Wharton Business Daily How Will LLMs Impact Jobs?
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Sep 9, 2024 Daniel Rock, an Assistant Professor at the Wharton School, discusses his research on the transformative impact of Large Language Models (LLMs) on job markets. He highlights how LLMs can enhance efficiency in tasks like editing and coding while potentially displacing roles, particularly among higher-wage jobs. The conversation dives into the need for organizations and governments to adapt through innovative policies and support systems as the workforce evolves. Rock emphasizes the importance of ongoing research to understand these changes and their implications for various sectors.
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LLM Impact on Labor Markets
- Large language models (LLMs) will significantly impact labor markets, but the changes will be gradual.
- Predicting the long-term net effects is difficult.
LLM Impact on Job Tasks
- LLMs could halve the time for many job tasks without impacting quality.
- The need for additional software influences how quickly the impact is realized.
LLMs as Transformative Technology
- LLMs are similar to the internet or databases, prompting business and workforce transformation.
- Their effects vary based on the specific sector, such as customer service vs. finance.