There is no denying that advances in artificial intelligence have the potential to disrupt many different industries and significantly impact the economy as a whole. A study by Oxford University estimates that the impact of new technologies could result in approximately 47% of American jobs being lost in the next 20 years.
However, while on Business Growth Café, Patrick Schwerdtfeger, Business Futurist & Keynote Speaker on Technology Trends and author of several books including Anarchy, Inc., explained that this is not equivalent to 47% unemployment. While new technologies may disrupt the economy, not all is lost.
In fact, it may be more of a shift than a loss. Patrick explained on the show that there are two types of jobs: repetitive tasks and non-repetitive tasks. While repetitive tasks are being increasingly replaced by automation, non-repetitive tasks requiring human traits such as empathy and creativity are in demand more than ever.
Machines cannot understand emotional intelligence in the way a human can, and many industries, such as health care, have a necessary element of trust and compassion within their services that cannot easily be replicated or replaced.
Being a critical thinker and a problem solver are key in this transition, and being willing to think outside of the box is necessary as well. The more creative you are, and the more you can train yourself to be more creative, the more valuable you will be to our economy in the future.
Patrick Schwerdtfeger explained that entrepreneurs will likely capitalize on the increased need for creativity in the market. With the huge shift in the job market and economy will come an explosion of creativity and new products and services that have never been considered before.
When it comes to artificial intelligence and the job market, it is clear that our economy will experience a substantial shift. But do not fret – not all hope is lost. It is not a matter of win or lose, but rather a matter of transitioning into a new economy in which us humans can capitalize on our emotional and creative understanding, and let machines take care of the rest.
For more insight on this topic and much more, listen to my recent interview with Patrick Schwerdtfeger on my radio show, Business Growth Cafe here:
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