How Artificial Intelligence and Robots Will Radically Transform the Economy
Source: Kevin Many
This article discusses how automating away jobs isn’t always a bad thing. The article begins with the example of automated gas pumps. At first, the proliferation of automated gas pumps caused hundreds of thousands of jobs to disappear; however, because of the elimination of traditional gas pumps, newer and more interesting jobs were created in the development side of automated gas pumps, the money saved on gas from not having to pay an attendant was poured back into the economy on other ways, and more people pursued college degrees as they realized that low-skilled jobs may not be sustainable options. The author argues that something similar will happen with the proliferation of AI technologies. In the short term, many people may suffer from their jobs being taken over by AI; however, there will be a positive impact on society in the long term.