AI will help economies grow, but greater social security needed: Study

With artificial intelligence grabbing attention at the WEF annual meeting, a study on Friday said this new technology will certainly help economies grow but would require greater social security.

The study published by Credit Suisse Research Institute, which looked into the impact of artificial intelligence on the future of the labour market, found that contrary to popular belief, there will be no shortage of work in contemporary economies.

Rafael Lalive and Daniel Oesch, professors in economics and sociology respectively at the University of Lausanne, wrote: "Rather than a jobless economy, the two great challenges in the labor market may then be massive dislocation on the one hand and the distribution of productivity gains on the other."
Giuliano Bonoli, professor of social policy at University of Lausanne, said: "The idea that social protection needs to be adapted to the changing nature of work is now firmly embedded in public debates. The challenge before us is to preserve the high levels of social cohesion and economic security achieved in the past in this newly emerging economic and technological world."
Bettina Hummer, professor of social law and legal German, University of Lausanne, said: "Legislators must be aware of the complexities surrounding information technology and artificial intelligence and try to gauge their very 'nature' in order to define the aims that regulation should pursue."
Urs Rohner, Chairman of the Board of Directors of Credit Suisse Group and Chairman of the Credit Suisse Research Institute, said: "Big data and advances in computing power have triggered a technological revolution that have enormous bearing on the workplace and the labor market."