The Impact of Artificial Intelligence on Future Labor Markets

Alberto Gomez-Mejia

doi:doi:10.11648/j.ijefm.20210906.16

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The Impact of Artificial Intelligence on Future Labor Markets

Alberto Gomez-Mejia

Published in International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 6)

Received: 21 September 2021 Accepted: 9 October 2021 Published: 24 December 2021

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Abstract

Historically, mechanization and the current artificial intelligence trend have been considered as threats to job stability despite the fact that statistics on production and employment have shown the opposite. The COVID-19 pandemic in 2020-21 stimulated robotization in all types of industry with the substitution of labor, raising unemployment, however, there is evidence of its reduction. The purpose of this work is to show how despite the inevitable robotization and the destruction of jobs, new trades and professions will develop in the same way as happened in the three previous revolutions, including all sectors of goods, services and the military. Without falling into the repetition of the already known history, reference is made to recent publications confronting them with the technological trend inherited from the 20th century, business behaviors in the face of COVID-19 and its effect on the future labor market. Statistics show positive aspects such as fast and efficient adaptation by highly qualified companies and employees. There are negative effects such as the loss of competitiveness of low-skilled workers; loss of bargaining power of unions; increase in the gender pay gap; widening gap between high-tech industrialized countries and underdeveloped ones. It is concluded that immediate changes are required in the reorientation of educational programs towards technological careers, labor reforms, financial reforms. The gap between high-tech industrialized countries and underdeveloped ones will undoubtedly widen unless the latter implement radical and pragmatic changes in their economic policies.

Published in	International Journal of Economics, Finance and Management Sciences (Volume 9, Issue 6)
DOI	10.11648/j.ijefm.20210906.16
Page(s)	250-259
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Technology, Artificial Intelligence, Robot, Labor Market, Unemployment, Economic Growth

References

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APA Style

Alberto Gomez-Mejia. (2021). The Impact of Artificial Intelligence on Future Labor Markets. International Journal of Economics, Finance and Management Sciences, 9(6), 250-259. https://doi.org/10.11648/j.ijefm.20210906.16

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ACS Style

Alberto Gomez-Mejia. The Impact of Artificial Intelligence on Future Labor Markets. Int. J. Econ. Finance Manag. Sci. 2021, 9(6), 250-259. doi: 10.11648/j.ijefm.20210906.16

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AMA Style

Alberto Gomez-Mejia. The Impact of Artificial Intelligence on Future Labor Markets. Int J Econ Finance Manag Sci. 2021;9(6):250-259. doi: 10.11648/j.ijefm.20210906.16

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@article{10.11648/j.ijefm.20210906.16,
  author = {Alberto Gomez-Mejia},
  title = {The Impact of Artificial Intelligence on Future Labor Markets},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {9},
  number = {6},
  pages = {250-259},
  doi = {10.11648/j.ijefm.20210906.16},
  url = {https://doi.org/10.11648/j.ijefm.20210906.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20210906.16},
  abstract = {Historically, mechanization and the current artificial intelligence trend have been considered as threats to job stability despite the fact that statistics on production and employment have shown the opposite. The COVID-19 pandemic in 2020-21 stimulated robotization in all types of industry with the substitution of labor, raising unemployment, however, there is evidence of its reduction. The purpose of this work is to show how despite the inevitable robotization and the destruction of jobs, new trades and professions will develop in the same way as happened in the three previous revolutions, including all sectors of goods, services and the military. Without falling into the repetition of the already known history, reference is made to recent publications confronting them with the technological trend inherited from the 20th century, business behaviors in the face of COVID-19 and its effect on the future labor market. Statistics show positive aspects such as fast and efficient adaptation by highly qualified companies and employees. There are negative effects such as the loss of competitiveness of low-skilled workers; loss of bargaining power of unions; increase in the gender pay gap; widening gap between high-tech industrialized countries and underdeveloped ones. It is concluded that immediate changes are required in the reorientation of educational programs towards technological careers, labor reforms, financial reforms. The gap between high-tech industrialized countries and underdeveloped ones will undoubtedly widen unless the latter implement radical and pragmatic changes in their economic policies.},
 year = {2021}
}

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TY  - JOUR
T1  - The Impact of Artificial Intelligence on Future Labor Markets
AU  - Alberto Gomez-Mejia
Y1  - 2021/12/24
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210906.16
DO  - 10.11648/j.ijefm.20210906.16
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 250
EP  - 259
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20210906.16
AB  - Historically, mechanization and the current artificial intelligence trend have been considered as threats to job stability despite the fact that statistics on production and employment have shown the opposite. The COVID-19 pandemic in 2020-21 stimulated robotization in all types of industry with the substitution of labor, raising unemployment, however, there is evidence of its reduction. The purpose of this work is to show how despite the inevitable robotization and the destruction of jobs, new trades and professions will develop in the same way as happened in the three previous revolutions, including all sectors of goods, services and the military. Without falling into the repetition of the already known history, reference is made to recent publications confronting them with the technological trend inherited from the 20th century, business behaviors in the face of COVID-19 and its effect on the future labor market. Statistics show positive aspects such as fast and efficient adaptation by highly qualified companies and employees. There are negative effects such as the loss of competitiveness of low-skilled workers; loss of bargaining power of unions; increase in the gender pay gap; widening gap between high-tech industrialized countries and underdeveloped ones. It is concluded that immediate changes are required in the reorientation of educational programs towards technological careers, labor reforms, financial reforms. The gap between high-tech industrialized countries and underdeveloped ones will undoubtedly widen unless the latter implement radical and pragmatic changes in their economic policies.
VL  - 9
IS  - 6
ER  -

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Author Information

Alberto Gomez-Mejia

Economic Theory and Econometrics, Universidad Libre, Cali, Colombia

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Plain Text BibTeX RIS

APA Style

Alberto Gomez-Mejia. (2021). The Impact of Artificial Intelligence on Future Labor Markets. International Journal of Economics, Finance and Management Sciences, 9(6), 250-259. https://doi.org/10.11648/j.ijefm.20210906.16

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ACS Style

Alberto Gomez-Mejia. The Impact of Artificial Intelligence on Future Labor Markets. Int. J. Econ. Finance Manag. Sci. 2021, 9(6), 250-259. doi: 10.11648/j.ijefm.20210906.16

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AMA Style

Alberto Gomez-Mejia. The Impact of Artificial Intelligence on Future Labor Markets. Int J Econ Finance Manag Sci. 2021;9(6):250-259. doi: 10.11648/j.ijefm.20210906.16

Copy | Download

@article{10.11648/j.ijefm.20210906.16,
  author = {Alberto Gomez-Mejia},
  title = {The Impact of Artificial Intelligence on Future Labor Markets},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {9},
  number = {6},
  pages = {250-259},
  doi = {10.11648/j.ijefm.20210906.16},
  url = {https://doi.org/10.11648/j.ijefm.20210906.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20210906.16},
  abstract = {Historically, mechanization and the current artificial intelligence trend have been considered as threats to job stability despite the fact that statistics on production and employment have shown the opposite. The COVID-19 pandemic in 2020-21 stimulated robotization in all types of industry with the substitution of labor, raising unemployment, however, there is evidence of its reduction. The purpose of this work is to show how despite the inevitable robotization and the destruction of jobs, new trades and professions will develop in the same way as happened in the three previous revolutions, including all sectors of goods, services and the military. Without falling into the repetition of the already known history, reference is made to recent publications confronting them with the technological trend inherited from the 20th century, business behaviors in the face of COVID-19 and its effect on the future labor market. Statistics show positive aspects such as fast and efficient adaptation by highly qualified companies and employees. There are negative effects such as the loss of competitiveness of low-skilled workers; loss of bargaining power of unions; increase in the gender pay gap; widening gap between high-tech industrialized countries and underdeveloped ones. It is concluded that immediate changes are required in the reorientation of educational programs towards technological careers, labor reforms, financial reforms. The gap between high-tech industrialized countries and underdeveloped ones will undoubtedly widen unless the latter implement radical and pragmatic changes in their economic policies.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - The Impact of Artificial Intelligence on Future Labor Markets
AU  - Alberto Gomez-Mejia
Y1  - 2021/12/24
PY  - 2021
N1  - https://doi.org/10.11648/j.ijefm.20210906.16
DO  - 10.11648/j.ijefm.20210906.16
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 250
EP  - 259
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20210906.16
AB  - Historically, mechanization and the current artificial intelligence trend have been considered as threats to job stability despite the fact that statistics on production and employment have shown the opposite. The COVID-19 pandemic in 2020-21 stimulated robotization in all types of industry with the substitution of labor, raising unemployment, however, there is evidence of its reduction. The purpose of this work is to show how despite the inevitable robotization and the destruction of jobs, new trades and professions will develop in the same way as happened in the three previous revolutions, including all sectors of goods, services and the military. Without falling into the repetition of the already known history, reference is made to recent publications confronting them with the technological trend inherited from the 20th century, business behaviors in the face of COVID-19 and its effect on the future labor market. Statistics show positive aspects such as fast and efficient adaptation by highly qualified companies and employees. There are negative effects such as the loss of competitiveness of low-skilled workers; loss of bargaining power of unions; increase in the gender pay gap; widening gap between high-tech industrialized countries and underdeveloped ones. It is concluded that immediate changes are required in the reorientation of educational programs towards technological careers, labor reforms, financial reforms. The gap between high-tech industrialized countries and underdeveloped ones will undoubtedly widen unless the latter implement radical and pragmatic changes in their economic policies.
VL  - 9
IS  - 6
ER  -

Copy | Download