The labor turnover has increased in the last 3-4 years and has been replaced by artificial intelligence (AI). Thus, it has been considered an “age of AI” replacing centuries-old years of practices. However, according to a Massachusetts Institute of Technology (MIT) study, Artificial Intelligence is way too far and expensive to replace human jobs.
MIT study suggests AI may not completely replace humans in near-future
The MIT-IBM Watson AI Lab sponsored the study using online surveys to gather information on approximately 1000 visually assisted tasks in 800 employees. The study found that in the majority of cases, installation and maintenance of AI systems are even more expensive than having a human perform the same job.
AI’s computer vision allows machines to accumulate information and data from digital and visual inputs. The study used a hypothetical bakery, where it was found that a human would perform tasks like inspecting the quality of the ingredients more efficiently and cost-effectively compared to computer vision.
MIT’s research focused on a real-life scenario, examining what would happen if AI replaced human labor in jobs such as property appraisers, bakers, and teachers in the U.S. The research found that cost-efficiently only 23% of wages could be replaced by the involvement of Artificial Intelligence and not more than that. The study adds that with a 20% drop in cost annually, it would take decades for AI to be regarded as financially efficient for organizations and companies.
Fear Of Job Replacments Upticked
The fear of AI replacing human jobs has increased since the launch of OpenAI’s ChatGPT in November 2022. In 2023, a report by Goldman Sachs estimated that “18 percent of work globally could be affected by generative AI.”
Sam Altman, the CEO of OpenAI, said last week in Davos, Switzerland, that AGI or artificial general intelligence, having the power of intelligence with AI, “will change the world much less than we all think and it will change jobs much less than we all think.”
In the 45-page study titled “Beyond AI Exposure,” the researchers said, “Machines will steal our jobs’ is a sentiment frequently expressed during times of rapid technological change. Such anxiety has re-emerged with the creation of large language models.”
Moreover, they added, “We find that only 23 percent of worker compensation ‘exposed’ to AI computer vision would be cost-effective for firms to automate because of the large upfront costs of AI systems.”
Also Read:
The Dark Side of AI Creativity: Loab’s Impact on the Internet
