Bank of England Chief Economist Warns On AI jobs Threat (bbc.com)
The chief economist of the Bank of England has warned that the UK will need a skills revolution to avoid "large swathes" of people becoming "technologically unemployed" as artificial intelligence makes many jobs obsolete. From a report: Andy Haldane said the possible disruption of what is known as the Fourth Industrial Revolution could be "on a much greater scale" than anything felt during the First Industrial Revolution of the Victorian era. He said that he had seen a widespread "hollowing out" of the jobs market, rising inequality, social tension and many people struggling to make a living. It was important to learn the "lessons of history", he argued, and ensure that people were given the training to take advantage of the new jobs that would become available. He added that in the past a safety net such as new welfare benefits had also been provided.
Train your existing people. Problem solved.
Every conservative British outfit and talking head, from Theresa May, to BJ, to Nigel Farage has repeatedly told me that with the savings we realize from the Brexit, we can pay for anything.
And with fredumz to negotiate our own trade terms, we can profit from everywhere.
We will negotiate bigly with the AI and get a great deal.
We can't all be doctors. And even if we could whose going to pay us when the jobs base collapses and with it wages? This is the same sort of nonsense I heard when the manufacturing jobs went overseas and again when the tech jobs fooled them. It was biotech last time, but this time they're not even saying what I'm supposed to retrain for...
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banks like student loans
We are a solved specie. In the future even the majority of developer jobs will be automated. Systems will be fully automated with a fully non-human supply chain, economy, and customers. I am looking forward to seeing "100% human made" on products as opposed to what the automated systems will create. At this rate, it will come in our lifetimes.
The sad truth is that a large proportion of the UK is under the impression that chucking out all the Eastern Europeans who stand in cold fields plucking cabbages 12 hours a day will solve the job problem.
You can remove the low skilled workers if you want, but sooner or later (most likely sooner) a robot will take their place anyway.
"We must become masters of our AI overlords"
without people to pay.
Money's purpose is to manage a human workforce.
people were given the training to take advantage of the new jobs that would become available
Which jobs are these?
Have gnu, will travel.
So this certainly isn’t something new. New tech means fewer jobs in certain areas. Jobs need to shift to other areas, retraining. Sometimes they can shift to the arts, since that's a bit harder to AI-ize Maybe in the future, all of the ‘necessary’ jobs will be taken care of and everyone will be trying to produce the next big cat video. Then we can create a monetary system based on Likes since that will be the most sought after commodity.
What a completely shitty place that will be!
First of all, it will probably be a very distant future (if possible at all) to automate every single link in the production chain. Apart from the production itself there is logistics, sales, marketing, design, retail, HR, maintenance, IT and a whole bloody industry around it. I have hard times imagining a full automation of everything.
Secondly, added value appears when the product is sold, not when it is produced and waiting in the storage. And it is sold to humans which exchange their earned money for it working for some company (yeah, no robots). And they pay taxes, so even the holy UBI is paid by the working class, not by robots.
So you can have a 100% automated factory producing one million socks per second but who's gonna buy them if people are unemployed because of robots and what kind of revenue would you have.
Any Labor Ecomomist will tell you the least educated are getting the stick. No High school - you will be worthless.Non-English speaking immigrant maybe aged - not good. That all the univertity clerks have a degree for simple admin is in itself an overkill.
The over educated and more youthful grab the spots of others - as any employer would.
Them dishwashers are well educated.
20% of the lowest pass university degrees will be lucky to get any job, let alone a return on their investment. Skills revolution is a code word for lower wages and conditions and greater employer exploitation and gig tasks. It wont go away as incomes have stalled while housing and other non-discresionary fixed costs have risen. Yeah, they know they need to yank the safety net and unemployment benefits. They know alright.
The cause is not AI. It is global labor arbitrage, and internationalism lowering British living standards. The trick is politicians want to paint the picture of hope, not 'going backwards'.
Time to vote in party C and the A and B incumberants are lying scum.
Before paying any attention to this guy's predictions it's worth remembering that he and the BoE have a long history of failed predictions.
Chief economist of Bank of England admits errors in Brexit forecasting :
He predicted a massive recession that would kill 800,000 jobs in the UK in 2017-2018, which never materialised. Instead the economy grew. But as you can see from the quote, instead of blaming bad modelling, he blamed the people he was trying to model for being "irrational".
In other words, I - Anonymous Coward - have more credibility than Andy Haldane when it comes to predictions of job losses because I don't have a track record of making bogus predictions of job losses.
The bank of England's chief economist. That useless parasite is fucking useless.
With every new generation of technology has come threats to low end jobs. The problem is that we are getting to the point where even mid-range jobs may be taken by automation. Now, to be fair, we are still looking at low end jobs that are being threatened by technology, mostly in the form of those who take orders for items. Ordering food that requires no adjustment to the menu items at all can already be done via an app. It won't take long before in-store food ordering kiosks reduce the need for people in the ordering process. Even the ability to specialize an order should be easily available to customers.
Food preparation is also getting close to being something that can be automated(pizza robots for example). Now, this stuff doesn't require much in the way of AI, and even self driving cars, many people already get driving routes via GPS/apps, and being able to re-route based on traffic conditions would be a basic form of AI, so taxi services, even the driving of trucks might become automated.
In the medium-term, humans will still be needed for maintenance and to handle mechanical failures, but in the longer term, AI will handle maintenance as well. Medical technology will move to AI, simply because the cost of education plus malpractice will make it so being a doctor is more of a headache, and medical robots won't require downtime/rest the way humans do. In the end, civilization will need to change, because people with limited ability to figure out what they want to do and without the ability to contribute in a positive way will simply be a drain on the resources of the planet(or universe).
One thing we can count on is that there WILL be a war between the wealthy and those who actually work for a living(or try to). Training for jobs that in turn will be eliminated by AI makes the future a lot more of a challenge, so figuring out how to provide services that AI just can't do, to adapt to unusual circumstances, that is the future.
I will note that we can at least be happy with the knowledge that most lawyers will end up being rendered obsolete, and without the skills to figure out what to do, because most of them can't figure out solutions to problems, and only point to those who already had to figure out solutions to the same problem.
Or maybe if you have some other pointless 'administrative' job. The people who actually create things and build things will always have work because until we have real, 'general' AI that can think like a human being, and not the shitty half-assed excuse for AI they keep trotting out these days 'robots' won't be able to produce things that are as high-quality as a skilled human being can -- and shitty so-called 'deep learning software' will never be able to really, truly create things like a human being can, let alone innovate. This 'Bank of England Chief Economist' tosser is just another Chicken Little running around waving his arms about the sky falling.
A halcyon call to re-education for re-employment ignores reality that there will be no employment to re-educate displaced jobless. Its platitude. It is so last century.
Tesla ' autopilot' categorically decimated ' private car ownership' i.e. FORD halted car production in US. AI is not even fun to drive much less fun paying for the thrill to own a car that has it.
Steampunk has arrived
that everyone could live a comfy life with barely having to work at all.
YES, and compared to the age when fields had to be harvested with a sickle and mines had to be dug with pickaxes and hammer, nearly anyone CAN live a "comfy" life with doing barely any hard labor at all.
BUT, the definition of "comfy" has changed. If you're ok with sleeping on a cobble-stone floor in the common room, some ways from the hearth, then GOOD NEWS! If you demand your own bedroom and wifi and air-conditioning, then you're going to have to work for it.
But if you live in a developed nation, they likely have some sort of welfare program. If you want to live on the bottom rung of society, we'll take care of you. But you have to play nice and jump through some hoops. If you want to live an easy life of luxury, go build your own robots. If you don't know how to do that, or simply don't want to, you're not exactly contributing to society and probably shouldn't be preaching about "leeches".
"AI" (which we don't actually have yet)
Sure, whatever. If your job can be replaced by "NOT REALLY AI", then it's functionally equivalent.
That laymen do not understand technology. They'd be better off deleting all of their Google and social media accounts. Given that 'OMG AI' is an urban legend, it's the people behind the tech, not the tech, you should be paying attention to.
Who marked this -1, actually is a valid observation.
One thing that never gets mentioned in a work-free utopia is: how many kids can each family have?
Think it doesn't matter? It Matters tremendously and the current system does a good job of keeping people from having too many.
I've got youtuber and twitch streamer. I'll add Crypto currency miner (I don't include the traders, they had those when I was a kid; we called them "stockbrokers"). I'm 40 and there were programmers when I was a kid, so you don't get that.
Those jobs employ very, very few full time. Meanwhile automation eliminated millions of factory jobs and is about to do away with drivers, warehouse workers and cashiers. And that's just the ones I can rattle off. Hell, I used to do IT for a cabinet maker that couldn't make cabinets. They measured your kitchen and/or closet and the CNC cut everything for them. After that it was Ikea furniture with nicer wood.
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maybe another 2 to learn how to shoot if you need snipers. Then he's off to the trenches. Hey, it worked the last time. After all, if we blow it all up we're be back to full employment in no time rebuilding it.
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Just have everyone who loses a job convert to Islam, then give them 3 more wives, a multi-million pound council house and thousands a month in payments.
See how easy that was?
These companies THINK that they're going to replace all these people, but they've never seen a neural-networks-based hack yet. Eventually people will learn that trusting large amounts of money to insecure, poorly-understood computer programs was a really really bad idea.
OMG, they do the same thing as 'corrupt' taxi drivers??
Laws are rules for the court, but merely a bottom bar to hit for life. Think beyond laws in your actions always.
AIs do the jobs humans don't want to do.
Seriously though... this is fear-mongering about the WRONG damned thing. AIs are not out to steal your jobs. Your BOSS is out to buy something that will do your job without requiring time off to take its little AI kids to soccer practice or whatever.
What fresh hell will this do to human society? How specifically is this the harbinger of the end-of-days?
It's not. We have lots of problems, many cited in the story, such as income inequality, etc. But AI isn't doing that any more than the advent of the motorized automobile destroyed society by putting farriers and saddlers, etc., out of work. They just ended up having to get new skills and do new jobs.
The "cotton 'gin" didn't end society despite automating the weaving of cloth (or whatever a cotton 'gin does,) making (whatever it does) probably about less than 10% as labor-intensive as it was before. The weavers found something else to do, I'm sure, by and large. The combine didn't end civilization by automating the collection of stalks of wheat, corn, and barley, hay, etc., etc., etc., it just made gathering natural inputs to other businesses more efficient, making it easier for the next step in the process to add value, (sorry about all these buzz words, folks, but they DO apply in this case,) resulting in increased gross output of our society, applying downward pressure on prices, raising the cap on the sheer volume of what we produced, which had a chain-reaction effect of making everything that depended on those products as inputs in some way to theirs to be made in greater abundance, increasing the quality of life, life-expectancy, etc., for many segments of society.
Rather, as a result, some, perhaps many of the people whose jobs were eliminated by the combine got jobs working the corn-flaking machines, giving rise to a whole new way to eat breakfast.
(While I'm sure it's true, it needs to be said, that some people benefited a lot damn more than others, that's kind of beside the point. The point was that humans are flexible, adaptable, and imaginative problem-solvers, and unless and until AI is able to solve every problem any human could possibly solve, there's still a need for us. Also, I rather doubt AI will reach the point of being any meaningful danger any time soon.)
Getting back to the topic, the digital electronic computer made human number-crunching professionals very nearly obsolete. Did they experience a mass die-off? No, they put their brain-power to different problems, too complex to be handled by the poor, stupid, dim-witted 8-bit computing devices that were able to replace them on tasks like, "add up this column of 500 numbers, then divide it by the result of step 14, and if the remainder is a non-terminating, repeating decimal..." and probably a lot of them took new jobs programming the very computers that replaced them.
SURE, it's true, some people can't or won't adapt. But to shake your fists at the bosses who replace you with a machine that can do your job better and cheaper is, looked at the situation from another perspective, like demanding that the boss, because he hired you, is obliged to pay you for EVER. That brings with it numerous problems, and it is besides unfair, and would tend to discourage people hiring folks in the FIRST place, if they know they're going to be punished for offering you a job to begin with, at some point down the road.
There is good in recognizing the virtue of an honest day's work, and in protecting the rights of laborers, but to pretend that businesses are all 100% evil, parasitic monsters, (the big ones I would more easily argue are that, more often, per capita, than the little ones,) but the way to solve this problem and many others facing us isn't to piss yourselves over AI stealing your job, and making moves to outlaw AI research, etc. That's like trying to plug a hole in a dam from the side the water's coming OUT of, rather than plugging the whole from the backside, with something that can withstand t
Our reign has gone on long enough. Indeed. Summon the meteors.
As automation and machine learning overtake more and more jobs, the fear is that there just won't be enough new jobs to absorb all the workers that are displaced. And don't for a minute believe that doctors, programmers, and other highly skilled jobs are forever safe.
What happens when the elites decide that the masses are too much of a liability and not enough of an asset?
Same pay.
Or: 1/n pay, but 1/n cost of "automated" goods too.
Same thing. (Just the imaginary $$.$$ numbers changing.)
The problem was never automation.
The problem was always leeches stealing money between the product price and the salary.
Stealing, like thieves, because they add no value, but take most of the money.
If the wealth generated by automation would not go to the leeches (and in fact we should make that punishable by 20 years of prison, IMHO), this whole thing would not be an issue /at all/.
It's just insane, how much you have been trained to be a good livestock, keeping up your delusions, to defend your slave master against any attempts to save yourself.
Alright then, sad drone. You will just starve under a bridge, /still/ clinging to "OMGJOBS"/DURK-URR-DURR a "I'm only worth something, if I slave off to get a few peanuts to live a measly slave life I should be thankful for and proud of.". Can't save you. There will be new humans born. In freedom. To replace the space you are wasting.
ensure that people were given the training to take advantage of the new jobs that would become available
What new jobs? AI engineer, AI salesperson, and AI journalist?
People have more leisure time now then 100 years ago. Birth rates are lower.
I've been in IT for over 20 years. I had a good run. I was a UNIX sysadmin for a long time. I did a fair amount of coding as well to automate backend builds. Then came Linux. I got on that bandwagon and am still there. Sadly, I have to touch Windows more than I would like.
At the beginning of 2019, I'm leaving IT to attend school for HVAC. Yes, HVAC. A set of jobs that cannot be outsourced, automated, or otherwise taken away. Here in the south, the heat alone keeps this job going strong for the better part of 9 months. With the climate getting warmer, this may well extend to 10 months. Winters are mild(er), but it does snow in places and people do run their heaters. I'd like to get into Johnson Controls or similar control software as well as the mechanical tinkering. It would be a good marriage of my existing skills as well as the ones I will learn.
I've seen my once-steady series of jobs either outsourced (my last sysadmin job was actually insources to a local IT firm that convinces smaller businesses to let go their IT staffs for about the same annual fee as one person), gone SaaS, PaaS, and now DaaS is around the corner. Most of the aforementioned acronymns are reduced to "cloud" computing and are largely set up once and maintain with a series of point and click. Exchange went to the cloud or went to Google Enterprise. Most of the software used now n my current job is either being moved to the cloud or virtualised if needing to stay private. HR is in the cloud, even. I'm done. I cannot find a decent *nix admin job anymore that doesn't also want me to be a full-fledged developer. I'm not "devops", a stupid contrivance meant to save money. Can I code? Yes, but I'm not a systems developer. I write scripts as a glue language or to move data, handle log files, push a firewall policy, etc. If I could do it all over again, I would have gone Fortran/COBOL and mainframes and be rolling in money because those systems are going nowhere.
The trades pay well and cannot be outsourced and a little physical work never hurt anyone.
God bless you guys as you figure it all out...
Allow people to retrain.
I have just had a 50ish year old lorry (truck) driver to my tutor classes to learn how to work a computer. He had in 28 years of driving never needed to use a computer. Now his company wants to promote him to a desk job using a computer. /off buttons to them.
He will probably be Ok, but there are many folk of 50s plus who have never handled a computer or used one.
Their TV or Car management computers are just on
Regards Eion MacDonald
Worry not! Brexit will mean we'll be a smoking crater long before that comes to pass!
But seriously, as that sort of thing becomes more mainstream, we can just tax the crap out of it and give everyone a Basic Income. Robots don't need paying. Either that or we all become robot service engineers. Or AI counselors...
That's what I hope for anyway... One more step towards the Star Trek utopia rather than the Fallout apocalypse...