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IMPACT OF AI ON JOB MARKET
Abstract
The advent of Artificial Intelligence (AI) is reshaping industries and economies globally. Its impact on the job market is multifaceted, leading to both job displacement and the creation of new roles. This project explores the various effects of AI on employment, focusing on automation, job evolution, and emerging sectors. It delves into current literature to analyze trends and proposes frameworks to mitigate risks while maximizing the opportunities AI presents for workers. The study concludes by suggesting actionable insights for businesses and policymakers to navigate the changing employment landscape.
References
Brynjolfsson, E., & McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. W.W. Norton & Company.
Frey, C. B., & Osborne, M. A. (2017). The future of employment: How susceptible are jobs to computerization? Technological •Forecasting and Social Change, 114, 254-280.
Chui, M., Manyika, J., & Miremadi, M. (2018). Where machines could replace humans—and where they can’t (yet). McKinsey & Company.
Bessen, J. E. (2019). AI and Jobs: The Role of Demand. NBER Working Paper No. 24235.
Arntz, Gregory, and Zierahn (2016)[2] challenge this view, arguing that automation affects tasks rather than entire occupations. They estimate that only 9% of jobs in OECD countries are at risk of full automation.
Bughin et al. (2018)[5] from McKinsey Global Institute predict that AI could create up to 133 million new jobs globally by 2030, particularly in software development, AI research, and data analytics.
Acemoglu and Restrepo (2019)[6] propose the "task displacement vs. reinstatement" model, suggesting that AI eliminates some tasks but creates new, higher-value work. Their research finds that automation often leads to the emergence of complementary job roles, particularly in AI development, data engineering, and human-AI collaboration.
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