AI Too Costly To Replace Most Jobs: MIT Study
Analytics Insight, Tuesday, January 23rd, 2024
Artificial intelligence cannot now replace the majority of occupations in cost-effective ways, according to research conducted by the Massachusetts Institute of Technology to address concerns about AI replacing humans in a wide range of industries.
In one of the earliest in-depth investigations on the practicality of AI displacing labor, MIT study researchers calculated the cost-effectiveness of automating numerous tasks in the United States, focusing on jobs that required computer vision, such as teachers and property appraisers. They discovered that AI is too costly to replace jobs, and only 23% of workers, assessed in terms of dollar salaries, could be efficiently replaced. In other circumstances, people performed the task more efficiently because AI-assisted visual identification is costly to install and maintain.