How Will Artificial Intelligence Change the Job Market?
Artificial intelligence is one of the most important changes taking place in the overall economy. Computers are taking away jobs from many lower-skill labor employees and have for many years. However, the technology in this field advances so quickly that many people think that higher quality jobs will start going to computers as well. This is a huge shift in the overall economy and is important for everyone to understand. Although investing in technology is essential, there are a lot of consequences to artificial intelligence in many industries.
What is Artificial Intelligence?
At its core, artificial intelligence simply means that machines have abilities to think. At this point, machines are nowhere close to the cognitive ability of humans. This is good news for anyone in the job market. However, many machines perform tasks of low-skill labor employees in a variety of industries. For example, the ATM is a machine that takes commands and gives out money to customers. There are even a lot of fast food restaurants replacing workers with machines that take orders from customers.
The Future of Work
Some people speculate that robots will become a bigger part of the economy as time goes on. From a business perspective, robots are less expensive over time than paying human workers. Many robots require little maintenance, and there are a lot of companies making the switch. This really impacts industries like manufacturing where millions of people have jobs. With the low cost of labor in other countries, many companies in the United States simply cannot compete with the cost of manufacturing overseas. There are a lot of people who think that artificial intelligence is a way to boost manufacturing production in the United States. However, this does not mean that the jobs for humans are returning in this industry.