The Tony Blair Institute for Global Change (TBI), a nonprofit think tank, recently published research indicating that artificial intelligence could streamline the United Kingdom’s workforce, reduce government costs by billions, and automate more than 40% of worker tasks. 

According to the research, however, these benefits would require the government “to invest in AI technology, upgrade its data systems, train its workforce to use the new tools and cover any redundancy costs associated with early exits from the workforce.”

This would cost approximately $4 billion per year for the next five years and $7 billion per year after that, write the researchers.

But the real problem with the research, according to outside researchers who’ve read the paper, is in its reliance on ChatGPT.

Oxford University’s Mohammad Amir Anwar opined on X that the Tony Blair Institute was “making up”; meanwhile, the University of Washington’s Emily Bender told 404 Media’s Emanuel Maiberg that the researchers “might as well be shaking at Magic 8 ball and writing down the answers it displays.”

Source: Aaron Bastani

The problem

TBI researchers set out to provide a high-level overview of the entire workforce so that they could then predict what potential impact automation could have on the market in the future.

They determined that AI could save the UK billions of dollars almost immediately. Per the research paper, the costs of investment versus the potential savings “implies the net savings from fully utilizing AI in the public sector to be nearly 1.3 percent of GDP each year, equivalent to £37 billion a year in today’s terms.”

The researchers even go so far as to claim that “this equates to a benefit-cost ratio of 9:1 in aggregate” up front, and “after five years we estimate the programme could cumulatively save 0.5 percent of annual GDP (or £15 billion in today’s terms), implying a benefit-cost ratio of 1.8:1 is possible if the technology is rolled out quickly.”

While those numbers are certainly exciting, it’s unclear if they have any actual meaning.

What’s in question is how the researchers came to their conclusions. Rather than conduct an exhaustive study with workers and employers to determine how automation would affect a given position, they used the O*Net data set to identify 20,000 tasks performed by workers and then fed the data to ChatGPT. The team then prompted the AI to determine what tasks were suitable for automation and what tools could be used to automate them.

According to the researchers, using human experts to go over each task would have made their work “intractable,” which in science means too difficult to perform.

This also means, ostensibly, that it would be “intractable” for the researchers to evaluate each of ChatGPT outputs — the team says they used the AI system to categorize nearly 20,000 tasks.

If we can assume the AI made mistakes (according to both the TBI research and ChatGPT maker OpenAI’s website, the models are prone to error), then we can also assume that the research contains faulty information and that peer review would be intractable as well.

A message on the ChatGPT prompt page indicating that the AI “can make mistakes” and advising users to “check important info.” Source: OpenAI

Automation isn’t easy

So, what’s the real number? Technically speaking, it wouldn’t be possible for ChatGPT to understand the nuances of automation on a task-by-task basis because the necessary data is almost completely unlikely to be in its data set due to the intractability of creating it by hand. 

When it comes to solving novel problems that an AI system hasn’t been trained on, generative systems tend to fail. 

For example, automatic coffee makers have existed for decades, but general automation — teaching an AI system to make coffee anywhere, in any room — is considered an outstanding problem in the fields of artificial intelligence and robotics.

Simply put, automation is difficult and requires a nuanced approach to each individual task.

Back in 2017, for example, as the generative AI frenzy began picking up steam, it was assumed that autonomous driving would be solved within a matter of years. Elon Musk even famously predicted that Tesla would operate one million robotaxis by the year 2020.

But, as of July 2024, the vast majority of automakers, startups and Big Tech outlets that were working on self-driving cars as of 2021 have shut down their respective programs. It turns out that 99% of driving is able to be automated, but so far, no engineering team has figured out how to safely automate the edge cases that make up that last 1%. 

While it’s easy to imagine any simple task being automated, context is important. ChatGPT may be capable of outputting text indicating that any job can be automated if you throw enough money at the problem, but the reality has so far proved to be antithetical to these claims.

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$500 Bonus","kucoin.btn.text":u,learnAllCategoryGuides:gr,"learn.all.category.guides":gr,learnAllCategoryTitle:gs,"learn.all.category.title":gs,learnBreadcrumbTitle:ah,"learn.breadcrumb.title":ah,learnHeadingDescription:gt,"learn.heading.description":gt,learnHeadingDescriptionWithLinks:gu,"learn.heading.description.with.links":gu,learnHeadingTitle:gv,"learn.heading.title":gv,"ledger.btn.label":"40% off hardware wallet","ledger.btn.text":aO,postsLoadMore:gw,"load.more.articles":gw,postsLoading:gx,loading:gx,magazinePostAuthor:av,"magazine.post.author":av,mainPageCryptoNewsTitle:aB,"main.page.crypto.news.title":aB,"memecoins.index.main.faq-title":"Memecoins FAQ","memecoins.index.main.faq.1.answer":"

Memecoins are a type of cryptocurrency that originate from internet memes, jokes, or cultural references. Unlike traditional cryptocurrencies like Bitcoin or Ethereum, memecoins typically don't have serious intentions or technological advancements backing them. Instead, they thrive on community engagement, social media trends, and virality. The most famous example of a memecoin is Dogecoin, which started as a joke based on the "Doge" meme but gained significant popularity and value due to community support and celebrity endorsements.

","memecoins.index.main.faq.1.question":"What are Memecoins?","memecoins.index.main.faq.2.answer":"

Memecoins function similarly to other cryptocurrencies in terms of their underlying technology. They are built on blockchain networks, which ensure security, transparency, and decentralization. Most memecoins are created as ERC-20 tokens on the Ethereum network or BEP-20 tokens on the Binance Smart Chain. They can be traded, stored in wallets, and used in decentralized applications (dApps). The value of memecoins is often driven by social media hype, community activities, and public interest rather than intrinsic value or technological innovation.

","memecoins.index.main.faq.2.question":"How Do They Work?","memecoins.index.main.faq.3.answer":"

Finding new memecoins involves a mix of research and staying updated with the latest trends in the cryptocurrency space. Here are some steps to help you discover new memecoins:

Follow Crypto News: Stay informed with the latest crypto news websites and social media platforms like Twitter, Reddit, and Telegram where new memecoins are frequently discussed. Join Crypto Communities: Engage in online crypto communities and forums to get real-time updates and insights on new memecoin projects. Use Crypto Tracking Tools: Utilize websites and tools like CoinMarketCap, CoinGecko, and CoinSniper to track newly listed memecoins. Participate in Airdrops: Keep an eye out for airdrop events where new projects distribute free tokens to early adopters. ","memecoins.index.main.faq.3.question":"How to Find New Memecoins?","memecoins.index.main.faq.4.answer":"

Buying memecoins is relatively straightforward and involves the following steps:

Choose a Cryptocurrency Exchange: Select a reputable exchange that lists the memecoin you’re interested in. Popular exchanges include Binance, Coinbase, and decentralized exchanges like Uniswap and PancakeSwap. Create an Account: Sign up and verify your account on the chosen exchange. Deposit Funds: Deposit funds into your account using a bank transfer, credit card, or other cryptocurrencies. Purchase the Memecoin: Search for the memecoin on the exchange, enter the amount you want to buy, and complete the purchase. Store Your Coins: Transfer your purchased memecoins to a secure wallet for safekeeping.","memecoins.index.main.faq.4.question":"How to Buy Memecoins?","memecoins.index.main.faq.5.answer":"

Investing in memecoins can be highly speculative and risky. Here are some considerations:

High Volatility: Memecoins are known for their extreme price volatility, which can lead to substantial gains or losses in a short period. Community-Driven: Their value often depends on social media trends and community support rather than fundamental or technological value. Potential for Quick Gains: Early investors in successful memecoins can see significant returns, but this also comes with the risk of rapid price declines. Diversification: It’s essential to diversify your portfolio and not invest more than you can afford to lose in memecoins.

While memecoins can offer exciting opportunities, they are best approached with caution and a clear understanding of the risks involved. Research thoroughly and consider your investment strategy before diving into the world of memecoins.

","memecoins.index.main.faq.5.question":"Is Memecoin a Good Investment?","memecoins.index.main.latest-releases":"Latest Market Releases","memecoins.index.main.market.trends.24h":"24h","memecoins.index.main.market.trends.title":"Memecoins Market Highlights","memecoins.index.main.market.trends.top-gainers":gy,"memecoins.index.main.market.trends.top-loosers":gz,"memecoins.index.main.memecoins-news":"Memecoins News","memecoins.index.main.table.description":"Memecoins often lack real utility beyond speculation. Memecoins legal status is murky in many jurisdictions, making them popular in high-risk areas like gambling. Caution is advised when dealing with memecoins assets.","memecoins.index.main.table.header.change1h":gA,"memecoins.index.main.table.header.change24h":gB,"memecoins.index.main.table.header.change6h":"6h %","memecoins.index.main.table.header.liquidity":"Liquidity","memecoins.index.main.table.header.marketCap":cq,"memecoins.index.main.table.header.name":gC,"memecoins.index.main.table.header.platform":"Chain","memecoins.index.main.table.header.price":gD,"memecoins.index.main.table.header.volume24h":gE,"memecoins.index.main.table.platform.modal-title":"Blockchains","memecoins.index.main.table.platforms.all":"All Blockchains","memecoins.index.main.table.title":"Memecoins Price Indexes","memecoins.index.main.title":"Featured Memecoins","memecoins.news-block.description":"

About

This page provides up-to-date data on leading memecoin tokens on decentralized exchanges (DEX). The tokens are ranked by their 24-hour price change.

Disclaimer

This publication is sponsored. Cointelegraph does not endorse or assume responsibility for the content, accuracy, quality, advertising, products, or other materials on this web page.

The information contained on this web page is not intended as, and shall not be understood or construed as legal, tax, investment, financial, or other advice. Nothing contained on this web page constitutes a solicitation, recommendation, endorsement, or offer by Cointelegraph or any third party service provider to buy or sell any cryptoassets or other financial instruments.

We advise you to spend only what you can afford to lose, and always seek independent financial advice if you are in doubt. You should not purchase any cryptoassets if you do not fully understand the nature of your purchase and the risks involved. We recommend that you refer to the issuer’s/ advertiser’s t&c and help/ support pages for more information.

","mobile.promo.banner.body-text":"The latest Crypto & AI news delivered right to your phone.","mobile.promo.banner.button":"View","mobile.promo.banner.header":"Cointelegraph App",articleDisclaimerDescMarketRelease:gF,"mr.description":gF,"nbc.btn.label":"Crypto in your super","nbc.btn.text":u,"nebeus.btn.label":"Discover Crypto-Renting","nebeus.btn.text":u,newsSubscriberDaily:gG,"new.subscribe.daily":gG,newsSubscriberError:au,"new.subscribe.error":au,newsSubscriberPlaceholder:gH,"new.subscribe.placeholder":gH,newsSubscriberSend:z,"new.subscribe.send":z,newsSubscriberSubtitle:gI,"new.subscribe.subtitle":gI,newsSubscriberSuccess:gJ,"new.subscribe.success":gJ,newsSubscriberSuccessDescription:gK,"new.subscribe.success.description":gK,newsSubscriberThankYou:gL,"new.subscribe.thankyou":gL,newsSubscriberTitle:gM,"new.subscribe.title":gM,newsSubscriberWeekly:gN,"new.subscribe.weekly":gN,tagRecent:gO,"news.recent":gO,tagTop:gP,"news.top":gP,"nexo.btn.label":"Buy Crypto & Get 0.5% Back","nexo.btn.text":u,"okex.btn.label":"One-stop crypto exchange","okex.btn.text":aO,tagLessCap:gQ,"page.tag.description.less":gQ,tagMoreCap:gR,"page.tag.description.more":gR,articleDisclaimerPaidMarketRelease:gS,"paid.mr":gS,articleDisclaimerPaid:gT,"paid.pr":gT,podcastAboutTheHostsHeading:gU,"podcast.about.the.hosts.heading":gU,"podcast.authors":dM,podcastCarouselHeading:gV,"podcast.carousel.heading":gV,podcastHeroDesc:gW,"podcast.description":gW,podcastDisclaimer:gX,"podcast.disclaimer":gX,"podcast.disclaimer.title":"Disclaimer","podcast.episode.aboutPodcast":"About podcast","podcast.episode.episode":"Episode","podcast.episode.exploreHighlights":"Explore Highlights","podcast.episode.highlights":"Highlights","podcast.episode.readTranscript":"Read Transcript","podcast.episode.season":"Season","podcast.episode.transcript":"Transcript","podcast.episodes.showMore":"Show more episodes","podcast.episodes.title":"Episodes",podcastHeroHeading:gY,"podcast.heading":gY,podcastHostAnd:gZ,"podcast.host.and":gZ,podcastHostWith:g_,"podcast.host.with":g_,podcastListenOnHeading:g$,"podcast.listen.on.heading":g$,"podcast.readMore":cr,podcastRelatedArticlesHeading:ha,"podcast.related.article.heading":ha,postAddReactionButton:hb,"post.add.reaction.button.text":hb,postChangeReactionButton:hc,"post.change.reaction.button.text":hc,postLiveDataViewMore:hd,"post.live.data.view.more":hd,postMarketCap:he,"post.liveticker.market.cup":he,postVol24h:hf,"post.liveticker.vol.24h":hf,youtubeBannerButtonLabel:z,"post.youtube-banner.button-label":z,youtubeBannerChannelUrl:aP,"post.youtube-banner.channel-url":aP,hotStories:hg,"posts.hot-stories":hg,articleDisclaimerDesc:hh,"pr.description":hh,"price.index.detail.about.title":at,"price.index.detail.breadcrumb":"{priceIndexProjectName} {priceIndexSymbol} price index","price.index.detail.change.first.title":"24h Price range","price.index.detail.change.high":"High","price.index.detail.change.low":"Low","price.index.detail.change.second.title":"52w Price range","price.index.detail.chart.title":"{priceIndexProjectName} ({priceIndexSymbol}) Price Chart","price.index.detail.metrics.first.circulating-supply":"Circulating Supply","price.index.detail.metrics.first.market-cap":cq,"price.index.detail.metrics.first.title":"{priceIndexProjectName} Market Stats","price.index.detail.metrics.first.total-supply":"Total Supply","price.index.detail.metrics.first.volume24h":"Volume (24h)","price.index.detail.metrics.first.YTD-return":"YTD Return","price.index.detail.metrics.second.all-time-high":"All-Time High","price.index.detail.metrics.second.high24h":"High (24h)","price.index.detail.metrics.second.high52w":"High (52w)","price.index.detail.metrics.second.low24h":"Low (24h)","price.index.detail.metrics.second.low52w":"Low (52w)","price.index.detail.metrics.second.open-price":"Open Price (24h)","price.index.detail.metrics.second.title":"{priceIndexProjectName} Price","price.index.detail.metrics.title":"{priceIndexSymbol} Key Metrics","price.index.detail.seo.description":"{todayDate} - Discover the latest {priceIndexProjectName} {priceIndexFiatSymbol} price with real-time charts, market cap, and news. 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","price.index.main.description.second.decrease":"The total crypto market volume over the last 24 hours is {priceIndexMarketStatsMarketVolume}, which makes a {priceIndexMarketStatsVolumeChange24h} decrease.","price.index.main.description.second.increase":"The total crypto market volume over the last 24 hours is {priceIndexMarketStatsMarketVolume}, which makes a {priceIndexMarketStatsVolumeChange24h} increase. ","price.index.main.hot-market-news":"Hot Market News","price.index.main.market.trends.title":"Market Highlights","price.index.main.market.trends.top-gainers":gy,"price.index.main.market.trends.top-loosers":gz,"price.index.main.table.buy.sell.button-text":"Buy / Sell","price.index.main.table.buy.sell.disclaimer":"Crypto assets are high-risk investments. Be aware of potential losses from leverage. This information is not investment advice.","price.index.main.table.category.all-coins":"All Coins","price.index.main.table.category.input-placeholder":"Filter categories...","price.index.main.table.category.modal-reset":"Reset","price.index.main.table.category.modal-title":"Category","price.index.main.table.category.more":"More categories","price.index.main.table.currency.input-placeholder":"Filter currencies...","price.index.main.table.currency.modal-title":"Change Currency","price.index.main.table.header.1h":gA,"price.index.main.table.header.24h":gB,"price.index.main.table.header.24h-volume":gE,"price.index.main.table.header.7d":"7d %","price.index.main.table.header.7d-chart":"7d Chart","price.index.main.table.header.market-cap":cq,"price.index.main.table.header.name":gC,"price.index.main.table.header.price":gD,"price.index.main.table.pagination.general-info":"Showing {page} to {pageCount} out of {ratesCount} results","price.index.main.table.pagination.show-rows":"Show rows","price.index.main.table.title":"Today's Top Cryptocurrencies","price.index.main.title":hi,"price.index.news.load-more":"Load More","price.index.news.title":"Latest Market News","price.index.tooltip.24h-volume":"The total dollar value of all transactions for a particular cryptocurrency traded across all exchanges in the past 24 hours.","price.index.tooltip.400-coins":"Cointelegraph has compiled and organized a list of cryptocurrency coins and tokens based on various sources and data. 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None of the material should be considered as investment advice!",articleRelatedNewsTitle:cr,"related_news.title":cr,"research.index.articles.description":"Cointelegraph Research publishes in-depth and unbiased research on digital assets and distributed ledger technology.","research.index.articles.morebtn":"Read More Articles","research.index.articles.title":"Articles","research.index.faq.1.answer":"Cointelegraph Research is a division of Cointelegraph that provides in-depth, unbiased research on digital assets and distributed ledger technology. The research covers a wide range of topics, including decentralized finance, venture capital and security tokenization. The team comprises management consultants, professional researchers and blockchain technologists committed to delivering high-quality insights to help navigate the rapidly evolving crypto landscape.","research.index.faq.1.question":"What is Cointelegraph Research?","research.index.faq.2.answer":"We produce our reports and articles through a structured process that includes topic selection, comprehensive data collection, thorough analysis and collaboration with industry experts. Our team of management consultants, professional researchers and blockchain technologists works together to ensure that the insights provided are both accurate and relevant.","research.index.faq.2.question":"How do we produce our reports and articles?","research.index.faq.3.answer":"Cointelegraph Research benefits a wide range of audiences, including government entities, corporations and individual investors. Our insights can support strategic planning, deepen understanding of the blockchain ecosystem and inform investment strategies.","research.index.faq.3.question":"Who can benefit from Cointelegraph Research?","research.index.faq.4.answer":"The reports offer valuable insights into market trends, investment opportunities and technological advancements within the digital asset industry.","research.index.faq.4.question":"What kind of information can I find in the reports?","research.index.faq.about.description":"

Cointelegraph’s Research has the mission to go beyond the crypto news cycle and uncover the fundamental technical innovations and market forces that shape the space. In an industry that moves at a challenging pace, we aim to demystify new developments to our readers and help projects communicate the nuts and bolts of their technology.

Guided by researchers from the University of Cambridge, our team covers a wide range of expertise including macroeconomics, venture capital, real world asset tokenization, decentralized finance, blockchain scaling solutions, and distributed computing.

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