Still following a prior post featuring insights from an artificial intelligence professor at the University of Washington, it was unveiled that a substantial portion (more than 90%) of employers are actively seeking candidates with experience in ChatGPT, it is now worth mentioning that on October 17, a thought-provoking research paper titled "What is the price of a skill? The value of complementarity" emerged in the pages of the prestigious journal "Research Policy." This enlightening work was authored by experts associated with the esteemed University of Oxford and the University of Copenhagen. https://www.sciencedirect.com/science/article/pii/S0048733323001828#s0080
Their findings paint a compelling picture: the acquisition of AI skills can potentially boost worker wages by an impressive average of 21%.
While this may seem truly remarkable, it might not hold the same appeal for countries in the third world, as I previously discussed on September 17th (in a post addressing the transformative impact that AI will have on research practices) "This will exacerbate the high economic inequalities between rich countries and poor countries". Moreover, within the pages of The Economist's October 7th edition Special Report, there is an alarming emerging phenomenon termed 'Homeland Economics.' This trend is expected to be a catalyst for heightened global inequality. https://www.economist.com/special-report/2023-10-07
PS - On page 77 of the same edition of The Economist there is an extraordinary graphic that offers a compelling comparison of productivity
across 34 different countries, evaluating factors such as GDP per
person, GDP at PPP per person, and most notably, GDP at PPP per hour
worked. What makes this data particularly striking is its revelation
that, when examined on an hourly basis, nations like Austria,
Belgium (jump from 14th to a prominent 4th position), and Denmark significantly outperform the United States. Germany advances from position 15th to 9th position. Conversely, South Korea's performance is notably subpar, plummeting
from the 21st position to a disheartening 33rd place in terms of GDP
at PPP per hour worked.
