Ec10b – Principles of Economics (Macroeconomics) Lecture 24: AI: Will We Have Jobs?

This set of vocabulary flashcards covers key economic concepts, software examples, and predictions regarding the impact of AI on the labor market as discussed in the lecture.

LOTUS 123

A software application whose introduction was analyzed to study the historical impact of technology on the employment of accountants.

Exposure measures

A $0-10$ scale indicating a job's susceptibility to change due to AI, with examples including Construction at $1$, Accountants at $8$, and Software at $9$.

AGI

An abbreviation for artificial general intelligence; the lecture notes suggest Uber drivers may lose their jobs despite the currently debated lack of this advanced AI or humanoid robots.

Complement

A role for AI where it raises labor demand, such as Claude Code speeding up coding or the requirement for HVAC specialists to build datacenters.

Substitute

A role for AI where it lowers labor demand; the author predicts this will likely be the net dominant force in the labor market within the next $10$ years.

Moore’s Law

The principle cited in the text stating that compute per real dollar doubles every $2$ years.

EPOP

The employment-to-population ratio, which the author predicts will fall significantly in the United States over the next $50$ years.