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Will GenAI be an economic boom? Or cause economic doom? Or maybe something in between? Gad Levanon, Chief Economist at The Burning Glass Institute, joins us to discuss generative AI's impact on the U.S. labor market.

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Related Episodes:
Ep 258: Will AI Take Our Jobs? Our answer might surprise you.
Ep 222: The Dispersion of AI Jobs Across the U.S. – Why it matters

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Topics Covered in This Episode:
1. AI's current impact on jobs
2. Generative AI and higher education
3. Skills demand related to generative AI
4. Future for workers and generative AI
5. Generative AI and retirement

Timestamps:
01:30 Daily AI news
04:15 About Gad and The Burning Glass Institute
08:09 Automation and technology impacting labor market trends.
12:13 Generative AI impact on job ads analyzed.
17:27 Employers need specific AI skills for reskilling.
21:28 Concern around AI skills and education needs.
25:06 Generative AI benefits seen in future stock market.
29:37 Generative AI skills essential for future success.

Keywords:
Generative AI, Gad Levanon, AI engines, chatbot infrastructure, computing power, cybersecurity, cloud computing, outsourcing, US colleges, universities, higher education, short-term credentials, computer-related fields, economic shock, stock market, US economy, baby boomers, retirement, layoffs, reskilling, future job market, knowledge worker, US workers, US companies, Blue collar jobs, white collar jobs, online job ads, tech companies, AI automation, Apple, Microsoft, Burning Glass Institute, worker productivity, workforce reduction, new jobs, technological shifts.

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This week, Sim and Maia dive deep into the fascinating world of "pretty privilege," exploring how looking good can literally pay off, with a potential quarter-million-dollar lifetime earning gap between the hotties and notties. They chew over everything from beauty standards and facial symmetry to the nitty-gritty of how a slick of lip gloss could fast-track your career, especially in customer-facing gigs like real estate. Through a mix of science, personal anecdotes, and humour, they unravel why your mirror might just be as crucial as your resume in climbing the professional ladder.. 

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AI is an incredibly exciting space, provoking both great wonder and fear. One of the big worries obviously is: What will happen to everyone's job? Will it make more people's livelihoods obsolete, causing even greater inequality than we have now? On this episode, we speak with an economist who argues that this concern is not just misplaced, but exactly wrong. MIT's David Autor, famous for his work on the China shock, contends that the last 40 years of advances in computer technology have been a major driver of inequality, but AI should be seen as an entirely different paradigm. He argues that human work, aided by AI, will remove the premium captured by extremely high-paid, experienced professionals (like doctors or top lawyers) as their capabilities become more diffuse. He also discusses what policy choices the government should be making to improve the odds that AI will prove societally beneficial.

See omnystudio.com/listener for privacy information.

Initial unemployment claims dropped more than expected last week, down 2,000 from the week before. And that stat continues inching toward historic lows. Also in this episode: Oh, to live in the Big Apple! Why cargo bike deliveries are taking off, what the city’s new trash management plan looks like and how climate change causes home insurance headaches across the country. 

The U.S. immigration system is a massively complicated machine, with a lot of worn-out parts. How to fix it? Step one: Get hold of some actual facts and evidence. (We did this step for you.) (Part two of a three-part series.)

• SOURCES:
  • Zeke Hernandez, professor at the Wharton School at the University of Pennsylvania.
  • David Leonhardt, senior writer at the New York Times.
  • Sindhu Mahadevan, creator of This Immigrant Life newsletter.

• RESOURCES:
  • The Truth About Immigration: Why Successful Societies Welcome Newcomers, by Zeke Hernandez (2024, available for pre-order).
  • "Illegal Immigration Is a Bigger Problem Than Ever. These Five Charts Explain Why," by Andrew Mollica, Alicia A. Caldwell, Michelle Hackman, and Santiago Pérez (The Wall Street Journal, 2023).
  • Ours Was the Shining Future: The Story of the American Dream, by David Leonhardt (2023).
  • The Economic and Fiscal Consequences of Immigration, by the National Academies of Sciences, Engineering, and Medicine (2017).

• EXTRAS:
  • “The True Story of America’s Supremely Messed-Up Immigration System,” series by Freakonomics Radio (2024).
  • "And the New Six-Word Motto for the U.S. Is …," by Stephen Dubner (Freakonomics blog, 2008).

Last year, Corbu managing director Samuel Rines came on Odd Lots to discuss what exactly companies were saying about why they were raising prices. His argument was that in the post-pandemic environment, with all its associated peculiarities and one-off disruptions, businesses were pursuing a strategy of "price over volume" (POV) to boost their profit margins. Since then, the idea of corporate profits contributing to inflation has gone viral, with the Biden administration repeatedly admonishing companies for price-gouging. In this episode of Lots More, we discuss the latest earnings season and what it's telling us about prices right now. Rines argues that the POV strategy is petering out in favor of companies maintaining prices and preserving margins ("Price and Margin") and even beginning to boost their volumes. We also talk about recent job cuts and layoff announcements.

See omnystudio.com/listener for privacy information.

The tight labor market means employers are competing for workers, sometimes strenuously. But it isn’t all smooth sailing for job searchers either — prolonged interviewing and companies’ recession fears mean scoring a job can be tough. In this episode, what’s worse: trying to hire or get hired? Plus, a website that uses “Seinfeld” to explain legal policy, a look at how immigration stabilizes our economy and a tour of zero-carbon homes in coastal California.

This week on Lots More, we speak with Claudia Sahm, the former Federal Reserve economist and founder of Sahm Consulting, about the recent uptick in the US unemployment rate. We discuss the implications for the Sahm Rule, the early recession indicator she discovered and which has been a hot topic since the most recent Nonfarm Payrolls report. We also talk about data challenges for economists, the prospect of recession, and dealing with online commenters.

See omnystudio.com/listener for privacy information.

Right now, there's a lot of hope and optimism that the US economy is on a path towards a soft landing. Nonetheless, there are aspects of the current landscape that are unsettling. Inflation has come down, but there's significant debate as to why and how sustainable that move is. Geopolitics is another source of concern, given multiple ongoing conflicts. According to Jason Cummins, the chief economist and head of research at macro hedge fund Brevan Howard, we're currently seeing the demise of three different eras: the end of secular stagnation, the end of China's "get rich it all costs" era, and the end of "the end of history," as liberal democracy clashes with other competing frameworks. On this episode of the podcast, we talk about how these ideas are applied practically, in terms of trades, and also why he believes that recession is coming to the US economy in 2024.

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The mood about the US economy feels very different right now than it did a year ago. At the start of 2023, almost everyone seemed to be predicting recession. Right now, there is a high degree of optimism about the prospects of a soft landing. On this special episode of Odd Lots, we speak with Lael Brainard, the director of the White House's National Economic Council. We talk about the state of the recovery, why public frustration towards the economy remains high, and what further can be done by the Biden administration to address the high cost of living.

See omnystudio.com/listener for privacy information.

Nearly four years since the pandemic began, the labor market seems to be returning to pre-COVID trends. But just because the numbers look similar doesn’t mean the landscape of work hasn’t evolved. In this episode, how and where Americans work now. Plus, mobile shopping surpassed other online shopping modes this holiday season, firms might have shifted the timing of layoffs to protect their brands and Microsoft updated its desktop keyboard for the first time in 30 years.