First they came for cashier jobs and we said nothing, now everyone is in a panic thinking AI will replace their jobs.
Amidst the panic of AI being deployed in multiple fields in order to cut down on the number of jobs done by humans, a new study from MIT comes to assuage some of those fears.
Fret not, it’s still cheaper to hire a human than deploy an AI in the vast majority of jobs, according to these findings.
From a report in Bloomberg:
In one of the first in-depth probes of the viability of AI displacing labor, researchers modeled the cost attractiveness of automating various tasks in the US, concentrating on jobs where computer vision was employed — for instance, teachers and property appraisers. They found only 23% of workers, measured in terms of dollar wages, could be effectively supplanted. In other cases, because AI-assisted visual recognition is expensive to install and operate, humans did the job more economically. […] The cost-benefit ratio of computer vision is most favorable in segments like retail, transportation and warehousing, all areas where Walmart and Amazon are prominent. It’s also feasible in the health-care context, MIT’s paper said. A more aggressive AI rollout, especially via AI-as-a-service subscription offerings, could scale up other uses and make them more viable, the authors said.