The U.S. government is currently in the process of considering laws to assist society in adjusting to the rise of artificial intelligence. Early adopters of this technology are already witnessing boosts in labor productivity. For instance, Klarna, a financial services provider that offers the ‘buy now, pay later’ option, anticipates that its AI assistant tool will lead to a $40 million profit increase by 2024. According to Klarna CEO Sebastian Siemiatkowski, this tool is the equivalent of 700 full-time agents and is capable of handling two-thirds of all incoming tasks via chat.
Klarna’s AI assistant tool is powered by OpenAI’s systems, which are behind popular products like ChatGPT and Sora. These technologies have garnered attention not only from the general public but also from Congress. In 2023, congressional members engaged in various activities, including panels, private dinners, and learning sessions, with prominent tech figures such as Sam Altman, the CEO of OpenAI. Following this, the White House sought cooperation from 15 industry leaders to assist lawmakers in comprehending the risks associated with artificial intelligence and how to leverage it effectively.
Although the U.S. Senate Task Force on AI has enacted about 15 bills focusing on research and risk evaluation since its inception in 2019, the U.S. regulatory framework seems comparatively lenient when juxtaposed with the regulations established by the European Union in 2024. According to Erik Brynjolfsson, a senior fellow at the Stanford Institute for Human-Centered AI, the entrepreneurial atmosphere in the U.S. fosters innovation compared to the more bureaucratic rules in Brussels that hinder companies’ ability to innovate.
Economists have long been concerned about the repercussions of artificial intelligence on job opportunities, particularly for white-collar workers, akin to the effects of globalization on blue-collar workers in the past. A study from the International Monetary Fund suggests that at least 60% of jobs in advanced economies could undergo transformations due to the broad integration of AI. In 2023, the New York State Assembly proposed a measure to mitigate the potential impact of technology-induced layoffs through robot taxes, which would impose costs on companies replacing workers with technology. While this bill is currently pending in committee as of April 2024, many economists advocate for a low robot tax rate, ideally between 1% and 3.7%, as suggested by researchers at the Massachusetts Institute of Technology.
Despite concerns about job displacement, some experts foresee a future where robots will be able to perform many tasks currently done by humans. Erik Brynjolfsson emphasizes that robots play a critical role in driving technological advancements and increasing productivity. As such, he questions the necessity of taxing robots, as it could potentially hinder technological growth and innovation.
As the U.S. government deliberates on legislative measures to address the impact of artificial intelligence, it is essential to strike a balance between fostering innovation and mitigating potential job displacements. The future of AI holds great promise, but careful consideration and strategic planning are necessary to navigate the challenges it presents to society as a whole.
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