Present day society is about to face unprecedented economic turbulence as a result of advancement in the capabilities of Artificial intelligence. AI will enable more advanced and more complex forms of automation that will harm countless jobs (Weber). Nevertheless, according to professional services firm PricewaterhouseCoopers “AI could contribute up to $15.7 trillion to the global economy in 2030” (Rao 3). In addition, AI will create new jobs, however the jobs created will require more skill and training than those lost. There are a number of economic and political measures that can be taken to hedge against these risks so that many of the benefits are taken advantage of at the lowest cost. The economic benefits of AI are extremely appealing
According to the World Economic Forum “Currently, Artificial Intelligence (AI), the intelligence enabler for robots, is rather narrow (some might argue limited), which is why automation is very nuanced and focused on certain tasks. Yet, in the future, AI is likely to develop more general capabilities, which will translate into multidisciplinary robotic labour and more software solutions with human-like reasoning” meaning mass job loss is relatively unlikely in the very near future but will become a serious concern as AI and automation capabilities inevitably improve (Weber).This is what makes AI so dangerous from an economic perspective. McKinsey Global Institute estimates “that between 400 million and 800 million individuals could be displaced by automation and need to find new jobs by 2030 around the world, based on our midpoint and earliest (that is, the most rapid) automation adoption scenarios” (McKinsey Global Institute 11). The problem will only continue to get worse as the capabilities of AI advance since more tasks will be able to be automated. A report from the White House during the Obama Administration, concerning AI and automation, states “research consistently finds that the jobs that are threatened by automation are highly concentrated among lower-paid, lower-skilled, and less-educated workers. This means that automation will continue to put
In order to maintain the human workforce while not hindering technological advancement, there needs to be a change in our education system. According to Harvard Business Review “ with AI taking over routine information and manual tasks in the workplace, we need additional emphasis on qualities that differentiate human workers from AI — creativity, adaptability, and interpersonal skills” (Kosbie). The article further explains that this means expanding computer programming at the high school level “with the world becoming increasingly digital, computer science is as vital in the arts and sciences as writing and math are. Whether a person chooses to become a computer scientist or not, coding is something that will help a person do more in whatever field they choose. That’s why we believe a basic computer programming course should be required at the 9th grade level” (Kosbie). In addition, the Obama Administration stated “technology is not destiny; economic incentives and public policy can play a significant role in shaping the direction and effects of technological change” meaning that our technological growth can be controlled and mass unemployment can be, to some degree, prevented (Executive Office of the President 3). An earlier report from the Obama administration listed multiple ways that the U.S. can succeed in the AI economy “investing in basic and applied research and