Friday 16 June 2023

How AI Will Change The Job Market

CNBC on Youtube has the story.

How AI Will Change The Job Market: Mark Zandi

The biggest factors contributing to companies' bottom lines right now are high interest rates and artificial intelligence says Mark Zandi, chief economist at Moody's Analytics. Artificial intelligence presents both challenges and opportunities for workers and employees, according to Zandi. 

"If you're able to harness the power of artificial intelligence in your work, you're more productive. You should be able to command a higher wage and benefit from the fact that AI is lifting everyone's productivity for businesses," said Zandi.

He also said AI will be implemented differently across various sectors of the economy.

In this episode of The Bottom Line, he discusses key risks for companies including climate change, inflation and whether the U.S. will remain the world's leading economy.

00:00 - Introduction 
00:17 - Artificial Intelligence
02:38 - Interest Rates 
03:11 - Inflation
04:15 - Recession 
06:04 - Climate Change
07:33 - Will the USA remain on top? 

Produced, Shot and Edited by: Mark Licea
Additional Reporting by: Lindsey Jacobson
Supervising Producer: Lindsey Jacobson

So-called Artificial intelligence (AI) is intelligence-perceiving, synthesizing, and inferring information - demonstrated by machines, as opposed to intelligence displayed by humans or by other animals. Example tasks in which this is done include speech recognition, computer vision, translation between (natural) languages, as well as other mappings of inputs.

AI applications include advanced web search engines (e.g., Google Search), recommendation systems (used by YouTube, Amazon, and Netflix), understanding human speech (such as Siri and Alexa), self-driving cars (e.g., Waymo), generative or creative tools (ChatGPT and AI art), automated decision-making, and competing at the highest level in strategic game systems (such as chess and Go).

As machines become increasingly capable, tasks considered to require "intelligence" are often removed from the definition of AI, a phenomenon known as the AI effect. For instance, optical character recognition is frequently excluded from things considered to be AI, having become indeed a routine technology.

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