Original Article, M. Kande and M. Sönmez, October 26, 2020
The COVID-19 pandemic has accelerated technological advances and the automation of many routine tasks – from contactless cashiers to robots delivering packages. In this environment, many are concerned that artificial intelligence (AI) will drive significant automation and destroy jobs in the coming decades.
Just a few decades ago, the internet created similar concerns as it grew. Despite skepticism, the technology created millions of jobs and now comprises 10% of US GDP. Today, AI is poised to create even greater growth in the US and global economies. Sixty-three percent of CEOs believe AI will have a larger impact than the internet, according to PwC’s Annual Global CEO Survey.
While Fourth Industrial Revolution technologies driven by AI will continue to fundamentally change the world and the way we work and live, AI may not lead to massive unemployment. Instead, AI technology will create more jobs than it automates.