For now, AI is devouring jobs. This, too, shall pass

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Useful Read, esp in the explanation of examples of how tech in the past destroyed jobs, only to create more later...

Entrepreneur Elon Musk has said “there will come a time when no job is needed”. 

Dr Geoffrey Hinton, a Nobel laureate in physics who is regarded as the “godfather of AI”, said in an interview that “for mundane intellectual labour, AI will replace everyone”. Asked about AI-proof careers, he suggested that the best bet are jobs needing hands-on skills, adaptability, and unpredictable problem-solving – such as plumbing.

There is already rising demand for data scientists, machine learning engineers, human-machine teaming managers, algorithm auditors, prompt engineers, AI ethicists, and cyber-security professionals, roles that did not exist until recently.

while AI will displace jobs, this will be temporary as new jobs emerge, either directly from technological change (as is already happening) or indirectly by triggering higher demand and output because of lower costs and greater efficiencies, leading to net job gains. But there will be a lag between job displacement and new job creation.

ensure that AI does not replace jobs but amplifies skills.

the Government has launched a programme of 

traineeships for new graduates in several industries

, under which it will fund 70 per cent of the allowances they will receive for three to six months. This will help graduates acquire industry-relevant skills that could lead to full-time employment. 

Qn: To what extent is artificial intelligence replacing the role of humans? (Cam. 2019)