AI will create more jobs than it destroys!

Some fear that as AI improves it will supplant workers, in turn creating ever-growing unemployment as humans become unable to compete economically with machines. But, on the contrary, AI can be seen as the greatest job engine the world has ever seen!

Firstly, it is easy to presume that existing jobs would be disrupted by new technology and you’re not wrong. The impact of AI on individual sectors is set to vary, seeing winners and losers for the introduction of AI and robotics. For example, jobs in health care may rise, while jobs in manufacturing may fall. We have all bared witness to major advances in technologies such as steam engines and computers. We have seen how such advances can displace existing jobs, but we can also see how such advances can also generate more jobs along with generating large productivity gains. The advancements of AI and robotics are said to make 75 million jobs obsolete by the year 2022, however in saying this, there are predictions of 133 million new jobs being created over the same period.

The new technology provides the emergence of new careers. Technological advances can create new opportunities and completely new forms of employment. In fact, it can be forecasted that AI is expected to create faster-than-average job growth in many occupations: such as accountants, geological technicians, web developers, and customer service representatives to name a few. Reports suggest that the new applications of AI combined with human collaboration could well and truly boost employment worldwide as much as 10% by 2020. Therefore, in order to mitigate the “displacement effect” of AI, it is recommended that the government invest more in STEAM – science, technology, engineering, art and design, and mathematics – to enhance skills and encourage workers to update and adapt their knowledge in order to complement machines.

So, can AI really create more jobs than it destroys? Absolutely, and it can increase productivity at the same time too!