Generative AI's impact on the workplace is contrastingly assessed by various studies. A Danish report found negligible effects on productivity and wages among 25,000 workers, citing only a 3% saving in work hours. In contrast, PwC's research noted that AI adoption resulted in a substantial fourfold productivity increase and a remarkable 56% wage premium for AI-skilled workers. This discrepancy highlights the challenges in evaluating AI's overall value, as the two reports measure different aspects: direct productivity versus the labor market demand for AI expertise.
AI chatbots have had no significant impact on earnings or recorded hours in any occupation. Our findings challenge narratives of imminent labor market transformations due to Generative AI.
While adoption has been rapid, the economic impacts remain small. This challenges the hype surrounding the technology, which advocates claim is a key productivity driver.
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