Generative AI is a type of artificial intelligence technology that can produce various types of content, including text, imagery, audio and synthetic data. A recent study by ILO suggests that the most important impact of Generative AI would be to support work rather than fully replace it by Automation. Researchers found that only clerical work is affected by the technology with 24% of clerical jobs highly exposed while an additional 58% at medium level exposure. Since women are higher in clerical jobs, this raises questions of gender imbalance too. Interestingly, among the other occupations, the highest proportion of tasks with significant exposure to Gen AI moves within the range of 1-4%, while tasks with moderate exposure never exceed 25%.. Goldman Sachs estimates that shifts in workflow resulting from the use of Generative AI could put 300 million full-time jobs at risk of being completely automated or may result in parts of an employee’s job being outsourced to creative AI tools. Generative AI has a neutral nature, being neither positive or negative by itself . Its socio-economic impact would depend on its use only . If Generative AI is used to fill entry level positions, then one day we would have a mid-level gap which would be difficult to fill. If a cap is given on Automation, perhaps managing the future gaps would be easier. The truth is always a shade of gray and neither black nor white. While some jobs get destroyed , some get created and achieving a Nash Equilibrium situation is not possible in the labour market here . To be specific , skill sets made redundant and skill sets in demand are never matching, thus calling for social support policies.
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