MIT Study: AI Cost-Prohibitive for Job Replacement
A study by MIT found that artificial intelligence is currently too expensive to effectively replace the majority of jobs, with only 23% of tasks being cost-effective to automate using AI-assisted visual recognition. The study, funded by the MIT-IBM Watson AI Lab, examined over 1,000 visually-assisted tasks across 800 occupations and concluded that while the adoption of AI in industries like retail and healthcare is feasible, it is less so in areas like construction and real estate. The researchers suggested that the cost-benefit ratio of AI could improve by 2030 if data costs fall and accuracy improves, but concerns about AI's impact on jobs persist, with industry leaders cautioning against a recklessly fast AI rollout.