Much has been said by Geoffrey Hinton, widely known as the Godfather of AI, as he is concerned with how artificial intelligence is affecting the job market.
The founder and one of the most active experts in the field of designing modern neural networks has now become one of the most vocal critics of the runaway development of AI and its possible dangers.
His Geoffrey Hinton AI alert point emphasizes that despite the history of technological development, soon workers all over the world will be in AI unemployment crisis.
Hinto states that AI could lead to massive unemployment in the coming years as companies will strive to follow the automation path in order to save money. Such transformation may result in a state of economic disequilibrium in which there is success on the part of businesses but failure of employees.
Artificial intelligence is causing job loss at an accelerated rate
The pace at which automation is evolving can be regarded as one of the most pressing concerns given by the Godfather of AI warning. AI replacing jobs is no longer a case of factory laborers and other daily jobs.
The current generation of AI can do more than just code and conduct legal research programs medical diagnostics are sonographies and even creative writing. That is why the future of work and AI start influencing blue-collar and white-collar jobs.
The rise of Automation industries in the logistics, financial, and health care, among others, has already begun lessening the necessity of having people in the industries. Although the application of AI technology makes the work more efficient, risks to employees increase with each innovation.
Corporate Profits vs Jobs
The other aspect that Hinton offered attention to includes the disparity between corporate profits vs human jobs. Companies are also reporting their highest-ever profits with the AI adoption rate increasing, however, workers are also being displaced at an alarming rate.
Hinton cautions that companies may also place their own interests, focused on making profits at the expense of human workers, as more AI is embraced.
This draws not merely on the economic aspect of it but also on the ethical concern of AI to what extent do companies have a moral mandate to take care of their employee population when they are profiting on the process of automation?
The impact of Artificial intelligence on employment is already influencing, where one can notice its effects in the industries where cost-cutting matters the most. In the absence of adequate regulation, the AI unemployment crisis can be exacerbated, resulting in an inequality society-wide.
The Global Debate on AI Risks
Now the AI and the global economy are inseparable, which implies that a shocking situation in a country or a sector can put the whole world at risk. This technology is the bane of governments the world over, as they grapple with the way to regulate it.
The warning adds to the global debate on how to regulate AI on a reasonably, as innovation is still a requirement, not paying millions of people out of their jobs.
There are opposing views among policymakers and economists, some say that the possibility of AI potential to create new opportunities versus it’s risk of destroying jobs should be part of the natural evolution, and other opinions are that immediate action must be taken to preserve the future of the human labor market.
Getting Ready for the Future of Work and AI
Hinton says that there is a need to change education and job training systems. Employees should start paying attention to such skills as creativity, emotional intelligence, and problem-solving the areas where machines are yet to compete.
Nevertheless, the fact that both white-collar job replacement by AI trends do demonstrate that even these fields might be under threat soon as well.
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To most people, the future of work and AI will entail lifelong learning and changing with emerging technologies. Automation and job loss will make societies consider such an idea as a universal basic income or more robust labor laws.
Finally, Godfather of AI is not all about technology it’s about people. Hinton predicts that societies will decide either to allow AI to continue to increase inequality or to begin to use it mindfully on behalf of the benefit of the whole.
