Study Says Humans Beat AI in Price War, Securing Work Future

There is a possibility that Artificial Intelligence (AI) could impact employment, but according to a recent study by the Massachusetts Institute of Technology (MIT), the cost of implementing AI may currently be a barrier for companies aiming to replace human workers in various prevalent fields. The MIT researchers examined the feasibility of automating jobs that are conducive to computer vision, such as property appraisers, teachers, and bakers, and assessed the expenses associated with developing and sustaining an AI system capable of performing these tasks.

They then compared that to the cost of paying employees to do the same task and found that AI systems would be more expensive than keeping human workers on staff for the vast majority of jobs in the study. Only 23% of the jobs that were analyzed could be cost-effectively replaced by AI, and even in those cases, the savings from using the technology were far smaller than the upfront and ongoing costs of the AI system.

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The study’s authors argue that this demonstrates that AI will only be able to take over some of the world’s jobs in the immediate future. They say that AI might eventually be able to automate more and more jobs, but it will likely be a gradual process rather than an abrupt one. This will give policymakers and businesses time to adapt and help them plan for social safety nets and retraining programs.

That’s not to say that there won’t be significant disruptions in the workforce, and there will undoubtedly be a lot of pain associated with losing jobs to AI. But that’s why policymakers need to start thinking about alleviating some of the worst effects before it’s too late.

It will also be important to ensure that any job loss is handled sensitively, especially in sectors where the changes will be felt by society’s most vulnerable members. The International Monetary Fund warned last week that nearly 40% of the world’s jobs are at risk from automation, and it will be essential to create policies and social support systems that can help mitigate those impacts.