What: The Massachusetts Institute of Technology's study reveals that artificial intelligence is currently not cost-effective for replacing the majority of jobs, particularly those involving computer vision.

Why it is Important: This study is crucial as it addresses widespread concerns about AI replacing human jobs, providing a realistic perspective on the current capabilities and economic viability of AI in the workforce.

The study focused on the cost-effectiveness of AI in replacing human labour, particularly in tasks involving computer vision. The research found that only 23% of jobs could be feasibly automated with AI due to high installation and operational costs. The study, which examined about 1,000 visually-assisted tasks across 800 occupations, suggests that while AI adoption has accelerated, its practical application in replacing human labour is limited and not economically viable in most cases. The findings highlight that AI's impact on jobs might be less immediate and widespread than feared, with significant automation potential in sectors like retail and healthcare, but less so in industries like construction and real estate.

Humans still cheaper than AI in vast majority of jobs, MIT finds