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AI’s impact on jobs won’t be clear-cut, says Nobel laureate Michael Spence

Kwan Wei Kevin Tan
Kwan Wei Kevin Tan • 7 min read
AI’s impact on jobs won’t be clear-cut, says Nobel laureate Michael Spence
“Sometimes the AI takes out the high expertise jobs and sometimes it takes out the low expertise jobs,” says Michael Spence, a Nobel laureate in economics. Photo: Bloomberg
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CEOs and business executives looking to evangelise the benefits of AI may want to think twice, if recent events are anything to go by. While the term was once greeted with excitement for its potential to improve efficiency, these days, AI is seen as a way to justify layoffs and hiring freezes.

Eric Schmidt, Google’s former CEO and executive chairman, received a chorus of boos from graduates at a University of Arizona commencement ceremony on May 15 after he compared the rise of AI to other technological revolutions like personal computing.

“If you don’t care about science, that’s okay because AI is going to touch everything else as well. Whatever path you choose, AI will become aware of how work is done,” Schmidt said to loud boos from the audience.

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