Anshika Bansal

The Impact of AI on the Labor Market for the Financial and Manufacturing Sector

Started Jan. 12, 2024

Abstract or project description

This paper examines the impact of artificial intelligence (AI) on the labor market within the finance and manufacturing industries. The primary objective is to identify the new skills required, the emerging types of jobs, and the extent to which these sectors will be affected by AI advancements. By employing the Solow growth model, the study forecasts potential economic outcomes and provides a framework to understand AI's influence on productivity and employment. The scope of the research includes a comprehensive analysis of current AI applications, workforce transitions, and policy implications, aiming to equip stakeholders with insights for strategic workforce development in an increasingly AI-driven economy. The main idea focuses on the idea of whether AI is a complement or a substitute to these jobs and the future impact that it will have as a hold for an economy.