How Can AI widen Wealth Equality?

With AI there are chances of losing jobs but it will Widen Wealth Equality too

US scientists warn that Artificial Intelligence will likely eliminate jobs and increase income inequality. Economists wary of firm predictions but say advances could create new raft of billionaires while other workers are laid off the newest technology, ChatGPT, has people worried that it may eliminate the careers of millions of individuals, including those of journalists, Wall Street traders, salespeople, and authors of elementary computer code.

However, despite the claims of many labour experts that ChatGPT and other artificial intelligence (AI) technologies will dramatically increase unemployment, they also highlight another concern about AI: that it will exacerbate the country’s existing extreme income and wealth disparity. Some jobs will continue to be replaced by AI. Workers should anticipate hiring disruptions as a result of AI in a variety of areas, including healthcare, agriculture, and industrial sectors. But it is anticipated that AI will increase need for professionals, particularly in the fields of robotics and software engineering.

Similar to many other transformative technologies before it, AI will probably result in employment losses. However, experts contend that most of it will likely be compensated by AI, as it has in the past, because it will encourage the development of new employment while also improving many already existing ones.

The crucial query is: what kind of jobs?

Workforce experts have several doubts regarding AI, including whether it will replace many call centre employees or merely increase their productivity by providing them with the information they need as they chat with clients. Will AI replace radiologists because it can read cancer scans, or will it benefit radiologists by freeing them up to concentrate on more challenging, nuanced scan interpretation problems?

Will AI be able to take the position of some journalists by producing news about baseball games or the everyday ups and downs on Wall Street? According to some workforce experts, middle-level, white-collar occupations will be more negatively impacted by AI and other emerging technologies than physically demanding, lower-paying jobs. Let’s examine how much longer it will be until AI replaces these jobs.

New AI apps are released or launched daily.

All it takes for an employer to pose a threat to your career is for them to become organised enough to learn about and use AI capabilities while also

Another piece of good news is that AI technologies will lead to a lot of new jobs.

The rationale is because data-analysing AI algorithms can quickly deliver insights.

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