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.
Will AI Cause Wage Stagnation or Growth?
Will AI Cause Wage Stagnation or Growth?
Will AI Cause Wage Stagnation or Growth?
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.