AI Will Create Millions More Jobs Than It Will Destroy. Here’s How
AI Will Be a Job Engine, Not a Destroyer
The article argues that fears of AI causing mass unemployment are unfounded. It asserts that AI will be the greatest job engine the world has ever seen. By lowering the cost of basic translation and enabling more cross-border commerce, AI is projected to increase demand for human roles in sectors like accounting and medical services.
Historical Patterns Suggest Job Creation
History supports the argument that new technologies create more jobs than they destroy. Following the release of the web browser Mosaic in 1993, the internet disrupted traditional industries but also created thousands of new careers and trillions in corporate value. Similarly, the introduction of ATMs did not reduce the number of bank tellers; instead, lower operational costs allowed banks to open more branches and hire more staff.
Analysis of Job Statistics
Data supports the thesis that AI will spur job growth rather than cause mass layoffs. The US Bureau of Labor Statistics projects faster-than-average growth in roles like accountants and medical secretaries due to AI. A 2016 OECD report found only a nine percent risk of computerization for jobs. However, a 2013 study by Carl Frey and Michael Osborne suggested that 47 percent of job functions could be automated, a statistic often misinterpreted to mean that 47 percent of jobs would disappear. An Accenture report from January 2018 estimated that combining AI with human collaboration could boost global employment by 10 percent by 2020.