Will AI cause mass unemployment and how should society respond ?

ESSAY 2 :

Will AI cause mass unemployment

and how should society respond ? 

        Artificial intelligence is likely to have a significant impact on everyone’s livelihood.

Firstly, the current technology revolution will foster the economy and generate productivity-based growth. As any previous technology revolution, artificial intelligence will result in an increase in productivity and in wealth. The subsequent rise in supply and demand will result in creation of jobs. Although artificial intelligence will undoubtedly disrupt certain jobs, it will have a positive impact on the aggregate labour demand. Robots can not work without human support and are not able to replicate human judgement and cognitive skills. Moreover, machines are not sufficiently dexterous to do all kind of manual work. The app industry is a significant example of the ability of technology to create jobs - 627 000 people work today in this field which did not even exist 9 years ago. Artificial intelligence is likely to have positive impact on the economy regarding growth and employment.

        However one should not simply focus on the aggregate level. Although it will foster overall labour demand, artificial intelligence will also increase income inequalities. The human cognitive skills that robots are missing are skills related to high-paid jobs. This kind of jobs will remain despite the artificial intelligence revolution, eventually requiring some adjustments. Furthermore, these workers will benefit from a rise in wage since their cognitive skills will be more valuable regarding robots’ needs. On the other hand, robots are able to perform routine-based tasks in factories and offices and their possibilities for this kind of tasks will expand through the years to come. Artificial intelligence directly competes with low paid jobs, and it will result in lower wages for the concerned workers.

        As a conclusion, the current technology revolution is likely to widen the gap of wage inequalities, while foster overall economy and employment.

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