What you need to know (in a nutshell)
Fears of AI causing unemployment are unfounded, as previous technological advancements have not led to overall unemployment.
AI is already illegal in most of the economy due to heavy regulation and control in certain industries, which prevent technological innovation.
The economy is divided into two sectors: regulated industries experiencing rising prices and stagnation, while less regulated sectors experience technological innovation and falling prices. This division will prevent AI from causing overall unemployment.
For centuries, people have worried about technology replacing human labour, causing widespread unemployment. In the past, fears about outsourcing and automation didn't lead to job losses. In fact, before COVID-19, the economy was booming with numerous jobs and high wages.
AI is a new concern, with some advocating for a Universal Basic Income. However, evidence suggests this fear may be baseless. Heavy regulation in many industries prevents tech-driven cost reductions, maintaining high prices and limiting AI's impact on jobs.
Instead of fearing AI, we should embrace its potential to revolutionise industries and improve our lives. With the right mindset and determination, we can explore new horizons, replacing outdated systems with innovative ideas, ultimately enriching our world.