Generative AI Bridging Economic Divides and Transforming the Workforce

David Guo

Generative Artificial Intelligence is revolutionizing economic inclusion.

Generative Artificial Intelligence (GAI) plays a crucial role in fostering economic inclusion by tackling the root causes of inequality, particularly through workforce training and improved access to higher education. GAI accelerates the pace of learning by providing instant, personalized explanations and generating diverse examples. By doing so, GAI empowers individuals to acquire advanced skills rapidly, which elevates their professional competence to levels comparable to master’s degree holders (1). This shift promises to convert unskilled labor into skill labor, significantly expanding the global pool of skilled professionals (1). 

GAI presents an opportunity for nations to enhance economic inclusion by elevating workforce capabilities and creating high paying jobs (2). This stands in contrast to the conventional narrative of AI as a driver of job displacement (4). Unlike automation centric technologies, GAI augments, enhances, and cultivates human skills, which drives productivity and enables the workforce to transition into higher paying industries (3). For low income individuals, this progression represents a critical step towards bridging the economic divide (3).

What Is Generative AI? Everything You Need to Know

Examples of Generative Artificial Intelligence

Beyond workforce transformation, GAI is poised to catalyze groundbreaking scientific advancements by creating entirely new industries and opportunities with higher paying jobs. This revolution can bridge economic divides (1). By offering tax benefits to support new skill development, nations can achieve positive evolution in the labor market (4). 

GAI provides key solutions to imminent structural demographic challenges (3). GAI empowers experienced workers in an aging and shrinking workforce to support more retirees by combining the rich experience of older workers with the capabilities of GAI capabilities. 

Making powerful GAI available as a utility will empower communities to enhance the general population’s literacy, overcome skill barriers, and will foster democratized access to technological advancements.

References

  1. Brynjolfsson, E. (2021, May 20). Asking “What Will AI Do to Society?” Erases Our Agency. Boston Review. Retrieved from https://www.bostonreview.net/forum_response/augmentation-not-automation/
  2. Kurz, M. (2017, September 22). The New Monopolists | by Mordecai Kurz – Project Syndicate. Project Syndicate. Retrieved from https://www.project-syndicate.org/commentary/monopoly-power-wealth-income-inequality-by-mordecai-kurz-1-2017-09
  3. McKinsey & Company. (2023, June 14). Economic potential of generative AI | McKinsey. Www.mckinsey.com. Retrieved from https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
  4. Vitasek, K. (2018, November 19). Nobel Laureate Paul Romer: The Path To Economic Growth And Innovation. Forbes. Retrieved from https://www.forbes.com/sites/katevitasek/2018/11/19/paul-romer-the-path-to-economic-growth-and-innovation/?sh=51eddf89139d

Image citations:

  1. What Is Generative AI? Everything You Need to Know. (n.d.). Retrieved from https://www.webcluesinfotech.com/what-is-generative-ai-everything-you-need-to-know/