Is AI the END of the Middle Class?
Summary
TLDRThe video discusses a study by the International Monetary Fund on the economic impact of generative AI, highlighting potential wealth inequality and job displacement. It features insights from experts like Kai-Fu Lee and Jeffrey Hinton, emphasizing the need for proactive fiscal policies to mitigate societal impacts. The script also addresses public reactions to AI's job-displacing capabilities and the importance of preparing for the inevitable economic shifts.
Takeaways
- 📊 A recent IMF study emphasizes the potential for wealth inequality due to AI advancements and the need for fiscal policies to address it.
- 🌐 The study discusses the possibility of increased market power and economic rents for dominant firms due to AI, leading to a more concentrated market.
- 💡 Kai-Fu Lee's insights from 7-10 years ago are highlighted, predicting service and arts professions growing as machines automate other jobs, and the potential for global inequality.
- 🏛 The script suggests that a utopian world government is unlikely, and instead, a bipolar world with superpowers and aligned nations might emerge due to AI.
- 💼 The potential for increased productivity due to AI is noted, but concerns are raised about wealth concentration at the top, exacerbating inequality.
- 🛑 The script mentions the challenges faced by low-wage workers who may fall into poverty if their jobs are automated, highlighting the need for social assistance.
- 🔄 The importance of agile government approaches to prepare for disruptive scenarios caused by AI is underscored, including policy considerations for displaced workers.
- 📚 The need for fundamental changes in education and training systems to adapt to the broad impact of generative AI is discussed.
- 💡 Jeffrey Hinton's perspective on AI's potential to increase productivity and the societal implications of wealth distribution is included.
- 🌍 The paper suggests that not all countries will be affected equally by AI, and they must assess their social protection systems for resilience.
- 🚫 The IMF does not recommend a specific tax on generative AI due to the risk of hampering productivity growth and the ease of tax avoidance through relocation.
Q & A
What is the main topic of the video script?
-The main topic of the video script is the impact of generative AI on the economy, particularly the potential for wealth inequality and the role of fiscal policies in mitigating those effects.
What does the International Monetary Fund (IMF) paper discuss regarding AI and wealth inequality?
-The IMF paper discusses the potential for wealth inequality to increase due to AI, as it could lead to a concentration of capital in the hands of a few dominant firms, creating a 'winner-takes-all' market scenario.
What is Kai-Fu Lee's prediction regarding the future of AI and human professions?
-Kai-Fu Lee predicts that in 50 years, human professions will shift significantly towards service and the arts, with machines automating many tasks, potentially leading to increased inequality and the creation of 'have not' zones.
What is the potential impact of generative AI on labor markets and poverty?
-Generative AI could lead to increased poverty, especially for workers at the bottom of the wage distribution, as they may face greater difficulty finding new jobs with similar pay after displacement by automation.
What are some of the challenges faced by governments in preparing for the disruptive scenarios brought about by AI?
-Governments need to take an agile approach to prepare for highly disruptive scenarios, ensuring that the benefits of AI are distributed positively across society and considering social assistance for those displaced by AI technologies.
What does Jeffrey Hinton suggest about the distribution of productivity gains from AI?
-Jeffrey Hinton suggests that the productivity gains from AI are likely to be concentrated among the wealthy, potentially exacerbating wealth inequality, rather than benefiting the workers or those displaced by AI.
What is the potential societal impact of AI on jobs and the workforce?
-AI has the potential to displace a significant number of jobs, particularly routine and manual tasks, leading to broader social implications and the need for fundamental changes in education, training, and policy frameworks.
What does the IMF suggest regarding the taxation of generative AI?
-The IMF suggests that taxing generative AI could be difficult to design and implement, risk hampering productivity growth, and may not be recommended due to the potential for avoidance through relocation or production abroad.
What are some potential solutions to mitigate the negative impacts of AI on the workforce?
-Potential solutions include reconsidering the design of corporate tax systems, providing income tax credits and job credits, and implementing social protection systems that can adapt to the changing labor market.
What is the role of education and training systems in preparing for the AI-driven future?
-Education and training systems need to evolve to prepare individuals for a broader spectrum of tasks that AI may not replace, ensuring that the workforce can adapt to the changing demands of the job market.
How can individuals protect themselves from the potential negative effects of AI on their careers?
-Individuals can protect themselves by staying informed about AI developments, seeking continuous learning and upskilling opportunities, and considering career paths that are less susceptible to automation.
Outlines
📈 Economic Impact of Generative AI
The video discusses a study by the International Monetary Fund on the economic implications of generative AI, particularly the potential for increased wealth inequality. It emphasizes the importance of understanding how AI will affect the economy and society, highlighting the need for fiscal policies to address these issues. The video also references historical predictions by Kai Fu Lee about AI-induced inequalities and the potential for a global shift towards service and arts industries, automated by machines. The speaker suggests that the development of AI could lead to a concentration of wealth and market power in the hands of a few dominant firms, creating a 'winner-takes-all' scenario.
🏆 The Winner-Takes-All Market of AI
This paragraph delves into the high costs and limited accessibility of AI technology, suggesting that only large corporations can afford to develop and implement AI, leading to a concentrated market. It discusses the potential for AI to exacerbate wealth inequality by increasing productivity but distributing the benefits unevenly, favoring the wealthy. The speaker mentions the need for governments to prepare for disruptive scenarios and to ensure that the benefits of AI are distributed equitably. The paragraph also touches on the risk of increasing poverty due to job displacement by AI and the importance of social assistance for affected workers.
🛠️ Rethinking Social Contracts in the AI Era
The speaker contemplates the future impact of AI on the social contract, suggesting that the increasing productivity gains from AI will primarily benefit the top echelons of companies, potentially breaking the traditional capitalist model. The paragraph discusses the need for fundamental changes in education, training systems, and policy frameworks to address the broader social implications of AI. It also raises concerns about the potential displacement of workers in both routine and high-skill non-routine tasks and the importance of countries assessing their social protection systems to cope with the effects of AI advancements.
💼 The Future of Jobs and Wealth Inequality
This section of the script addresses the potential for AI to displace a significant number of jobs across various sectors, from telemarketing to driving, and the subsequent exacerbation of wealth inequality. It suggests that while a few individuals may become ultra-rich from AI advancements, many others may face joblessness. The speaker also discusses the possibility of taxing AI to mitigate the speed of adoption and labor displacement, but acknowledges the difficulty in designing and implementing such a tax without hindering productivity growth. The paragraph concludes with the IMF's stance against a specific tax on generative AI due to the risk of avoidance through relocation.
👷♂️ Preparing for the AI-Driven Job Displacement
The final paragraph focuses on the public's reaction to predictions of job displacement by AI, highlighting the emotional responses and denial that often accompany such discussions. The speaker encourages viewers to think critically about how to manage their future in the face of AI advancements and to seek solutions rather than succumbing to fear. The paragraph references comments from viewers and experts, emphasizing the need for governments to act and for individuals to prepare for the economic and social changes that AI will bring. It concludes with a call to action for viewers to engage in discussions about the implications of AI on jobs and the economy.
Mindmap
Keywords
💡International Monetary Fund (IMF)
💡Generative AI
💡Wealth Inequality
💡Fiscal Policies
💡AI Monopoly
💡Robotization
💡Economic Rents
💡Capital Concentration
💡Social Protection Systems
💡AI Safety
💡Technological Unemployment
Highlights
A recent study by the International Monetary Fund discusses the potential wealth inequality that could arise from AI.
The paper 'Broadening the gains from generative AI' emphasizes the role of fiscal policies in mitigating AI-induced wealth disparity.
Kai-Fu Lee predicts a future with service and arts jobs due to automation, and potential social unrest from AI-induced inequality.
Generative AI could lead to increased market power and economic rents for dominant firms, creating a winner-takes-all scenario.
Large companies like Meta, Google, and Amazon are positioned to dominate AI markets due to their existing market control.
Governments are advised to take an agile approach to prepare for disruptive AI scenarios.
The economic gains from generative AI must be distributed positively to avoid a dystopian scenario of wealth concentration.
Robotization may increase poverty, especially for low-wage workers who face difficulty finding similar pay after job displacement.
Jeffrey Hinton discusses the potential for AI to exacerbate inequality by increasing productivity without benefiting the workforce.
The need for fundamental changes in education and training systems to adapt to the broad impact of generative AI.
Not all countries will be affected equally by AI, necessitating individual assessments of social protection systems.
Taxing generative AI could hamper productivity growth and is difficult to implement effectively.
Reconsidering corporate tax systems to incentivize or mitigate investments in automation is suggested.
Taxing carbon emissions from AI servers is proposed as a way to reflect environmental costs.
The IMF does not recommend a specific tax on generative AI due to the potential for avoidance and harm to productivity.
AI is expected to displace both white-collar and blue-collar jobs, with software-only displacement happening faster.
The public and governments need to prepare for the implications of AI on jobs and the economy.
Transcripts
so there was a recent study done by the
international monetary fund and it's
actually really important for the Post
AGI economics which is why I'm making
this video I truly truly believe that we
do need to be focusing on the other
aspects of generative Ai and how AI is
actually going to affect the economy
which is why I'm covering this today so
essentially this paper broadening the
gains from generative AI the role of
fiscal policies this is a paper that
actually talks about the wealth
inequality that could potentially happen
from Ai and what's currently being done
and what's currently being proposed then
they actually you know talk about some
things that I think will be translated
well into society now there are also a
few different video clips slin clips
from notable speakers and popular AI I
guess you could call them spokes people
but just people that have a very
important opinion and that shape the
discussion and the discourse around Ai
and I think they opinion is very
relevant to the discussion which is why
I'm going to include it into today's
video so one of the things that I want
to show you all and I really want to
show you guys this first clip because
this clip is actually from around 7 to
10 years ago not exactly sure on the
exact date but it does talk about the
inequalities on AI and I'm going to
reference this clip again because the
speaker Kai Fu Lee that you can see
right here is actually very very
intelligent and actually has predicted
some of the things that have already
come true and many of the things that he
predicted before are now starting to
ring even louder despite many people
trying to stick their heads in the sand
so take a listen to what he said
literally s years ago before there was
you know a lot of the AI hype that we
see in today's area if we're to project
50 years in the future I think the
entire human profession would shift a
lot a lot more towards service and the
Arts and machines would pretty much
automate everything for us right when we
talk about inequalities both with halves
and Have Nots but also with respect to
countries and and and other countries I
think we need to figure out a way that
these changes are synchronized worldwide
otherwise we will create uh pockets of
dangerous zones in the world where
poverty will persist and perhaps be
enhanced and there might be extremist
activities of different types because of
the have not situation that the
development of Technology have put them
into I think a utopian belief might be
there would be more of a world
government but I don't think any of us
really believe that's likely to happen a
more likely scenario is that us and
China will be the two superpowers and
the um so-called uh smaller weaker
poorer countries will essentially be
aligned with the one of the two
superpowers and so essentially what he's
talking about here here is the wealth
inequality with AI this is something
that I've previously discussed on my
private community on the school and it
was something that I previously spoke
about when I first launched a community
uh when I first actually had it on
patreon and I spoke about how wealth
inequality is going to actually be a
real thing now at the time I didn't
actually know of this interview clip
where Kaiu Lee was actually discussing
exactly what I was talking about and of
course his you know talks are from years
ago which means that you know his
discussion and his viewpoint are you
know to be taken very very seriously
because he was someone that predicted
this far before the generative AI hype
train is here now essentially there was
this article that was in the financial
times where they actually spoke about
how generative Ai and they did a small
summary but I'm going to read some of
the key points from the article and then
I'm going to dive into the actual paper
that actually you know goes over some of
the key points that you need to know so
basically of course here you can see
that they say generative AI could also
result in a further rise in the market
power and economic rents enjoyed by
dominant firms in an increasingly
concentrated and Winner Takes all
markets as a result of capital getting
more concentrated in the hands of fewer
companies if you aren't familiar with as
to why this is essentially going to
happen think of it like a snowball if we
take a look at some of the giant
companies right now meta Google Amazon
Microsoft essentially they have a you
know Monopoly already on many of the
markets for example Apple I wouldn't say
they have a monopoly on the phone market
but certainly in the Western Hemisphere
you know they have the iPhone and the
iPhone you know the entire ecosystem is
pretty dominant I would say that if for
example we look at Google they
definitely have a monopoly on the search
market and I think you know of course
meta they have Instagram they have
WhatsApp those you know platforms have
over billions you know of users which is
pretty incredible and the thing is as
generative AI continues to grow we're
going to see those companies get
increasingly more powerful as they get
increasingly more control and the point
is is that this might be a win or take
or Market because of course the
companies make more money and one of the
biggest problems about this kind of
technology is is that only a few
companies can actually enter this Market
because if you think about how much the
next training runs are going to cost
they are going to cost somewhere from 10
billion to100 billion it's not like your
average run-of-the-mill other technology
companies that can raise capital and go
ahead and compete this is not just
software this is something that you know
these really big companies are working
on and only they can compete at that
level you know in order to you know hire
the researchers hire the you know people
that are going to be building out the
data centers and of course affording all
of these gpus so it truly is going to be
a winner take or Market or at least
concentrated in the hands of a very few
now they talk about how governments need
to take an agile approach that prepares
them for highly disruptive scenarios and
this is where I'm actually going to get
into some of the key things discussed in
this which basically just says look
there are going to be a lot of economic
gains and benefits from generative Ai
and what you need to do is you need to
ensure that the way how Society is set
up is that it's actually able to capture
the benefits from AI in a way that it is
distributed to society in a positive way
because if we distribute the benefits
now and Society is L as it is we're
going to be in a pretty you know
dystopian scenario where you know a
handful of companies raking all the
profit and the rest of society is just
in a dystopian hellhole where they
aren't able to benefit from the economic
gains that generative Ai and all future
AI Technologies you know whichever you
know part of AI is that they you know
have done so for example right here they
actually talk about the impact on
poverty they said in addition to its
effects on labor markets robotization
may also contribute to increas inreasing
poverty especially if the negative
impact of robotization is more
pronounced for workers at the bottom of
the wage distribution these workers are
at a higher risk of falling into poverty
because it's harder for them to find new
jobs with similar pay so essentially
here they're basically just stating that
look if you're someone that doesn't make
a lot of money and robots come and take
your job like actual humanoid robots
then you're going to be you know falling
into poverty even more because it's
quite harder for you to find a similar
job with similar pay if robots are there
now there is going to be something that
I will reference from time to time
because there was a recent article that
actually discusses which kind of jobs
are going to be going away and I will be
doing a video on that but the thing is
is that of course this is very very true
and this is something that we need to be
paying attention to and they actually
talk about how there needs to be some
social assistance in the sense that look
if we are starting to you know slowly
ramp up our production in terms of the
AI Technologies these products then
we're going to have to think about the
people who get displaced by these jobs
and ensure that they aren't just
completely left to fend for themselves
without any way of you know providing
for themselves because in some scenarios
you know people tend to fall through the
cracks and of course this isn't a good
scenario especially if we're going to
have large waves and certain periods of
time where you know this is a
transformative period because we haven't
really had a disruptive technology like
this before now Jeffrey Hinton from from
Google well he doesn't work at Google
anymore in fact he actually left so he
could speak about the issues of AI
namely AI safety but he actually does
talk you know very quickly here about
how the inequality with AI is probably
going to proliferate in the Litany of
things that you're worried about you
obviously we have battle robots as one
you're also quite worried about
inequality tell me more about this so
it's fairly clear it's not sudden but
it's fairly clear that these big
language models will cause a big
increase in in productivity so there's
someone I know who answers letters of
complaint for a Health Service yeah and
he used to write these letters himself
and now he just gets chat GPT to write
the letters and it takes one fif of the
amount of time to answer a complaint so
he can do five times as much work and so
only five times fewer of him um or maybe
they'll just answer a lot more letters
but or they'll answer more letters right
or maybe they'll have more people
because they'll be so efficient right
more productivity leads to more getting
more done I mean this is this is an
unanswered question but what we expect
in the kind of society we live in is
that if you get a big increase in
productivity like that the wealth isn't
going to go to um the people are doing
the work or the people who get
unemployed it's going to go to making
the rich richer and the poor poorer and
that's very bad for society
definitionally or you think there's some
feature of AI that will lead to that no
it's not to do with AI it's just what
happens when you get an increase in
productivity particularly in a society
that doesn't have strong unions but now
so we can see right here that Jeffrey
Hinton is basically echoing these same
things Kai fui is and essentially what
he's talking about here is you know
you've heard that once this increased
productivity gains are going to be there
a lot of the gains are just going to go
straight to the top of the companies and
this is the thing that this kind of you
know I guess you could say system kind
of breaks capitalism in a sense because
capitalism sort of works for everyone
because yes you can work harder and you
can earn more money but if we you know
let's say we just decide to push forward
25 to 50 years into the future future
where we have true true automation of
nearly everything we're going to be in a
society where the only people who own
the AIS are going to be the people who
you know have the means to earn an
income which means that the fundamental
social contract is going to have to
change and during the transition period
from the one that we are in now to the
one that's going to be there in the
future it means that we'll need to think
about how we actually you know change
society now in my school where I
actually talk about all this stuff there
are numerous articles and research
papers that have you you know talked
about and you know I've done little blog
posts and stuff like that where I've you
know spoke about some of the solutions
and how to like position yourself if
those scenarios do come about so that is
something that you can check about I'll
leave a link in the description to that
but the point is is that this is a true
true scenario that we will have to brace
ourselves for so you can see right here
this is where the research paper they
actually talk about you know things from
the past so they say overall these
findings suggest that the design of
social Protection Systems played a role
in am I ating adverse labor market and
poverty impacts in the past although
robotization can lead to displacement of
workers in routine and manual tasks the
impact of generative AI could
potentially be more widespread replacing
a broader spectrum of both routine and
high skill non-routine tasks this calls
for more fundamental changes in
education and in training systems and
policy Frameworks to mitigate potential
broader social implications the extent
to which existing systems will need to
be upgraded in a world of Rapid
technological change and potentially
more significant labor market
displacements is discussed in the next
section basically what they're stating
here is that look okay we need to be
thinking about Education and Training
Systems and policy Frameworks to
actually mitigate the potential broader
societal implications because as Kaiu
Lee said there is going to be people who
are you know frustrated that they've
been left out in this next wave of
technology I mean if you think about it
if you're someone who is on the tail end
of what's going on here you're just
going to be someone who loses your job
while seeing a lot of people at the very
top get rich due to these AI
Technologies and the worst thing about
it is that if you're someone in certain
careers that these AIS are profiting
heavily from then you could even be
someone who's had your work I guess you
could say illegally stolen trained on
and then used to replace you that's just
going to Fel your frustration even more
so you can also see here he says and not
all countries are likely to be affected
equally while the answers are not yet
certain countries will need to assess
whether their social protection
education and tax systems are fit for
purpose and flexible enough to cope with
a wide range of potential scenarios this
is something that I do also believe that
many of the countries are not even
focusing on at the moment plus yes many
accelerationists are always saying we
need to accelerate development we need
to accelerate faster we need to also
ensure that we are putting pressure on
the people in control to ensure that
they actually accelerate the policies
faster too because as long as the
technology is increasing as long long as
these systems get better and more
capable as we know that they are as even
you know recently Dario amod the CEO of
anthropic actually stated that we see no
signs of the capabilities slowing down
and the scaling laws aren't actually you
know tapering off which essentially
means that these models are going to be
getting bigger and better and more
capable with scale long story short
they're going to be able to do more jobs
in the future which means that we need
to make sure that if we're increasing
the capabilities we're also increasing
how much the current economic system or
the current economic policies actually
favor those who are displaced by these
Technologies maybe there might be a
generative AI law where if you're you
know you're displaced by AI you get like
six-month Severance from the government
and you're able to get a three
upskilling program that actually allows
you to transition into a new career
hopefully this would be something that
would help those who have been displaced
but right now I'm not sure if there are
even any very effective discussions
going on but of course with the IMF
making this report this is going to be
something that does help the situation
why could AI exacerbate wealth
inequality and and what can we do about
that yes I we we can just already see
all the internet companies um I think
without AI they they probably be only
worth half of what they're worth because
AI help them monetize and that will uh
extend into all the other Industries so
the tycoons there will so will be there
will be more numerous and they will be
even richer and richer at the same time
because AI is um developing human
intelligence equivalents and that means
AI can do many of the tasks and jobs
that we do today and in particular AI
will first do jobs that are routine so
uh White Collar jobs like telemarketing
and customer service and um uh people
who copy and paste and file expense
reports uh desk jobs those will be gone
first because AI can do them just just
in software you don't even need Robotics
and then um a blue color work visual
inspection U assembly line work um uh
many waiters and waitresses and um uh
many of the uh the jobs in factories and
warehouses the Pickers in at Amazon the
cashiers grocery store um and of course
in about 15 20 years all the drivers all
the people who drive for a living so
when you add all that up it's a
substantial number of jobs and when when
it's simultaneously making a small
number of people Ultra rich and making
many people jobless that is the wealth
in quality um problem that AI will
exacerbate and it sounds like the only
jobs now there was also this right here
which is actually rather fascinating
because this actually discusses the
taxing of AI now this is something that
I've seen you know spoken about quite a
lot but this is where we I guess you
could say first get our definitive
answer and what these governments might
do it says here a special tax on
generative AI to reduce its speed of
adoption and prevent excessive labor
displacement will be hard to design and
Implement and would run the risk of
hampering productivity growth including
areas where AI investment augments labor
basically stating that if you're trying
to tax generative AI this is probably
going to slow down productivity and of
course areas where people are looking to
invest in AI which actually makes people
that are currently working more
effective so they're stating that now it
is recommended that countries reconsider
the design of the current corporate tax
systems in how they incentivize
investments in automation for instance
tax incentives in the form of capital
allowances may need to be reconsidered
in countries where they are more
generously applied to labor displacing
software or intangibles than to other
assets at the same time countries where
corporate tax systems impose a much
higher tax burdens on AI might hold up
deployment and reduce productivity
growth and income tax credits and job
credits could also be considered to
mitigate excessive labor displacement
from automation even if they cannot be
targeted to particular occupations
finally given the large amount of energy
consumed by AI servers taxing the
associated carbon emissions is a good
way to reflect the external
environmental costs and the price of
technology so basically they're stating
here that look taxing AI is going to be
pretty hard we need to be careful about
how we are doing this because we don't
want to stifle economic growth what we
we can do at the moment is we can you
know giving tax incentives and what we
can also do is we can tax the associated
carbon emissions from the huge data
centers that it you know cost to run now
what they basically say here the IMF is
that tax also can be easily avoided by
relocating or producing the AI abroad so
there's no real point in taxing
generative AI but a specific tax on
generative AI is therefore not
recommended which means that for those
of you who are thinking that we're
probably going to get a attacks on
generative AI or automation it doesn't
seem like we're going to be getting that
as a solution anytime soon so this paper
is really really fascinating because it
dives into some of the main things that
I talk about in my community on how we
can actually mitigate the effects of
this because I am one that believes that
you know whilst yes governments will
help us and yes they will shape the way
that a lot of people are going to you
know be affected by this I do think that
whilst you do have your agency and
whilst you do have some actions you can
do certain things to protect yourselves
from the coming wave of Automation and
at least Place yourself in the best
position to not only not be someone
who's automated but also Thrive I
actually recently did a comprehensive
guide that is designed to help you
navigate the rapidly evolving landscape
of AI Investments it is around 22 pages
long it covers every single sector that
you can invest in including private
Investments how to get into certain
Investments that aren't really available
to the public and many different things
that people really aren't considering
this is just in this section of the
School the AGI Investments so if you're
already in my school you can download it
there as well as a bunch of other
content now I quickly want to discuss
something that I saw recently and it's
something that I wanted to discuss
because the comments were something that
shocked me and at first they shocked me
and then I realized what human nature is
and this is just a quick you know tidbit
to kind of tell you not to play into
your own human nature human nature is
often one that tells you to run from
your fears and will often have you doing
things that whilst yes they're
comfortable often in the run they don't
actually help you at all this video
right here is called about 50% of jobs
will be displaced by AI within 3 years
now essentially in this video the only
thing that the guy is stating right here
is that you know he's made some past
predictions and it looks like they are
going to be coming true now if we take a
look at the date 3 years from now is
going to be 2027 if you've been paying
attention to my videos and the AI space
you'll know that many people have redict
including people that have left open a
eye some very very intelligent people
just trust me people open AI are
exceedingly smart smarter than you can
reasonably imagine and these people are
predicting timelines of 2027 we'll know
that by then we're going to have some
increasingly capable systems and for
that to be about 50% of jobs I don't
think that that is an overstatement the
point here is that many of the comments
on this video were basically stating
that this guy is just a this guy
doesn't know what he's talking about and
that we shouldn't even pay attention to
this video I don't think people are
truly stating what they truly believe
about the video I I think this is just a
knee-jerk emotional reaction to them
basically stating that they're going to
be out of a job that's why when I make
videos I'm not just basically saying
that looks everyone's going to lose
their job I'm trying to say that look AI
is going to affect the workforce but of
course there are always some Solutions
on how you can benefit from this
revolution the point here is that when
you do see these kinds of videos don't
just immediately get upset and think oh
my God I'm going to lose my job screw
this guy and this video just start to
think critically about what is the best
way that you can start to manage
yourself and your future in order to at
least benefit from this Revolution and
not be the person who's next on the
shopping block and job displacement I
think we all know this coming um you had
said around 2017 you thought in 10 to 15
years about 40 to 50% of all jobs would
be replaced by AI is that still an
accurate timeline in your opinion um
what the heck is everyone going to do
when they don't have a job in three
years if so it's actually uncannily
accurate people have criticized me for
being too
aggressive in the 2017 17 18 19 and I
was a little nervous at the time but
when J ji came came out I think
everybody's on the bandwagon and
believing that is the a correct Pace um
and I think the white job collar jobs
will go a lot faster blue collar job
maybe a little slower because more
people are shifting to the software only
displacement and and I think it's a very
very significant problem and I think
finally some governments are waking up
and realize they have to do something
about this and in my AI 2041 I outlin a
number of um creative maybe not
necessarily workable solutions that will
that was intended to get people thinking
so get a copy of the book so just to
actually show you some of the comments
because when editing this I realized I
didn't show you all of the comments but
you can see the first job replaced will
be all YouTubers who make videos about
AI replacing 50% of all jobs which is
basically a dig at this YouTube channel
of course you can see here when you come
back to this video in 3 years to leave a
comment saying that this prediction was
wrong nobody will be paying attention
but of course there are some other
insightful comments which actually
represent what I am saying and many
other people who are paying attention to
what is exactly going on are also
ushering everyone watching this needs to
consider the implications AI will have
on jobs and our economy very soon and
demand policy makers start acting we
cannot stop it nor we do want to and we
need to start preferring for what it
means AI will only keep advancing and
ignore the instinct to think it will
never do certain things for I can assure
you it will and far sooner than you
might expect do not believe those who
say we don't need to prepare as they're
probably the ones who will profit the
most from the rest of us struggling it's
not going to create anywhere near enough
new jobs quickly enough to re-employ as
all those it will displace how else will
we keep workers afloat while they figure
out what to do next and how else can we
protect the middle class from losing
everything they've built I've yet to
hear a better answer that doesn't Justus
dismiss what's coming and I think that's
what Kaiu Lee here has ushered a lot in
his comments because he keeps stating
that look look if we just carry on the
way we're going to go there is going to
be a serious social divide along those
who do have work and who do have money
and those who've just been displaced by
this automation if the governments don't
act quickly so let me know your thoughts
about this in the comment section below
because I think this is definitely an
interesting point that we need to
further discuss
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