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Economics of ChatGPT: a labor market view on the occupational impact of artificial intelligence

Author

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  • Ali Zarifhonarvar
Abstract
Purpose - The study investigates the influence of ChatGPT on the labor market dynamics, aiming to provide a structured understanding of the changes induced by generative AI technologies. Design/methodology/approach - An analysis of existing literature serves as the foundation for understanding the impact, while the supply and demand model helps assess the effects of ChatGPT. A text-mining approach is utilized to analyze the International Standard Occupation Classification, identifying occupations most susceptible to disruption by ChatGPT. Findings - The study reveals that 32.8% of occupations could be fully impacted by ChatGPT, while 36.5% might experience a partial impact and 30.7% are likely to remain unaffected. Research limitations/implications - While this study offers insights into the potential influence of ChatGPT and other generative AI services on the labor market, it is essential to note that these findings represent potential implications rather than realized labor market effects. Further research is needed to track actual changes in employment patterns and job market dynamics where these AI services are widely adopted. Originality/value - This paper contributes to the field by systematically categorizing the level of impact on different occupations, providing a nuanced perspective on the short- and long-term implications of ChatGPT and similar generative AI services on the labor market.

Suggested Citation

  • Ali Zarifhonarvar, 2023. "Economics of ChatGPT: a labor market view on the occupational impact of artificial intelligence," Journal of Electronic Business & Digital Economics, Emerald Group Publishing Limited, vol. 3(2), pages 100-116, December.
    • Handle: RePEc:eme:jebdep:jebde-10-2023-0021
    DOI: 10.1108/JEBDE-10-2023-0021
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    Cited by:

    1. Wei, Xinyi & Chu, Xiaoyuan & Geng, Jingyu & Wang, Yuhui & Wang, Pengcheng & Wang, HongXia & Wang, Caiyu & Lei, Li, 2024. "Societal impacts of chatbot and mitigation strategies for negative impacts: A large-scale qualitative survey of ChatGPT users," Technology in Society, Elsevier, vol. 77(C).

    More about this item

    Keywords

    Large language models; Artificial intelligence; Automation; Labour saving technology; ChatGPT; Labour market; Generative AI; Occupational classification; O33; E24; J21; J24;
    All these keywords.

    JEL classification:

    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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