Apollo Economist Debates AI Job Impact

The event centers on a debate regarding the impact of Artificial Intelligence on employment. Torsten Slok>>>, chief economist at Apollo Global Management>>>, argues there is 'zero evidence' of AI causing job losses, instead suggesting it's creating new demand for AI implementation experts and driving inflation, citing the Jevons paradox and ADP (company)>>> employment data. This view is supported by figures like Box>>> CEO Aaron Levie>>> and Dell Technologies>>> CEO Michael Dell>>>. However, this contrasts with actions by major employers such as Block, Inc.>>> and Amazon (company)>>>, who have attributed workforce reductions to AI-driven efficiencies. CEOs like Jack Dorsey>>> of Block, Inc.>>> and Andy Jassy>>> of Amazon (company)>>> have announced layoffs or expected workforce shrinkage due to AI. Early predictions from Anthropic>>> CEO Dario Amodei>>> and OpenAI>>> CEO Sam Altman>>> about significant job displacement have also been noted, though both have since softened their stances. Sam Altman>>> and Nvidia>>> CEO Jensen Huang>>> have even suggested 'AI washing', where companies blame AI for layoffs that might have other underlying business reasons, such as pandemic-era overhiring or a desire to boost profitability. Reports from Forrester Research>>> and Yale University's Budget Lab also suggest that fears of an AI jobs wipeout are overstated, while the National Bureau of Economic Research>>> indicates AI-related layoffs are a small fraction of overall U.S. job cuts.