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Is Artificial Intelligence Causing Unemployment?

The new quickly expanding, growing and advancing artificial intelligence industry is taking the world by a storm. This begs the question on everyone’s mind – Is Artificial Intelligence Causing Unemployment?

The forecasts about the AI industry’s role in society are both optimistic and could lead to quite terrible results depending on who you ask.

If you’re not concerned about AI safety, you should be. Vastly more risk than North Korea.

— Elon Musk (@elonmusk) August 12, 2017

The main goal of the industry is to play a massive role in the production and processing industries, however, they will quickly start replacing human based jobs as they provide a more efficient, cost effective solution.

What would the global impact be, and will artificial intelligence lead to massive unemployment?

Taking a Glimpse at History

Let’s think about the industrial revolution back in the day. The first machines came to existence and the production sectors, which led to sacking a lot of human personnel in the process but also created thousands of jobs in other sectors.

Think about the question “Is Artificial Intelligence Causing Unemployment?” from an economic point of view. Mark Cuban definitely didn’t see that, however, people that became unemployed in the past simply gained the motivation to change their qualifications to a more academic type of work, which led to more benefits for society.

If a machine was able to replace a person and his job, it only makes sense that the same person should improve his skill set and become a different tool for society.

In 2015 André LeBlanc, a veteran with over 20 years in the industry, addressed the TEDx audience at Moncton and explored the then current and future impacts of AI on industry, medicine, science, and how he saw it benefiting human progress.

Most experts and futurists believe that artificial intelligence will surpass human intelligence by 2035. This thought may further heighten your desire to really know; is Artificial Intelligence causing unemployment?

The Modern Day Forecasts and Elon Musk AI Fears

One of Elon Musk’s biggest fears is that the AI will eventually become so capable, that humankind will essentially have the same problems as the ones described in the famous Terminator movies, starring Arnold Schwarzenegger.

Compared to the industrial revolution, the AI will make a much more significant impact, depending on the industry. All types of practical professions could be wiped off the job market and be completely replaced with AI software.

This begs the question – if the software could do your job better than you, then do you really deserve your job?

The logical and simple answer would be “No” however; there are many factors behind it changing the paradigm.

Perhaps Mark Cuban has a right to fear for the job market, perhaps Elon Musk will be right on his forecast that hundreds of thousands of people will be replaced by an AI in the upcoming years.

Elon Musk’s A.I. warning is so we take the right steps: EY from CNBC.

The Process

The thing is though that these very same AI are programmed by people. They’re a sequence of functions and algorithms, blocks of code meant to achieve full automation. Their goal is to reach the singularity point.

The singularity point basically means the ability of an AI to start coding itself, learn new things, update the current system and basically improve its overall status.

It’s also a way of developing “consciousness”, even though it will be much more different compared to a human’s consciousness.

So, Is Artificial Intelligence Causing Unemployment?

As a conclusion, we could say that economists always believe that the replacement of people by technology always leads to the creation of new jobs, while the IT sector claims that the AI will simply take over the whole job market. We’d have to wait and see who’s right.

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