AI Breaks the Bank: 80% of Jobs Find Replacing Humans Costly, Reveals MIT Study
Jan. 28, 2024A recent Massachusetts Institute of Technology (MIT) study sheds light on the realistic timeline for AI to replace human jobs, indicating that the fears of an imminent robotic takeover may be premature. Thestudy, titled“Beyond AI Exposure: Which Tasks are Cost-Effective to Automate with Computer Vision”conducted by five MIT researchers, focused on tasks suitable for AI, such as those performed by teachers, property appraisers, and bakers.
Why AI Won’t Steal Your Job Soon
The study emphasizes that the technology behind AI while excelling in pattern recognition and image analysis, comes with substantial installation and maintenance costs. In many instances, relying on human skills and intuition remains a more cost-effective option. Moreover, AI faces a power consumption challenge, and companies are grappling with the complexities of AI system implementation.
Crucially, the study underscores that AI, driven by statistical and symbolic reasoning, lacks the depth of human conscious and subconscious thought processes. Tasks requiring intuition, gut feeling, and implicit knowledge, integral to human critical thinking and emotional intelligence, continue to resist automation. These qualities remain irreplaceable in the evolving job market.
But as of now, the“AI will steal our jobs”narrative seems pretty exaggerated.
Vikhyat has a bachelor’s degree in Electronic and Communication Engineering and over five years of writing experience. His passion for technology and Apple products led him to Beebom, where he specializes in writing App features, How To’s and app troubleshooting guides for fellow Apple users. When not typing away on his MacBook Pro, he loves exploring the real world.
