The coming unemployment caused by A.I. and Robotics: a (brief) analysis!
THREAD
#1 The coming unemployment caused by AI: a (brief) analysis
The economic debate continues to be dominated by two camps: one claims that AI will replace jobs, but that overall more new jobs will be created. The other camp sees the opposite: AI will replace significantly more jobs than it creates. I write about this topic regularly because it is the most important issue of our time and affects us all.
This post is a little longer, but I want to present a well-argued case (written without AI, all by myself). I welcome critical counterarguments.
So who is right? Let's try to find some answers:
#2 First, the nature of the economy:
The world of work is not a moral place where consideration is given to people's feelings. The world of work is competitive; that is a fact. Companies compete for sales markets, for supremacy, for market dominance. Samsung versus Apple, NVIDIA versus AMD, Meta and Grok versus OpenAI, and so on.
What counts here (especially for shareholders) is the expectation for the future, and this is shaped in such a way that companies do everything they can to maximize profits, not because they are greedy, but 1) because they are obligated to their shareholders (if they are listed on the public market) and 2) because profit means reinvestment in new assets and thus a competitive advantage. In short, profit has nothing to do with morality or greed, but is a necessity in capitalist competition.
#3 The big corporations make no secret of this.
Amazon CEO Andy Jessy said a few days ago: “In the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company.”
The same statements are being heard from all sides, and not just from Amazon. Meta has announced that it will replace a large portion of its software engineers with SWE agents by the end of the year, while Jamie Diamond, CEO of JPMorgan, claims that due to the excess supply of labor, the workload will be reduced to 3.5 working days, and Bill Gates predicts that there will only be 2 working days in a few years.
Not to mention the large wave of unemployment predicted by Dario Amodei.
However, the truth is that well-known CEOs such as Jensen Huang see things differently and consider the impact on the labor market to be exaggerated, saying that more new jobs will be created.
CONTINUED…
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