect a rosy future for artificial intelligence, having announced in a blog post in September that it would explore using the technology in economic modeling and data processing, providing information for everything from routine economic analyzes to crucial decision-making processes.

The bank’s head of services, Maryam Mufakir, pledged at the time: “acceleration“Adopting artificial intelligence in all applications to maintain the European Central Bank”Modern and innovative“While protecting the privacy and other legal rights of all entities involved.