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How Artificial Intelligence Will Shape Our Future

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23.07.2021

As AI improves and becomes more powerful, its impact on the world economy will become vastly more significant. It will affect virtually every aspect of the world economy from unemployment rates to economic growth, productivity, income inequality and more.

Some argue that so far, AI has not had a large enough impact, but as its development accelerates, its effects will grow exponentially. Whether we like it or not, automation and job displacement are already here, slowly pushing the human workforce into different domains. Similar patterns can be found throughout history; new technology made certain products and jobs obsolete, and eventually humans were forced to switch to more innovative products and new jobs.

For instance, occupations such as a milkman, switchboard operator and knockerupper (a human alarm clock that used to tap on windows) no longer exist today. Steam engines were replaced with internal-combustion engines, and coachmen became chauffeurs. It's a natural process: As technology advances, it doesn't make sense to have humans work the same old jobs.

Related: When Should You Not Invest in AI?

When we examine the job displacement, we should analyze the phenomenon referred to as “The Great Decoupling," which reveals that up until the 1970s, productivity and hourly wage increased at the same pace; since then, however, the hourly income has not been able to keep up with the........

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