Summary: Average wages are typically flat for the first 50 years after a major economic revolution. AI is such a revolution, but the outcome is less certain this time, because of the ways it differs from past cases. Most fretting about the AI revolution lament mass unemployment. True, roughly half a billion jobs will be eradicated over the next decade. Still, new vocations will emerge to fill the void — predominantly in uncharted sectors we are yet to fathom.
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Will AI Cause Wage Stagnation or Growth?
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Summary: Average wages are typically flat for the first 50 years after a major economic revolution. AI is such a revolution, but the outcome is less certain this time, because of the ways it differs from past cases. Most fretting about the AI revolution lament mass unemployment. True, roughly half a billion jobs will be eradicated over the next decade. Still, new vocations will emerge to fill the void — predominantly in uncharted sectors we are yet to fathom.