One of the questions that I have that our political or business leaders are either unwilling or incapable of answering is what will happen to our economy (and our world in a broader sense) when technology reaches the point that human labor is mostly unnecessary. I do not think that even economists have any idea what is going to happen.
With the advances in artificial intelligence and robotics, more and more jobs are becoming automated. Today, we are starting to see the tip of the metaphorical iceberg in manufacturing as, contrary to what some believe, high paying jobs are being replaced by robotic machines.
Our current solution for retraining these workers into other occupations is just a temporary fix. Eventually, those jobs will become automated once artificial intelligence becomes sophisticated enough. Even writing the occupation of software development, writing artificial intelligence, will become automated.
When human labor becomes obsolete, what becomes of people who are not the owners of capital?
Wal-Mart Stores Inc is rolling out shelf-scanning robots in more than 50 U.S. stores to replenish inventory faster and save employees time when products run out.
Elon Musk isn’t the only high-profile figure concerned about the rise of artificial intelligence.
Scientist Stephen Hawking warned AI could serve as the “worst event in the history of our civilization” unless humanity is prepared for its possible risks.
Andrew Ng, formerly the head of AI for Chinese search giant Baidu and, before that, creator of Google’s deep-learning Brain project, knows as well as anyone that artificial intelligence is coming for plenty of jobs. And many of us don’t even know it.