AI advancements have the potential to displace a significant number of jobs, causing economic upheaval. While the technology promises to boost productivity and economic growth, it also threatens to render many jobs obsolete, particularly those involving routine tasks. A study by the World Economic Forum predicts that by 2025, machines will perform more tasks than humans at work.
Job displacement is not the only concern; wage inequality is another significant issue. As AI permeates industries, workers who can’t adapt to new technologies risk being left behind, widening the wage gap. This could lead to social unrest and increased economic inequality.
Despite these concerns, some experts argue that AI could create more jobs than it displaces. They believe that, similar to the Industrial Revolution, new industries and job roles will emerge. However, this transition will not be seamless and will require significant efforts in education and retraining.
While governments and businesses recognise the challenges, responses have been slow. Policymakers need to design strategies that ensure the benefits of AI are shared more equitably. This includes investing in education and training to prepare workers for the jobs of the future, and implementing policies to protect those most vulnerable to displacement.
Go to source article: https://time.com/6970109/dangers-ai-labor-displacement/