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OBSOLETE MAN: Leading economist warns that “almost all forms of human labor” will be taken over by AI

By isabelle // 2024-04-10

Artificial Intelligence (AI) is very troubling in many respects. Although there are some cases where it may prove to be incredibly useful, the fear of what the technology could mean for many types of jobs is warranted. It is already replacing humans for tasks like coding, designing, customer service and writing, albeit with mixed results. But while some types of professionals may think the nature of their work means AI isn’t a threat, those within the tech world who have their finger on the pulse of the latest advancements in AI have made it perfectly clear that they think all jobs will soon be taken over by computers. One such individual is former Treasury Secretary and leading economist Larry Summers. He recently joined the board of directors for ChatGPT creators OpenAI, and he has served in the Obama and Clinton administrations. Summers is also a member of the Council on Foreign Relations and the Trilateral Commission. His connections to the global elites give a lot of weight to the predictions he makes about the world's economic future, so humanity should take heed of his recent prediction that nearly all types of labor are poised to be replaced by artificial intelligence. Some AI experts think it could be just a few years, although Summers thinks the timeline may be slightly longer. According to Summers, these changes will set in relatively quickly once the technology is in place, however. He believes that it might take a little longer than we think to get there, but once it does, the evolution will be dizzyingly fast. “If one takes a view over the next generation, this could be the biggest thing that has happened in economic history since the Industrial Revolution,” he said. “This offers the prospect of not replacing some forms of human labor, but almost all forms of human labor.”

AI could be even more transformative than the internet

It’s a pretty heavy statement that points to the type of future we can expect. The Industrial Revolution was absolutely transformative, moving the developed world from manual labor to mechanization. Its impact cannot be overstated, so any comparisons to that pivotal time should not be ignored. In fact, AI could be even more transformative than the internet itself, and those who aren’t paying attention to this will be left behind. AI marks a shift toward the automation of cognitive tasks that we thought needed human intelligence until now. This will redefine job roles across the board, and the implications are numerous. AI encompasses a broad range of software, from the generative AI tools making recent headlines to self-driving technology. We’ve only seen the tip of the iceberg when it comes to its potential. AI will change healthcare in many ways, such as speeding up treatment, addressing understaffing issues and giving people access to healthcare around the clock. Although this is something people are rightfully nervous about, it can also help those with medical anxiety or transportation issues. Robots will also be doing tasks people don’t want to do and may even replace some types of manual labor. As a result, emotional intelligence may prove to be more important than IQ in the future. As Summers points out, “AI will substitute for a doctor making a difficult diagnosis…before it substitutes for a nurse’s ability to hold a patient’s hand when the patient is frightened.” The 2023 Generative AI Impact Forecast from IT research company Forrester predicts that 2.4 million American jobs will be taken over by AI by 2030, with those commanding salaries upwards of $90,000 per year most likely to be affected. They found that 78% of legal occupations could become obsolete, while 57% of office jobs, 53% of computer and math-related occupations, and 50% of healthcare occupations could be replaced by AI. Sources for this article include: LeoHohmann.Substack.com Tech.co Fortune.com

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