Ai and jobless in Business and Technology

In recent years, Artificial Intelligence (AI) has become increasingly ubiquitous, becoming an integral part of business and technology. This technology has allowed businesses to become more efficient and automated tasks that were once done manually or with greater effort in order to produce faster, more accurate results. AI, however, has also brought about a troubling trend that is quickly gaining traction: joblessness due to automation, and the rapid displacement of workers in all sectors of business and technology.

The potential impact of rampant AI-driven joblessness is sobering, to say the least. According to Andrew McAfee and Erik Brynjolfsson, two leading economists and researchers in the field of AI economics, “Applying great intelligence to the current economy and labor–market structure of the world would tend to displace labor, which is not automatically an acceptable outcome.” This means that ultimately, even with the most cutting-edge AI and automation, the economy may not be able to quite keep up with the rate of job displacement, meaning that those behind the wheel of technology will inevitably be the ones to suffer the most.

This problem is not just theoretical: it’s already happening. Companies like Uber, Airbnb, and Amazon are among the most well known names in automation, and already the number of jobs being displaced in the travel, hospitality and retail industries is staggering, not just in the United States, but around the world. In addition, automation has also invaded the world of finance and accounting, with financial advisors and bookkeepers increasingly being replaced by AI and machine-learning algorithms. And in the world of medicine, Automated Diagnostic Test Kits could soon vastly diminish the need for nurses and other medical professionals in diagnosis and care.

Although the trend of joblessness due to automation is alarming, there are solutions that can be deployed to mitigate the losses. For example, businesses can look to alternative methods of “re-training” when jobs become automated, thereby providing their former employees with the skills they need to survive and thrive in a new field. In addition, governments, in discussion with the business sector, can look to solutions like universal basic income to ensure that those who are affected by job loss due to automation are not condemned to poverty, as it is not fair for those who had no choice in the matter to suffer unnecessarily.

In conclusion, Where there is a will there away