Thoughts on AI and the future of the job market?
AI research and development spending is projected to reach hundreds of billions per year over the next few years, as major tech players strive to outperform one another in developing the most advanced AI applications and models on the market.
Initially, ChatGPT was seen as an innovation that could enhance worker productivity without necessarily replacing them outright. However, AI innovation is progressing at an exponential pace, with each week bringing new exciting developments or plug-ins that significantly boost AI capabilities.
For instance, developers are now introducing applications like AutoGPT, an AI agent capable of achieving objectives given in natural language. It can perform web-based actions independently, assign subtasks to itself, refine its own code, store information for long-term thinking and planning, and access apps through APIs, among other capabilities. Essentially, it can complete complex tasks without human intervention, such as planning and booking an entire top-tier wedding or event.
While this is thrilling for some, it might be alarming for others. Indeed, you can plan your wedding without spending money on a wedding planner, but that individual's job and livelihood are potentially threatened by AI-powered language models.
What else could this app potentially accomplish? Could it create a personalized workout routine and diet plan, thereby displacing dietitians? Could it determine the most effective way to market a product, reducing the need for marketing teams? Or optimize data allocation to different cloud enterprise applications based on cost, eliminating cloud sales teams?
It's true that numerous innovations in the past have replaced the need for human labor. However, we might be dealing with an entirely different beast here, as it seems the very act of thinking could soon be entirely outsourced to AI. White collar jobs as a whole might be under threat. While the technology isn't quite there yet, the tech world has made AI its new darling, and with significant investments and manpower directed toward it, we might see remarkable advancements in the next five years.
The potential consequences on the job market, economy, and society as a whole are immense and, at this point, difficult to measure. What are your thoughts on this matter?
This post was edited by ChatGPT-4
We need to do career switch. All white collar and office jobs are at danger. Even the engineers who created the GPT said that their own jobs are not safe from it. We need to get our ass out of office jobs. Blue collar jobs that require physical labor will be the new hot thing ( plumber, janitor, electrician, etc ). The only safe office jobs are probably those relationship-building jobs, like ibanking MDs, and high-end sales people. Bankers need to climb to MD before GPT technology matures, otherwise it’s career doom doom. People keep saying that GPT will assist us but not replace us, I say it is pure copium. One of the technologies behind GPT is reinforcement learning, which allows it to continuously learn from MD’s feedback like a human does, and as years go by, AI will eventually reach a point where it’s as good as all the VPs, and MDs will be prompting it. AI replacement will happen for all industries and every professions, including the engineers who created those GPTs. We need to act fast before GPT eats us all.
So Social mobility is done? Basically you are either senior and keep your high paying job or have pools of capital already? If not you have to move to a lower paying manual job? Other option might be to harness GPT to become an entrepreneur but it seems as though the game of climbing the corporate ladder to become rich won't be as viable an option
i don't want to work physical labor god dammit
Ironically, human still haven't invented robots that can do janitors, cooks, and construction workers' jobs. It turns out muscle movement is way more complex than office work lol. In the future, janitors will be considered more prestigious than investment banker and lawyer and PM and whatever that is considered top jobs today.
BRB creating Janitoroasis.com rn
Bump
Bump
UBI
I for one welcome our new AI overlords
That corporate brown-nosing won't work on our emotionless masters
Trying my best
I for one would not give this AutoGPT, or any other LLM, control of my credit so that it could plan my wedding... or anything really. What would I do? I would prompt it 'Which venue would you book and why' and then if I like his suggestion I would go and use my credit card. I don't think I'm alone with this however if anyone wants to prove me wrong just link AI to your credit card and let it handle your finances from now on.
This is a reflection of how AI will be used. It will be prompted by a human, its output will be analyzed by a human and then action will be taken by a human. I seriously do not see any person or company directly letting an AI make financial decisions for them unless it is in a very controlled environment with hundreds of rules like for example what systematic traders do. And, even then, letting that run without human input is dangerous.
Absolutely. Accountability is something we crave as humans. We see this as a great example with pilots too. Most of commercial flying is automated as is, and will only be more automated. But do I want to board a plane with no human driving the damn thing? Not personally.
Fair enough, there might be space for human input. But how much of the work can be outsourced? If we need a few high level guys to make the final call what happens to all the minions that make up 80-90% of the workforce?
The way I think of it, chess bots have been able to beat top chess players for like 20+ years, but Chess tournaments are still competitive and the top chess players have only gotten better with the aid of engines. I expect something similar to happen with AI for white collar jobs. I can't really imagine some MD deciding to outsource all analyst work to some AI analyst, the biological desire for human interaction will self-regulate away, or at least slow, the replacement of human counterparts.
I could be completely wrong though, maybe we're all fucked.
Until Chat GPT can read my MD's illegible scrawl on upside down scans of physical printouts of decks, I feel I am safe
Don't see how AI could meaningfully predict the future (much of the buyside) Even if AI were to be able to it has an algorithmic thought process so one could just take advantage of the way it's programmed to think.
Additionally, you wouldn’t want AI in charge of DCM of a bank. If you automated the loan process and something went wrong just one time it would be catostrophic.
Agreed with this. An AI that is perfectly rational and calculated will never be able to understand irrational human behavior.
Again, totally agree that there will be human over-sight but even if only 1/2 of the work force gets replaced (which isn't crazy to think about in the next say 10-15 years) that would have huge implications on the job market no?
Recusandae dolores velit sed officia a tenetur. Quis vel fugit incidunt dignissimos tempora incidunt sunt. Quam culpa fugiat modi vitae eaque. Vel repellendus a voluptas nisi facilis amet ipsum amet.
Minus et et voluptatem repellat hic voluptas. Doloribus facilis culpa delectus ratione consequatur vitae maxime. Recusandae enim quo quia et voluptas vel sed.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Labore optio ut qui et quia. Deleniti voluptates omnis ea ut.
Deleniti ea cum tempore ea rerum. Dolores exercitationem voluptatem reprehenderit assumenda nostrum. Dolor laborum vero tenetur voluptas facilis consequatur omnis nisi. Accusantium et explicabo eum quod sequi voluptatem rerum.