How AI can change the economic and working future, for better or for worse

• Financial

According to the report entitled The Potentially Large Effects of Artificial Intelligence on Economic Growth, published by Goldman Sachs in March 2023, artificial intelligence in particular its ability to generate content without human intervention could guarantee a 7% growth in global GDP in the next 10 years.

However, it is also the foreseeable cause of the loss of 300 million jobs in the administrative, legal, financial and banking sectors. However, historically automation has not always meant unemployment. An historical precedent is represented by the introduction of the mechanical loom which in 1800 multiplied labor productivity by 50 times, reducing the need for manpower by 98% in the United States.

This initial reduction was followed by a collapse in prices and an unexpected explosion in market demand. In March 2023, Google proposed a digital agenda for defining responsible intelligence, which includes, among other things, compliance with current privacy and cybersecurity regulations.

In May 2023, Microsoft vice president Brad Smith called for the signing of an executive order requiring all US computer companies to adopt the standards of the National Institute of Standards and Technology (NIST), which is charged with analyzing their annual reports.

The regulation includes the obligation to stop artificial intelligence in emergencies.

How AI can change the economic and working future, for better or for worse

In July 2023, the administration of Joe Biden and the major IT companies in the sector (including Alphabet, Microsoft, Meta, Anthropic and OpenAI) reach an agreement which provides for a series of rules to which single operators are free to adhere on a voluntary basis, pending the approval of a binding regulation by the US Congress.

One of the first points that companies in the sector have said they are ready to introduce is that relating to watermarks which should unequivocally identify text, video, audio and images generated by AI. In July 2023 Anthropic, Google, Microsoft and OpenAI started the Frontier Model Forum.

Starting from 2024, the development of Artificial Intelligence has been aimed at the mitigation and adaptation to climate change, early diagnosis and prevention of cancer. According to Microsoft president Brad Smith, frontier model companies are tasked with ensuring that this technology is safe, secure, and remains under human control.