Can AI create unemployment?

Can AI create unemployment?

AI is likely to displace some jobs: Certain tasks that are routine, repetitive, or dangerous may be automated using AI. This could lead to job losses in industries such as manufacturing, transportation, and customer service.

It is feared that artificial intelligence (AI) technology will make humans unemployed in the future. However, this did not take long to become a reality. Several companies have started to cut employees. It is estimated that there will be a wave of layoffs of at least 44 percent throughout 2024 due to AI efficiency.

Research from Goldman Sachs indicates that AI could partially automate two-thirds of all jobs. [2] In fact, this same research suggests that technological revolutions often create more jobs than they destroy. Case in point, Figure 1.2 compares the number of jobs that existed in 1940 to those that didn't.Jan 25, 2024