'We are in the very early stages of a revolution that will shape our lives as much as the iPhone - and it's the young who will benefit the most from it' Comment from HamishMcRae5
There will be job losses, as grunt white-collar jobs go, but there will be openings for new skills
These are the various platforms using artificial intelligence – of which ChatGPT is the most famous – that are just starting to revolutionise the service industries, making them vastly more efficient. ChatGPT has become the fastest growing app in history, gaining 100 million subscribers in two months.But this is not simply a story about one “chatbot”, the ugly word for the apps that use AI to answer people’s questions in an intuitively thoughtful way, or about its competitors.
David Wakeling, the head of its markets innovation group, said: “I have never seen anything like Harvey. It is a game-changer that can unleash the power of generative AI to transform the legal industry. Harvey can work in multiple languages and across diverse practice areas, delivering unprecedented efficiency and intelligence.”
Staff at the company wrote the key passages on the largest economies but the use of AI enabled them to produce the report much more swiftly and cheaply. Indeed, economics is one of those areas an awful lot of basic data analysis can be done by ChatGPT and similar language models.An economics professor at the University of Virginia, Anton Korinek, hasthat economics students can use these language models not only as assistants but also as tutors.
They won’t create jobs for life, but who wants those anyway? What they will do is to make it easier for people to navigate their way though a very complex labour market, helping build more satisfying careers. Two, there will be a host of new and smaller enterprises developing specific uses for the general technology. We cannot see where they will be or what they will be doing, but that legal app noted above is a good example of a wider trend.
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