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We have witnessed the rapid development of Artificial Intelligence(AI)in the past ten years
We have witnessed the rapid development of Artificial Intelligence(AI)in the past ten years. Although most of the impacts of AI are positive, it is believed that the use of AI would gradually displace some kinds of jobs (not all kinds of jobs) in the coming decades.
i.How would the rise of AI affect the frictional unemployment?
ii.Suggest how the government should handle the impacts in (i).
Expert Solution
Answer 1: Frictional unemployment happens when a person knowingly /willingly quits job in order to look for a better job in the economy.
Explanation: AI may create frictional unemployment in many sectors like for drivers, as the self-driving cars are becoming the reality of daily lives, drivers may feel that the sector in future may not be sustainable, and they quit the job to look for better jobs like supervisors, logistics managers, truck drivers ( Where still AI-based technology has not come in a big way)
Answer 2: Government should start to upskill courses for the professions which are low paying and have a more profound impact on them of AI. example: Gardners, drivers, plumbers, child and elder care services, BPO executives.
By running upskill courses on the subsidized rate for all the impacted workforce, govt will ensure that the majority of workers did not face the condition of unemployment and may save them from creating liabilities for the Economy
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