OpenAI CEO Sam Altman recently expressed significant concerns about the impact of artificial intelligence on the economy. Speaking at a Brookings Institute panel, Altman emphasized that the socioeconomic changes driven by AI could be profound.
His concerns are rooted in the potential for AI to replace jobs and lead to lower wages, which could disrupt the economy on a large scale.
Despite some views that AI may not drastically affect the economy—reflected in the lack of noticeable economic upheaval from advancements like GPT-4—Altman believes the threat remains substantial.
He pointed out that discussions around the economic effects of AI have decreased this year, which worries him as he thinks the public might be underestimating the issue.
Recent studies support Altman’s concerns. Research by the International Monetary Fund indicated that AI could influence about 60% of jobs in advanced economies, with many of these jobs being susceptible to automation.
This shift could result in fewer job opportunities and reduced salaries. Another study by McKinsey predicted that nearly 12 million US workers might need to find new jobs by 2030 due to AI's impact.
The effects of AI on employment are already being felt by some workers. There are reports of CEOs replacing their staff with AI systems and professionals losing work to AI tools like ChatGPT.
However, there is also a more positive outlook among some experts who believe that AI can enhance productivity and offer career advancement opportunities for those who adapt to using the technology.
Altman has previously shared his apprehensions in various interviews, stating that the AI technology developed by his company could potentially "eliminate" many jobs.
He expressed a personal concern about this possibility, suggesting that his apprehension about AI's impact on the labor market is a significant reason for caution in its development and deployment.
Image: DIW-Aigen
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His concerns are rooted in the potential for AI to replace jobs and lead to lower wages, which could disrupt the economy on a large scale.
Despite some views that AI may not drastically affect the economy—reflected in the lack of noticeable economic upheaval from advancements like GPT-4—Altman believes the threat remains substantial.
He pointed out that discussions around the economic effects of AI have decreased this year, which worries him as he thinks the public might be underestimating the issue.
Recent studies support Altman’s concerns. Research by the International Monetary Fund indicated that AI could influence about 60% of jobs in advanced economies, with many of these jobs being susceptible to automation.
This shift could result in fewer job opportunities and reduced salaries. Another study by McKinsey predicted that nearly 12 million US workers might need to find new jobs by 2030 due to AI's impact.
The effects of AI on employment are already being felt by some workers. There are reports of CEOs replacing their staff with AI systems and professionals losing work to AI tools like ChatGPT.
However, there is also a more positive outlook among some experts who believe that AI can enhance productivity and offer career advancement opportunities for those who adapt to using the technology.
Altman has previously shared his apprehensions in various interviews, stating that the AI technology developed by his company could potentially "eliminate" many jobs.
He expressed a personal concern about this possibility, suggesting that his apprehension about AI's impact on the labor market is a significant reason for caution in its development and deployment.
Read next: Understanding Biotech: The Fundamentals of Genetic Engineering
