How Could ChatGPT And Artificial Intelligence Impact The Economy?
ChatGPT, the first artificial intelligence app developed by OpenAI, has already created sweeping changes in certain industries. Publishers are laying down standards for AI use for writers — or, in some cases, prohibiting the technology entirely. Schools and universities are grappling with methods to spot students using AI to write term papers.
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There are few areas of life untouched by AI today. To find out AI's effect on the U.S. And world economy, first take a look at its capabilities more deeply.
What Is Generative AI?Generative AI is a newer technology that uses advanced neural networks to create entirely new content, chat responses and even art and music. ChatGPT is the forerunner and leader in the industry, used by 100 million people. People are using ChatGPT to have conversations, get help with homework and find answers to questions they might normally look up on Google.
However, with ChatGPT's ability to create new content comes a pitfall: The AI also tends to fabricate information or share incorrect information. The Reddit subthread r/ChatGPT shares multiple examples of ChatGPT making up information, ranging from names of "camps" that never existed in television shows to the existence of a research project, "TruthGPT," which is being developed to detect inaccuracies in AI-generated text.
Traditional AI vs. Generative AIIf you've let Gmail help you fill in a response to an email, you've used AI. If you own a Tesla and have used the autonomous driving feature, you've gotten help from AI to drive your car. These are functions of traditional AI. Traditional AI is great at recognizing patterns and classifying data based on those patterns.
Is ChatGPT a Threat to Human Jobs?A new report from Goldman Sachs economists revealed that 300 million full-time jobs could be automated, and potentially eliminated, by AI technology. The report said that 18% of work across the world could be completed by ChatGPT and other technologies.
However, unlike the industrial revolution, which automated factory jobs and other manual labor, ChatGPT and similar technology primarily threatens white-collar jobs, including administrators and lawyers. The report said that roughly 66% of current jobs in the U.S. And Europe "are exposed to some degree of AI automation."
Up to 25% to 50% of human workloads could be replaced by ChatGPT and similar technology, the report discovered.
Another study completed by a team at OpenAI and University of Pennsylvania's Daniel Rock estimated that ChatGPT and other AI technology could "heavily affect" 19% of jobs, with 50% of those jobs at risk of becoming obsolete.
How Will ChatGPT Affect the Labor Market?ChatGPT will likely encourage changes in the labor market, but, in many cases it will complement — rather than replace — human experts.
Research shows that ChatGPT was able to pass the bar exam to become a lawyer. However, it's unlikely that AI could present emotionally charged opening or closing remarks in a courtroom that could sway a human jury. Instead, lawyers might use ChatGPT for researching past cases, finding precedents and even search through witness testimony and other evidence to reveal patterns.
ChatGPT can also complete tasks like creating computer code, designing websites and writing — although there are shortcomings in its capabilities in all those areas to date. MIT Technology Review cited some of the jobs most at risk of automation from AI:
Individuals in these fields who study, adopt and embrace AI are likely to find other roles in their organizations, working with AI to oversee automated tasks or shifting their duties to areas that cannot be replaced by technology. The Goldman report noted that automation creates innovation and new job creation.
Another research report from economist David Autor, reported by Goldman Sachs, revealed that 60% of today's employees work at jobs that didn't exist in the 1940s. As new jobs are introduced, job growth and more leisure time amongst white-collar workers will give rise to additional job creation in service industries, including healthcare, education and food service.
How Could AI Like ChatGPT Impact the Business World?Since its inception, companies have been scrambling to find ways to use ChatGPT to automate processes and save money. Much as the work-from-home revolution of 2020 continues to save businesses money on real estate, electricity and infrastructure, ChatGPT can further help reduce operating costs.
It is likely that the next decades will see white collar workers' job duties shifting. Tasks that can be automated will be, leaving workers free for strategizing, creative thinking, innovation and relationship building, which remain cornerstones of a successful business.
The Goldman Sachs report predicts that the use of AI could lead to an increase of 7% in the global Gross Domestic Product, or an increase of almost $7 trillion, with productivity growth of 1.5% over 10 years. Similarly, the U.S. Stands to gain up to 1% of its GDP by 2030 thanks to AI.
"Despite significant uncertainty around the potential for generative AI, its ability to generate content that is indistinguishable from human-created output and to break down communication barriers between humans and machines reflects a major advancement with potentially large macroeconomic effects," Goldman Sachs economists Joseph Briggs and Devesh Kodnani wrote in the report.
Can I Make Money Using ChatGPT?Right now, opportunities abound for company owners, freelancers and creative gig workers to use AI to make money. To get started, you may want to browse some of the jobs listed on freelance sites like Fiverr, where workers offer to complete various tasks using AI.
Some examples include:
Logo design
Ad copywriting
Web design
Data analysis
Blog writing
Social media management
You can also launch a business using AI and earn $1,000 a month or more.
Rather than writing for someone else, you can start your own blog or website and become an affiliate marketer. It takes time to build up traffic and get sales, but Glassdoor says the average affiliate marketer salary is $59,060 annually, with ranges running from $58,000 up to $158,000.
You can use Dall-E — an app similar to ChatGPT — to create NFT-based artwork and sell it on NFT marketplaces. You can also sell the designs on t-shirts, bags, coffee mugs and other items.
Final NoteThe way humans research, learn and work is changing due to AI technologies. Undoubtedly, generative AI — including ChatGPT and other programs in development — will change the white-collar workforce over the next decades.
Those who can adapt and learn how to work with AI will find new ways to profit, resulting in an overall economic boost.
This article originally appeared on GOBankingRates.Com: How Could ChatGPT and Artificial Intelligence Impact the Economy?
More Artists Are Embracing Artificial Intelligence, Not Fighting It
Even as artificial intelligence tools like Midjourney, Stable Diffusion and DALL-E that turn text into images draw lawsuits from copyright-holders who claim the apps are stealing their work to train algorithms, AI-generated art is being legitimized by mainstream institutions. Refik Anadol, a new-media artist, created an installation by training an AI on more than 200 works from the Museum of Modern Art. His exhibition "Unsupervised" was featured at the New York museum earlier this year.
Artificial intelligence tools have made it possible to produce art with a simple prompt, or more complicated instructions, leading many artists and other creatives to fear they will become replaced by the technology(Freepik)"I was trying to think about, how can we create an AI that can reconstruct new realities?" Anadol said. "Artists are always constantly reinventing the imagination context. But for me, the question was, how can I extend my mind as an artist and use AI as a collaborator?"
The heated debate over the impact of AI on the art world is the focus of this week's episode of the Bloomberg Originals video series AI IRL, where we discuss the ethics of scraping artists' work from the web without their consent and what AI means for the creative process.
Artificial intelligence tools have made it possible to produce art with a simple prompt, or more complicated instructions, leading many artists and other creatives to fear they will become replaced by the technology. But some artists contend that the text input itself is a skill and that each result is unique.
"With AI art there's an instant capacity for the realization of a visual work of imagination, but the better ones are still going to be the ones where people learn the tricks of evoking the right prompts or the right spell casting," said Jason Silva, a filmmaker and artist best known for hosting the National Geographic documentary series Brain Games. Silva said that over time, AI will "create a new kind of artistry."
While there's no doubt that AI presents challenges to artists, Berlin-based photo and video artist Boris Eldagsen said humans will always be in charge.
"What most people don't see is that you have knowledge, you have skills, you have experience, and you can use it in collaborating with the AI," Eldagsen said. "It really is a co-pilot. But I'm the pilot, I'm the director, and I make the decisions. For me, AI is not something that is above me."
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.Slack CEO Looks To Artificial Intelligence For Help In Rolling Out New Products
© Chris Morris Lidiane Jones, chief executive of Slack.Are you spending too much time in meetings? Lidiane Jones is willing to bet you are.
Speaking at the Greater Boston Chamber of Commerce annual gala earlier this month, Jones asked how many people in the crowd of 1,300-plus feel like they get stuck in meetings all day or think they have to wait until the day ends before they can be productive.
One way to break the cycle of drudgery, at least from her point of view, is by effective use of messaging software, particularly when enhanced by artificial intelligence.
As the newly christened chief executive of Slack, the messaging app, you would expect Jones to say that. She is all-in on making office workers' days more productive. Toward that end, on May 4, Jones announced a suite of Slack programs that use artificial intelligence under the brand name Slack GPT. These are designed to make colleagues' communications more efficient, including by providing conversation summaries and writing assistance, and to make it easier for salespeople to respond to clients and prospects, by providing alerts of sales leads and instant research. These AI programs will also help Jones and her colleagues integrate the consumer-facing Slack app with the business-focused tools offered by Slack's parent company, Salesforce.
Jones was already one of the most prominent Latinas in the high-tech sector when she became CEO about four months ago, taking over for Slack cofounder Stewart Butterfield. Now, as the head of one of the best-known software programs used in modern office life, she's also one of the most prominent tech executives in Greater Boston.
Although Salesforce is based in San Francisco, Jones lives in Cambridge. She moved to Greater Boston more than 15 years ago from the Seattle area as a Microsoft executive, in large part because her husband wanted to return to his home state. She continued to rise up the ranks at Microsoft, before leaving in 2015 to be VP of software product management for speaker maker Sonos in Boston. Salesforce called four years later; she liked how its e-commerce options allow companies like Sonos to stay independent, and took a job helping oversee that part of Salesforce's business.
Jones said she was surprised when Butterfield reached out about taking over Slack. But she calls the past four months "the best, you know, four months I've had in my career" — even though it involves plenty of travel. She has bounced around from Australia to London to Toronto, with plenty of visits to San Francisco.
Chamber chief executive Jim Rooney thought Jones would be a perfect keynote speaker for this year's annual meeting and invited her through chamber members Thea James and Betty Francisco, who volunteer alongside Jones at Boston nonprofit Compass Working Capital.
About that AI that Jones talked about at the chamber: She has been impressed by how quickly big companies are adopting Slack GPT. "Every customer is knocking on my door," Jones said. "They're like, 'Hey, just protect my data, but I need this.'"
Hao hits the road for listening tour
As the state's economic development secretary, Yvonne Hao is leading the charge to update the official economic development plan for Massachusetts — something required by state law to happen every four years. She certainly won't be at a loss for feedback.
Last week, Hao told members of real estate trade group NAIOP Massachusetts that more than 200 people attended the first two regional listening sessions, in Springfield and Worcester — from big companies and small businesses, nonprofits and city councils. She plans to finish the report by the end of the year and is relying in part on an advisory council, which includes NAIOP chief executive Tamara Small as a member.
One possible reason Hao is getting so much feedback: rising concerns about the state's economic competitiveness.
At the NAIOP event, Jake Grossman of the Grossman Companies said he worries about taxes and housing affordability. "Can you give me a little therapy session?" Grossman asked Hao. "What's the good stuff that's happening?"
Hao said she's hustling to make the case at every turn for why companies should stay and grow here, arguments that tend to focus on our well-educated talent pool. She said she heard that a chief executive was being recruited to relocate to North Carolina, so she hopped on the phone with him to explain why he should stay. And she noted that Governor Maura Healey has hired Quentin Palfrey and Will Rasky to go after all the federal funds they can find for Massachusetts. "Other states have this muscle developed [but] we haven't," she said of lobbying Washington.
She knows Massachusetts has been one of the few states to lose people during the pandemic but is determined to reverse that trend.
"This is not the time to hang out and rest," Hao said. "We have real issues we have to fix. If you wait too long ... By the time you realize you've lost, it's too late."
Resilient Coders founder aims to keep pushing forward
As the founder of Resilient Coders training program for people of color, David Delmar Sentíes has helped a generation of Black and Latino tech workers enter the workforce.
Now that the tech sector is experiencing a downturn, Delmar Sentíes worries many of those alums are being left behind, and that the corporate diversity commitments made in recent years are slipping away. (Delmar Sentíes left Resilient Coders last year to finish his book on this topic, "What We Build with Power.") Black workers, he said, have been disproportionately affected by all the tech layoffs, and diversity and equity budgets have been slashed.
That's why he and Pariss Chandler, founder of the Black Tech Pipeline, among others, are launching a campaign for worker-led equity in the field. They'll hold their first organizing meeting on June 12. Among the reforms Delmar Sentíes wants: companies getting serious about dropping bachelor's degrees from the list of job requirements. He also hopes for the creation of some sort of organization — think of it as a Better Business Bureau, but for DEI — that can track companies that are doing well, and the ones that are performing poorly.
"Resilient Coders and other organizations like it are functionally marching into the wind," he said. "If you do that long enough, you wonder what it would be like to change the direction of the wind."
Richardson settles down at last
Terry Richardson has led major sales efforts for two giant tech companies, Hewlett Packard Enterprise and AMD — the kind of jobs that can put you on the road more often than you're home.
While at AMD, Richardson was deciding whether to finally retire, or to find a job a little closer to home. He ended up picking the latter option, when Josh Dinneen rang him up. Dinneen was moving up to president at Portsmouth, N.H-based IT services and cybersecurity provider GreenPages, which also has an office in Charlestown. And Dinneen wanted someone he could trust to take over his previous role there as chief revenue officer. Thus, the invite was extended to Richardson. He joined GreenPages, which is owned by Boston private equity firm Abry Partners, on May 1.
Richardson said he liked the technology expertise and the people at the 310-person firm. Plus, it's hard to argue with the lifestyle improvements, because most clients are in and around New England as opposed to the marathon trips Richardson took on almost a weekly basis. While the GreenPages headquarters in Portsmouth isn't exactly a short drive away from his home in Hopkinton, at least he knows he can finish the day in his own bed. It's time, finally, to stop the running.
