Beyond fears of job losses, new report suggests benefit to the economy
“AI is going to steal your job” say naysayers, but will the rapidly expanding technology be a net benefit to Canada’s labour force and economy?
A new Fraser Institute report from Morley Gunderson, professor emeritus of economics at the University of Toronto argues that AI may help address the issues of a shrinking labour force due to aging workers and a slowing of immigration.
The use of artificial intelligence in Canadian organizations has become so important that it now ranks alongside cybersecurity as an investment priority and Gunderson says its wider adoption does not necessarily mean fewer jobs.
"While there's a common perception that AI will eventually lead to mass unemployment, it actually opens the door to the labour market for people who may have been on the outside looking in," he says.
In his report Can AI Mitigate Our Labour Force Problems? Gunderson says there are four key challenges for the labour market that AI may assist with including more effective job-matching between employers and job seekers including retirees who want to return to work, students who want part-time jobs, and new immigrants.
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Plugging the skills gap is another potential use of AI along with boosting productivity – long held as a major barrier to Canadian economic growth – and offsetting growing wage inequality.
Those who are excluded from the labour force, such as those with disabilities, and those who are in geographical locations far from larger commercial centres may also benefit as the technology evolves to be more inclusive.
"Rather than unduly fearing AI, Canadians should welcome the promise of AI to increase our ability to produce goods and services and improve our living standards," said Steven Globerman, senior fellow at the Fraser Institute.
