Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

Will AI Lead the Future or Become Humanity’s Downfall?

Daniel Kim Views  

Generative artificial intelligence, such as ChatGPT, holds tremendous potential. However, it could exacerbate labor disruptions and inequality if not properly managed. Experts emphasize that governments worldwide must put forth more effort to protect workers.

According to the Financial Times, the International Monetary Fund (IMF) issued a report on the 17th warning that AI could also reduce jobs in high-skilled professions, unlike past technologies. The IMF urged nations to take measures like improving experimental insurance.

The IMF predicts that generative AI has enormous potential to enhance productivity and advance the provision of public services. However, this potential also raises serious concerns within the workforce.

The IMF advised governments worldwide to invest more in worker protection to prepare for this future. They recommend putting more attention on providing lifelong learning so workers can adapt to rapidly changing future job markets. They also suggested sector-specific education and retraining programs to help workers transition to new tasks and sectors. Era Dabla-Norris, the IMF Deputy Director of the Fiscal Affairs Department, explained, “Older workers may lack the skills necessary in the AI era and may need more time to acquire new technologies. The transition could be painful for these workers.” She added, “We must cushion the costs of these transitions and maintain social cohesion.”

However, the IMF does not deem a special tax on AI as an appropriate source of funding for these government policies as it could hinder productivity growth from AI. Instead, they proposed increasing taxes on capital gains, profits, and corporate and income taxes that have decreased over the past few decades to offset growing wealth inequality. In the AI era, capital is expected to be concentrated in a few companies, which will strengthen their market dominance and accelerate a “winner-takes-all market.”

Considering the uncertain future of AI, the IMF added that governments should adopt a “flexible approach to prepare for potentially very disruptive scenarios.” Dabla-Norris said that due to the global spread of AI, “it will be more important than ever for countries to cooperate.”

Daniel Kim
content@viewusglobal.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Trump’s Return Could Crush South Korean Steel Industry: Here’s Why
  • Tesla's Humanoid Robot to Transform Industries by 2026
  • What Biden's Exit Means for Bitcoin: A $100K Dream?
  • Tesla Cybertruck Outsells Ford F-150 Lightning in May
  • U.S. vs. China: How Biden's New Rule Crashed the NASDAQ

Weekly Best Articles

  • Teen Set on Fire by Classmates For Speaking Indigenous Language in Mexico
  • Will Trump and Kim Jong Un Sit Down Again? North Korea Says It’s Up to U.S. Actions
  • Leidos Hit by Major Hack: Sensitive U.S. Government Documents Leaked
  • China Cracks Down: Teachers and Students Forced to Hand Over Passports
  • Ex-North Korean Diplomat Reveals Why So Many Officials Were Trying to Escape
  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Secret Service Chief Resigns After Trump Shooting Incident
  • McDonald’s Extends $5 Meal Deal to Beat Inflation Blues
  • Trump and DeChambeau Break Records and Donate Big: The Golf Match Everyone’s Talking About
  • Kamala Harris Leads Trump in Latest Poll: Is She the New Democratic Darling?
  • China Pushes for a No-First-Use Policy on Nuclear Weapons – Targeting U.S. and Allies?
  • China Plays Peacemaker: 14 Palestinian Groups Sign Historic Peace Declaration

You May Also Like

  • 1
    Indian Social Media Influencer Dies After Falling 300 Feet While Filming Instagram Video

    ASIA 

  • 2
    Lonely Deaths Hit Younger Generation Hard: Why Are We Seeing a Surge in Tragic Outcomes

    ASIA 

  • 3
    Is Kamala Harris Ready to Break Barriers in the 2024 Election?

    WORLD 

  • 4
    Chinese Media Reacts to Biden's Dropout: 'The Real Fight is Coming!'

    LATEST 

  • 5
    China's Silence on Biden's Exit: What Are They Really Thinking?

    LATEST 

Popular Now

  • 1
    U.S., South Korea, and Japan Forge New Defense Agreements!

    LATEST 

  • 2
    After 8 Years, North Korean Athletes Ready to Compete in Paris!

    SPORTS 

  • 3
    Can AI Replace Our Loved Ones? Controversial Technology Letting You Talk to the Dead

    LATEST 

  • 4
    Spain’s Vacation Hotspots in Chaos: Why Locals Are Telling Tourists to ‘Get Out!’

    WORLD 

  • 5
    Magic Mushrooms vs. Reality: What Psilocybin Did to This Neurologist’s Brain Is Mind-Boggling

    DEBATE 

Weekly Best Articles

  • Teen Set on Fire by Classmates For Speaking Indigenous Language in Mexico
  • Will Trump and Kim Jong Un Sit Down Again? North Korea Says It’s Up to U.S. Actions
  • Leidos Hit by Major Hack: Sensitive U.S. Government Documents Leaked
  • China Cracks Down: Teachers and Students Forced to Hand Over Passports
  • Ex-North Korean Diplomat Reveals Why So Many Officials Were Trying to Escape
  • Delta Air Lines Faces U.S. Investigation Over Mass Flight Cancellations
  • Secret Service Chief Resigns After Trump Shooting Incident
  • McDonald’s Extends $5 Meal Deal to Beat Inflation Blues
  • Trump and DeChambeau Break Records and Donate Big: The Golf Match Everyone’s Talking About
  • Kamala Harris Leads Trump in Latest Poll: Is She the New Democratic Darling?
  • China Pushes for a No-First-Use Policy on Nuclear Weapons – Targeting U.S. and Allies?
  • China Plays Peacemaker: 14 Palestinian Groups Sign Historic Peace Declaration

Must-Reads

  • 1
    Indian Social Media Influencer Dies After Falling 300 Feet While Filming Instagram Video

    ASIA 

  • 2
    Lonely Deaths Hit Younger Generation Hard: Why Are We Seeing a Surge in Tragic Outcomes

    ASIA 

  • 3
    Is Kamala Harris Ready to Break Barriers in the 2024 Election?

    WORLD 

  • 4
    Chinese Media Reacts to Biden's Dropout: 'The Real Fight is Coming!'

    LATEST 

  • 5
    China's Silence on Biden's Exit: What Are They Really Thinking?

    LATEST 

Popular Now

  • 1
    U.S., South Korea, and Japan Forge New Defense Agreements!

    LATEST 

  • 2
    After 8 Years, North Korean Athletes Ready to Compete in Paris!

    SPORTS 

  • 3
    Can AI Replace Our Loved Ones? Controversial Technology Letting You Talk to the Dead

    LATEST 

  • 4
    Spain’s Vacation Hotspots in Chaos: Why Locals Are Telling Tourists to ‘Get Out!’

    WORLD 

  • 5
    Magic Mushrooms vs. Reality: What Psilocybin Did to This Neurologist’s Brain Is Mind-Boggling

    DEBATE 

Share it on...