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Central Bankers Warned Of Possible Economic 'Robocalypse' (seattletimes.com)
An anonymous reader quotes the Seattle Times:
At an exclusive gathering at a golf resort near Lisbon, the big minds of monetary policy were seriously discussing the risk that artificial intelligence could eliminate jobs on a scale that would dwarf previous waves of technological change. "There is no question we are in an era of people asking, 'Is the Robocalpyse upon us?'" David Autor, a professor of economics at the Massachusetts Institute of Technology, told an audience Tuesday that included Mario Draghi, the president of the European Central Bank, James Bullard, president of the Federal Reserve Bank of St. Louis, and dozens of other top central bankers and economists... [A]long with the optimism is a fear that the economic expansion might bypass large swaths of the population, in part because a growing number of jobs could be replaced by computers capable of learning -- artificial intelligence.
Policymakers and economists conceded that they have not paid enough attention to how much technology has hurt the earning power of some segments of society, or planned to address the concerns of those who have lost out... In the past, technical advances caused temporary disruptions but ultimately improved living standards, creating new categories of employment along the way... But artificial intelligence threatens broad categories of jobs previously seen as safe from automation, such as legal assistants, corporate auditors and investment managers. Large groups of people could become obsolete, suffering the same fate as plow horses after the invention of the tractor. "More and more, we are seeing economists saying, 'This time could be different,'âS" said Autor, who presented a paper on the subject that he wrote with Anna Salomons, an associate professor at the Utrecht University School of Economics in the Netherlands.
Ultimately we'll just have to wait and see, Autor concluded. "I say not Robocalpyse now. Perhaps Robocalpyse later."
Policymakers and economists conceded that they have not paid enough attention to how much technology has hurt the earning power of some segments of society, or planned to address the concerns of those who have lost out... In the past, technical advances caused temporary disruptions but ultimately improved living standards, creating new categories of employment along the way... But artificial intelligence threatens broad categories of jobs previously seen as safe from automation, such as legal assistants, corporate auditors and investment managers. Large groups of people could become obsolete, suffering the same fate as plow horses after the invention of the tractor. "More and more, we are seeing economists saying, 'This time could be different,'âS" said Autor, who presented a paper on the subject that he wrote with Anna Salomons, an associate professor at the Utrecht University School of Economics in the Netherlands.
Ultimately we'll just have to wait and see, Autor concluded. "I say not Robocalpyse now. Perhaps Robocalpyse later."
Wow we've even automated first posts. Smashing!
Well done AI overlord!
Unfortunately, your robot first post AI is about to be outsourced to an offshore robot first post AI. Lower cost for the little human labour AIs require makes it inevitable. The top 7 things you can do:
And before the apps guy shows up, AI APPS. AI APPS AI APPS. Only AI Appers do AI Apps on their AI Apps. AI APPS for your AI APP Overlords.
"Transparent" is a shit show that trades on every stereotype going. A man in drag is NOT a transsexual.
"But artificial intelligence threatens broad categories of jobs previously seen as safe from automation, such as legal assistants, corporate auditors and investment managers"
Yea, I did notice a trend in the 3 jobs they listed off lol. Omg our jobs are at risk...in this specialized field of MONEY!
What are they going to do when analysts are also obsolete, then who will inform all of us morons when the ai and robots are going to take OUR jobs!?
We are so screwed when bankers are no longer driven by greed by by actually balancing books and doing what's best for a company.
It's almost like we could teach this ai that outsourcing massive numbers of jobs to other countries isn't beneficial to the country the ai CEO resides in. Then the only people out of jobs will in fact be the people they listed.