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Artificial Intelligence could create millions of new jobs.
It’ll make everyone much more productive.
And it could boost GDP by 4 – 6% per year.
That’s the bullish argument for AI creating a prosperous economic boom.
1. Technology Always Creates More Jobs.
New technologies always create new jobs.
In the early stages there’s lots of fear.
People are worried that a new technology will “steal” their job.
However, these new technologies are always a net positive for the economy. For example…
- Ford’s Model T was possible due to the assembly line. And this set the standard for a manufacturing boom and millions of new jobs.
- The personal computer allowed office employee to dramatically improve their productivity – sparking huge economy growth in every industry.
- The Internet allowed local businesses to become global. And it created new jobs that didn’t previously exist (online market, web site designer, blogger, social influencer).
Without the innovation of the assembly line… the PC… or the Internet…
The world would be much worse.
2. Old Jobs Are Replaced with New Ones.
Nobody likes to have their job disrupted.
Yet that’s exactly what innovation does.
Henry Ford famously said…
“If I had asked people what they wanted, they would have said faster horses.”
Farriers weren’t excited about horses being replaced with cars when the Model T came on the scene.
Data entry workers in the 1980s were not pumped up about PCs. PCs would make people more effective – and some folks would be fired.
The Internet destroyed countless businesses – video stores, newspapers, landlines and travel agents.
Yet during each of these technology transformations…
NEW jobs were created.
These new jobs were higher paying. Offered better work conditions. And improved the quality of life.
Yet it’s still a hard nut to swallow…
Especially if you’re the one whose job disappears.
3. People Who Embrace New Technologies WIN.
No jobs are safe.
The only people who WIN are those who embrace new technologies with a growth mindset.
Right now, there is a nearly unlimited demand for people who know how to use AI.
McKinsey says that AI will force 12 million people to switch jobs.
Plus, AI will create 97 million new jobs according to the World Economic Forum.
The people who WIN are those who develop their skills.
They learn how to use AI tools to be more productive. And they become irreplaceable as a result.
Today I’ll leave you with one more quote from Henry Ford…
“Anyone who stops learning is old, whether at 20 or 80. Anyone who keeps learning stays young.”
Ian Wyatt