The rise of artificial intelligence is met with concern by many workers, as those whose jobs could be automated risk losing their positions. However, according to a study published by the European Central Bank (ECB), the rapid adoption of artificial intelligence could primarily reduce wages rather than job loss. On the other hand, artificial intelligence, far from destroying employment, especially for the young and highly skilled, creates new employment areas.Artificial intelligence isn’t threatening jobs—for now
Companies are investing heavily in artificial intelligence, leaving economists scrambling to understand its impact on the labor market and people across society worried about the future of their jobs. At the same time, employers are struggling to find qualified workers despite a recession that would normally ease labor market pressures.
In the research published by the ECB, it was stated that in a sample of 16 European countries, the employment share of sectors exposed to artificial intelligence increased, low- and medium-skilled jobs were largely unaffected, and high-skilled positions achieved the largest increase. In addition, the study also mentioned the “neutral to slightly negative” effects of artificial intelligence on earnings and stated that this could increase.
The research points out that these results may change in the future. Because artificial intelligence-supported technologies continue to be developed and adopted. As this process continues, artificial intelligence will continue to have impacts on employment and wages, and therefore on growth and equality.
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