Tharman predicts that the technological revolution, particularly with the advent of large language model (LLM) powered chatbots, will have a profound effect on the workforce in the next 10 to 15 years. He highlights the different distributional consequences and potential changes in job hierarchy and pay.
There will not be dramatic change within three or four years, but I think in 10 to 15 years, this technological revolution is going to have a profound effect on the workforce," said Tharman during a fireside chat at the opening of the 2023 Singapore FinTech Festival.
With the advent of large language model (LLM) powered chatbots, Tharman highlighted that machines are now going to "take on more human characteristics" and that there were very different "distributional consequences" compared to past technologies, which should be addressed. "The earlier waves of technology – automation, in factories, logistics and the like – essentially replaced what was called routine and repetitive work. What's different about LLMs and AI is that it takes over cognitive tasks. It takes over tasks that are done by people with better education and, in fact, better incomes. "It might upend the traditional hierarchy of jobs. What you regard as a better job – and a job that deserves better pay – might change in the years to come," said Tharma
Technological Revolution Workforce Large Language Model LLM Chatbots Distributional Consequences Job Hierarchy Pay
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