IMF's New Report on GenAI is out...Teachers Emerge as the Game-Changing Solution

IMF's New Report on GenAI is out...Teachers Emerge as the Game-Changing Solution
Photo by Austin Distel / Unsplash

The IMF report is out...and it's a doozy!

The IMF report is not an outlier report. As I've mentioned before and in this report, most future work reports argue that A.I. is a significant threat to knowledge work, and we are starting to see this in forecasts.

💎 Info Nugget!

  • AI's impact on the global economy is substantial, resembling a new industrial revolution.
  • Labor markets are particularly influenced by AI, as it enhances productivity but could potentially replace human jobs.
  • Approximately 40% of global jobs are exposed to AI; in advanced economies, this percentage rises to 60%.
  • There exists the potential for a disparity in AI readiness and benefits between advanced and emerging economies.
  • AI may exacerbate income and wealth inequality, with a greater impact on higher-wage earners.
  • The productivity gains from AI could lead to increased overall income and growth.
  • Workers with a college education are better positioned to adapt to AI-driven changes, while older workers may encounter more challenges.
  • Countries should develop customized strategies for integrating AI, with a focus on innovation, regulatory frameworks, infrastructure, and workforce development.
  • The implementation of social safety nets and retraining programs is crucial for ensuring inclusivity in the adoption of AI.

The report talks about how A.I. could affect jobs. It says that about 60% of employment in advanced economies could be exposed to A.I. Out of these, half may be negatively affected by A.I., while the rest could benefit from it. This could significantly impact the economy, especially in advanced economies where 60% of workers are in high-exposure jobs. In these countries, 27% of jobs are high-exposure and high-complementarity, and 33% are high-exposure and low-complementarity. 

A.I. is different from previous waves of automation because it can do cognitive tasks. Even high-skilled jobs previously thought to be safe from automation may be disrupted. 

The report suggests that we train the next generation of workers in these new technologies so they have a better chance of getting a job. For many students, public schools are the only way to access instruction on these skills. As educators, we should feel some pressure to develop these skills and help our fellow educators and our students develop the skills as well.

Historically, college-educated individuals have had the best chance of adapting to such changes. However, this time around, lower-skilled workers who can use A.I. well will be able to offset many advantages for higher-skilled workers. College students have many opportunities to develop the "soft skills" and business skills needed to succeed in this environment.

Governments will ultimately need to enact social safety nets to redistribute some of the wealth captured at the top by the owners and investors of AI companies and those that are able to maximize profits with AI integration. It will be interesting to see how that plays out in the U.S. in a world of conservative or divided government and an already high federal debt and interest rates. The problem does not have to be solved by borrowing, and it could come from high taxation rates on these companies, but we'll see if there is political support for that.

While not mentioned in the report, it's important to emphasize the need for A.I. literacy. Our society is about to undergo significant changes, with many A.I. scientists and leaders wondering if we will need to work in 20 years. As Reid Hoffman recently noted, we do have time to adapt — to train people to work with A.I., to develop social support structures, to develop new caring professions — as it takes a while for society to integrate technological advancements. The question is, will we? Will educators prepare people for what is coming?

Adopting A.I. can increase productivity, positively impacting investment and labor demand. This could help offset any decrease in labor income caused by AI-induced displacement of jobs. Therefore, the overall influence of AI on income levels and inequality will rely on how much productivity gains from AI can compensate for any job losses.

"Is there hope? YES! It's all about Training/retraining.

The report emphasizes the importance of training the next generation of workers in new technologies. However, it only guarantees a job for some who learn these skills, as some misleading tweets suggest. However, having these skills can significantly improve your chances of employment. Public schools are the primary means for many students to learn these skills, so we should feel compelled to develop and teach them to our students and fellow educators. This is an aspect of the A.I. revolution we can influence."

Train yourselves so that you can train others!

🔥 What caught our eye

We do our best in curating a selection of thought-provoking articles that explore the latest trends and breakthroughs in education, the articles that showcase how artificial intelligence is shaping the future of learning, the articles that "catch our eye". These articles sometimes provide in-depth analysis, practical insights, and inspiring perspectives, and sometimes just fun to read and that's why we share them!

From apps crushing it, like "Candy Crush" to your own "Jarvis' are some of the articles we read the previous week and wanted to share with you.

Duolingo: 24 million people hooked on learning languages with just one click
The free mobile application captivates users with its game mechanics, challenges, and streaks that are typical of social media and video games: ‘We’ve been told that we are almost as fun as Candy Crush’
Navigating a Day in 2030: The Power of AI Assistants
What does an AI-powered “automagical” life look like?
JARVIS Is Coming: The Future of AI-Human Collaboration
Is Iron Man’s JARVIS our future? I think so, and here’s why…

🎧 Podcast Spotlight

Weekly, we listen to a variety of podcasts that captivate our minds, provide valuable insights, and stimulate our thinking. These podcasts delve into the forefront of educational advancements and how artificial intelligence is revolutionizing the way we learn, teach, connect with, and engage with our audience.

💡How to keep the "Human in the Loop" with AI and how "Positive Computing" can foster well-being through technology.

💡In the rush to join TikTok and take advantage of its AI-driven algorithm and vast potential for content creators, it's crucial to remember that no matter whether you're a teacher sharing bite-sized lessons, a language center offering tips, or a publisher promoting something new, you should always stay true to your brand's voice, DNA, and culture.
Do it like Gina! 👇

(56:31) Duolingo’s TikTok

☕ Shot of Inspiration

AI Won’t Replace Humans — But Humans With AI Will Replace Humans Without AI  - Karim Lakhani - HBR

Thank you for reading. Hope you found it valuable. Forward to a friend if you did.

Be well,