Comment Re:Nope. (Score 2) 57
Yes, the AI-revolution will be hugely different to various "revolutions" that came before and not in a good way.
The industrial revolution saw manufacturing automated -- but the jobs that were eliminated were usually low-skill laboring ones. People could retrain and take on more skilled work with higher pay so the net earnings of the workforce actually increased.
The IT-revolution once again saw relatively unskilled roles automated by computers and once again people could retrain for more skilled rolls that grew due to the productivity improvements that IT systems offered.
However, the AI-age is hugely different.
That's because the roles being displaced are what we already consider to be "skilled" ones. Programmers, artists, writers, musicians, management -- in fact a huge swathe of professional or semi-professional roles will be hugely affected by AI systems. There no *new* jobs being created by AI (other than a handful of people to dust the server racks in the data-centers) so this will mean unemployment will rise.
Rising unemployment means less money in the pockets of the average citizen so the economy as a whole will suffer - despite the vastly improved productivity of AI-enabled companies. Without a market for the products and services that AI-enabled companies make, their revenues and profits will also be negatively impacted, despite that higher productivity.
This downward economic spiral could be even worse than a bursting AI bubble and lead to huge socio-economic problems with massive destabilizing effects.
I'm pretty sure that during the great depression of the 1920s, lots of people were on four, three or even zero day working weeks and that didn't work out too well for them.