MIT Finds That Humans Are Still More Affordable Than Artificial Intelligence in Most Jobs
According to a study conducted by the Massachusetts Institute of Technology, it has been determined that currently, artificial intelligence is unable to efficiently replace most jobs in a cost-effective manner. This research aimed to alleviate concerns regarding the potential replacement of humans by AI in various industries.
In one of the first in-depth studies of the feasibility of artificial intelligence to replace labor, researchers modeled the cost-benefit ratio of automating various tasks in the United States, focusing on jobs that use computer vision—teachers and real estate appraisers, for example. They found that only 23 percent of workers can be effectively displaced in terms of dollar wages. In other cases, because AI-assisted visual recognition is expensive to install and operate, humans did the work more economically.
The adoption of artificial intelligence in various industries accelerated last year, when OpenAI’s ChatGPT and other generative tools demonstrated the technology’s potential. Technology companies from Microsoft Corp. and Alphabet Inc. in the United States to Baidu Inc. and Alibaba Group Holding Ltd. in China rolled out new artificial intelligence services and accelerated development plans — at a pace that some industry leaders warned was recklessly fast. Fears about the effects of artificial intelligence on workplaces have long been a central concern.
We are on WhatsApp channels. Click to join.
“‘Machines are stealing our jobs’ is an idea often expressed in times of rapid technological change. Such anxiety has resurfaced with the creation of large-scale language models,” researchers at MIT’s Computer Science and Artificial Intelligence Laboratory said in the 45-page publication Beyond AI Exposure. that only 23% of workers’ wages “exposed” to AI computer vision would be cost-effective for companies automating AI systems due to the high upfront cost.”
Computer vision is a field of artificial intelligence that allows machines to derive meaningful information from digital images and other visual inputs, and its most common applications are seen in object recognition systems for autonomous driving or to help classify images on smartphones.
Computer vision’s cost-benefit ratio is most favorable in segments such as retail, transportation and warehousing, all areas where Walmart Inc. and Amazon.com Inc. are significant. It is also possible in the context of healthcare, the MIT paper said. More aggressive adoption of AI, particularly through AI-as-a-service subscription offerings, could expand other uses and make them more profitable, the authors said.
The research was funded by the MIT-IBM Watson AI Lab and used online surveys to collect data on about 1,000 visually assisted tasks in 800 occupations. Only 3 percent of such tasks can be cost-effectively automated today, but that could rise to 40 percent by 2030 if data costs fall and accuracy improves, the researchers said.
The sophistication of competitors like ChatGPT and Google’s Bard has reignited concerns about AI heist missions, as new chatbots demonstrate proficiency in tasks previously only humans could do. The International Monetary Fund said last week that nearly 40 percent of jobs worldwide will be affected, and that policymakers must carefully balance the potential of AI with the negative consequences.
At the World Economic Forum in Davos last week, much of the discussion focused on the displacement of artificial intelligence from the workforce. Mustafa Suleyman, founder of Inflection AI and Google’s DeepMind, said AI systems are “essentially work-replacement tools.”
A case study published in a magazine looked at a hypothetical bakery. Bakers visually inspect ingredients for quality control daily, but that only covers 6 percent of their duties, the researchers said. They concluded that the savings in time and wages due to the introduction of cameras and an artificial intelligence system are still far from the cost of such a technical upgrade.
“Our research examines the use of computer vision across the economy and its applicability to every profession in nearly every industry and sector,” said Neil Thompson, director of the FutureTech research project at MIT’s Information Technology and Artificial Intelligence Laboratory. “We show that there will be more automation in retail and healthcare and less automation in industries like construction, mining or real estate,” he said by email.
Also read today’s top stories:
Apple Vision Pro and the future: Apple is already planning future workplace applications for the device, including using it for surgery, repairing airplanes and teaching students. Know what the gadget is ready to do here.
Cyber-skulduggery is becoming a problem of modern life. In 2022-2023, almost 94,000 cybercrimes were reported in Australia, a 23% increase on the previous year. Here you can protect yourself.
AI for good or bad? If rapidly evolving artificial intelligence achieves its lofty goal of digital immortality—as its proponents believe it can—will it be a force for good or evil? Read all about it here.
