This article first appeared on the World Economic Forum Agenda blog.
Over the coming decades, artificial intelligence (AI) will eliminate something like half of the jobs that people in advanced economies now do. So say some experts, such as those from the Oxford Martin School. Others say the effect will be material but not so large. The OECD, for example, estimates that 10 percent of current jobs will be lost to AI.
The replacement of human labor by machines is neither new nor lamentable. The acceleration of this trend – that is, the Industrial Revolution that began 200 years ago – explains our current prosperity. The labor replaced by machines is applied elsewhere, and total output increases.
But this time might be different – at least, in two respects that create risks for employees and employers.
However uncertain the ramifications of AI, Western firms will almost certainly face a “skills gap”Scott McDonald, Chief Executive Officer, Oliver Wyman
Oliver Wyman CEO Scott McDonald on how we can prepare for the advance of AI.