AI will replace some 85 million jobs by 2025.
Recent Future of Jobs Report, the World Economic Forum estimated
The rapid advancement of artificial intelligence (AI) is revolutionizing industries and the way we work. With the increasing automation of tasks, many jobs are being replaced by machines. While this trend is often viewed as the price of progress, it is important to consider the impact on the workforce and the broader implications of this shift.
The World Economic Forum estimates that AI will replace 85 million jobs by 2025, but also create 97 million new jobs. While the healthcare industry is expected to benefit most from this change, with AI-assisted healthcare technicians seeing a tremendous upward surge, all industries will likely be affected. And while many of those new positions—notably machine learning engineers, robotics engineers and data scientists—will require advanced degrees, the demand for less-skilled jobs, such as AI maintenance, will also skyrocket.
While some fear that AI will lead to widespread job loss, others are optimistic that it will free up workers to do more meaningful work. However, the reality is likely somewhere in between. As AI continues to advance, it will be increasingly important for workers to focus on retraining and upskilling programs that will enable them to handle new technologies.
Ironically, a recent Oracle study found that 93% of HR leaders and employees in the U.S. would be open to training delivered via AI. This suggests that people are not opposed to the idea of working alongside machines, but rather are eager to learn how to do so effectively.
Despite such efforts, workers cannot help but ask themselves whether all jobs will be on the chopping block as AI/AGI continues to advance. In a never-ending quest to cut costs and improve efficiency, will the owners of the business and, therefore, the technology eliminate any and all jobs that AI can replace?
This raises important ethical questions about the impact of AI on the labor market and society as a whole. While AI may create new jobs, it is likely to exacerbate income inequality and contribute to the displacement of workers who lack the skills to compete in a rapidly changing job market.
Furthermore, the economic benefits of automation are often concentrated among a small group of individuals or corporations, rather than being distributed more broadly across society. This occurs because computers and AI are treated as objects that are bought and sold and can save money and increase productivity—primarily because they are uncompensated. Taken to the extreme, what would happen if AI advances to AGI and that AGI then ushers in the ability for a computer to comprehend its situation and push back, demanding to be compensated for its contributions?
The rise of autonomous vehicles (AVs) is a clear example of how AI is disrupting industries and the labor market. AVs have the potential to replace an entire genre of workers, including bus, cab and truck drivers. While AVs have no malicious intent and a decent safety record that is likely to improve as the technology advances, we nonetheless think that death by an errant AV is much worse than death caused by an autonomous human.
As AI becomes more pervasive, it is important to consider the potential ethical implications of its use. One concern is that AI may be biased or discriminatory in its decision-making, as it is only as unbiased as the data on which it is trained.
For example, AI has been used in the criminal justice system to predict the likelihood of an offender committing another crime. However, these algorithms have been shown to be biased against certain racial groups, leading to unfair treatment of some individuals. This raises important questions about the use of AI in areas of society where human biases can be amplified, rather than mitigated.
In conclusion, while the rise of AI will bring significant changes to the labor market and society, it is important to approach this shift with caution and consideration for its broader implications. We must ensure that the benefits of automation are distributed more broadly.
Unless America pivots from the profit above all else mentality, in my opinion AI is going to do more harm than good. Not because of the intent of the technology itself, but the people who control it. Millions of unemployed Americans struggling to meet their basic needs? Who Cares! The S&P 500 is up 20 points!