AI Long-Term Impact on Employment: Let’s Look at History

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Artificial intelligence has been making extraordinary progress in the past few years. It’s ironic that after years of frustration with AI’s missed promises, many now worry that its mighty power is now upon us while we still don’t know how to properly deploy it. Some fear that at some future time, a sentient, superintelligent general AI might pose an existential threat to humanity.But while being dismissive of such dire concerns, many experts worry that the real threat is that AI advances could lead to widespread economic dislocation.

What impact will AI have on jobs? Could our smart machines lead to mass unemployment? What will life be like in such an AI future?  “After 200 years, the machinery question is back. It needs to be answered,” notes The Economist in a special report on AI in the June 25 issue. What can we learn from history that will help us better respond to AI’s technological advances?

People have long worried about the impact of technology on society, be it railroads, electricity, and cars in the Industrial Age, or the internet, mobile devices and smart connected products now permeating just about all aspect of our lives. The Economist reminds us that these worries have been with us ever since the advent of industrialization two centuries ago. Eminent English economist David Ricardo first raised the machinery question in 1821, that is, the “opinion entertained by the labouring class, that the employment of machinery is frequently detrimental to their interests”.

Read the source article at WSJ Blogs