The world of work is changing as a result of the latest developments in, and widespread use of, Artificial Intelligence (AI). This review article blends recent economic insights and the fresh controversies concerning the impact of AI on the changing world of work. We focus on the two-fold impact of AI on jobs – the job loss due to the automation of repetitive tasks, and the employment opportunities emerging due to new technologies and innovation. We discuss the focus concerning the productivity level, income and wage disparity, and the AI-driven change concerning economic growth. Additionally, we study the primary policy issues concerning the urgent need of education and training, changes to the social safety net programs, and the regulatory framework for the labor market. Then, AI adoption, controversies on AI ethics, and the function of public policy in promoting social equity and economic opportunity in the changing world of work are discussed. With this review, we wish to advance primary insights AI is changing the economic policies and raise recommendations for immediate policy action.
Ibikunle Jide (Sat,) studied this question.