Back decades ago when I was studying Economics there was emphasis on the importance of “productivity” - output per man-hour of work. I don’t hear that metric discussed as much anymore, but it still seems to me that it is one of the true measures of improving quality of life and a healthy economy. In Powell’s data on manufacturing, jobs are being lost. Peter, is there anything in his data or comments explaining that it is AI that is taking jobs, but productivity is improving because of AI? I keep waiting for someone in authority to show us if AI is improving productivity, even if it is destroying some livelihoods. Thanks!
Yes, I find it a bit odd that there is so little hard data from the government regarding the effect of AI on the economy and on job displacement. You’d think it would be something they’d want to track and analyze.
It the 1980s, desktop computers started replacing paperwork, a change that accelerated throughout the 90s and affected nearly everyone’s job. People such as file clerks lost their jobs, but most were trained for better-paying jobs in tasks such as data entry. I remember reading one analytical article after another as people tried to predict or gauge the effects from this huge transition. Would enough new jobs be created, would they all be better-paying, would too many things become suddenly obsolete, how would it affect the power of labor unions, and on and on. This shift to AI - to whatever extent it happens - is a similar topic of potentially massive and far-reaching change, and I expected more tracking of its effects by now.
I would think the government would want to get out in front of whatever changes result from AI - but, silly me, that assumes there are thinking brains within the bureaucracy. Powell especially seems to be continuously out of touch with real world data, and doesn’t seem to care. He’s insulated and seems dull-headed. Time for him to retire!
Pete, why is Gold so high?
EuroBanks dumping dollars?
Ayatollahs gathering to go?
Back decades ago when I was studying Economics there was emphasis on the importance of “productivity” - output per man-hour of work. I don’t hear that metric discussed as much anymore, but it still seems to me that it is one of the true measures of improving quality of life and a healthy economy. In Powell’s data on manufacturing, jobs are being lost. Peter, is there anything in his data or comments explaining that it is AI that is taking jobs, but productivity is improving because of AI? I keep waiting for someone in authority to show us if AI is improving productivity, even if it is destroying some livelihoods. Thanks!
There's a lot of supposition that "AI is taking jobs", but the evidence of that is sketchy at best. Is it a real trend? Right now I could not say.
As a rule, there's nothing in Powell's comments besides hot air and fertilizer.
Yes, I find it a bit odd that there is so little hard data from the government regarding the effect of AI on the economy and on job displacement. You’d think it would be something they’d want to track and analyze.
It the 1980s, desktop computers started replacing paperwork, a change that accelerated throughout the 90s and affected nearly everyone’s job. People such as file clerks lost their jobs, but most were trained for better-paying jobs in tasks such as data entry. I remember reading one analytical article after another as people tried to predict or gauge the effects from this huge transition. Would enough new jobs be created, would they all be better-paying, would too many things become suddenly obsolete, how would it affect the power of labor unions, and on and on. This shift to AI - to whatever extent it happens - is a similar topic of potentially massive and far-reaching change, and I expected more tracking of its effects by now.
I would think the government would want to get out in front of whatever changes result from AI - but, silly me, that assumes there are thinking brains within the bureaucracy. Powell especially seems to be continuously out of touch with real world data, and doesn’t seem to care. He’s insulated and seems dull-headed. Time for him to retire!