Artificial Intelligence And The Need For A New Marx
Artificial Intelligence (AI) has the potential to revolutionize industries, but it also raises concerns about job displacement and economic inequality. With the growing adoption of AI, it is essential to address these challenges proactively.
Recently, Hollywood writers and actors went on strike due to fears that generative AI would take away their jobs. This highlights a broader concern that AI will displace human workers, particularly in white-collar jobs.
Research by Daron Acemoglu, an economist at the Massachusetts Institute of Technology, has shown that the automation of tasks by AI can lead to a slowdown in wage growth and exacerbate income inequality. He suggests that between 50% and 70% of the growth in wage inequality in the United States between 1980 and 2016 can be attributed to automation. With the increasing use of AI technologies, there is a growing apprehension that AI-based automation may worsen income inequality further.
The rise of AI and automation poses challenges to the workforce, potentially resulting in job losses, wage stagnation, and unequal economic outcomes. As the AI revolution unfolds, it is crucial for policymakers to manage the consequences of AI adoption.
Carl Frey and Michael Osbourn from Oxford University estimate that AI technologies could replace nearly 47% of jobs in the US. This means that almost half of the US workforce could be impacted. Reskilling and upskilling will be essential to help individuals maintain their income levels in the AI-driven economy. Moreover, staying relevant in the AI industry itself requires continuous learning, given the rapid evolution of AI technologies.
In the AI economy, individuals will be distinguished by their knowledge and skills. Getting people to engage in lifelong learning can be a significant challenge. Although various ed-tech companies offer courses and educational content, completion rates are often disappointingly low. Many individuals start their learning journeys but fail to complete them, leaving them with inadequate knowledge.
This tendency to resist change and cling to existing knowledge, even when it becomes outdated, could contribute to inequality in an AI-driven economy. Those who do not continuously acquire new knowledge may struggle to secure employment.
While discussions often focus on AI”s impact on jobs, there is less emphasis on equipping individuals with the skills needed to thrive in this changing landscape.
In the past, movements such as trade unionization and political ideologies like communism aimed to address economic inequality. Today, there is a need for a broader social movement that can tackle the inequality challenges arising from AI adoption. The consequences of AI”s influence will be significant, and solutions must be equally profound. We need to consider how to support individuals in their pursuit of lifelong learning and ensure that AI benefits all members of society.
