The Korea Times
Does artificial intelligence herald soaring prosperity or mass unemployment, political breakdown and Orwellian subjection? Nobody, not even artificial intelligence (AI), can honestly say. Forced to guess, I’d predict some of both. The point is, the outcome isn’t predetermined. What happens depends on choices that we humans (for the moment) will be making. Economists grappling with this issue inevitably come back to the same core question: Will AI complement labor or substitute for it? The first implies strong and steady demand for labor together with rising wages; the second might mean structural unemployment, stagnant wages, higher returns to capital and worsening inequality. Previous economic revolutions, driven by mechanization and electrification, ended up being vastly more beneficial for labor than contemporary pessimists predicted. Technological progress displaced labor on an enormous scale but created entirely new jobs as well — tasks in which technology augmented labor, sustaining the demand for workers and driving up wages. Many of the tasks modern workers carry out toda
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