Updated: Mar 29
Are We About to Face an AI-Driven Economic Disruption?
We are being seconded everywhere by the machine. Only a small percentage of people never go a day without using their smartphone, computer, or tablet.
We are already very close to having the machine at our fingertips.
For now, it can carry out quick, simple tasks for us or perform complex calculations faster than we can.
In many ways, it is superior to us. But can it take our place?
The capabilities of machines and, of course, AI are increasing exponentially every day.
Nothing is more certain than whether AI will soon be able to do everything faster, better, and cheaper than us, rendering us all obsolete. Not yet, though.
However, it's time to prepare for change. There is a fictitious threat, one that we have brought about, that is coming. A new predator, one that might soon reach the top of the food chain.
A brand-new revolution is about to happen. It won't be a commercial or well-liked one. It is a revolution on par with the one that occurred when humans first decided to stand up straight and walk without using their hands or arms.
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Our way of life and a more universal version of it will be challenged by AI. And it will undoubtedly have an effect on the economy.
According to a review of 702 different American job types conducted by Oxford University, nearly half of all American jobs (47%) and 19% had a high risk of being impacted by technology.
Over the course of the next 20 years, 66 percent of jobs could be lost.
But even more troublingly, only 52% of experts, according to a Pew Research Center study, think that automation will create more jobs than it eliminates.
In other words, AI will end the traditional creative destruction process, according to them.
This short article is a part of a study lead by Hamann & Benson's client.