The AI Displacement Risk

Jeff Camarda (), Steven James Lee () and Jerusha Lee ()
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Jeff Camarda: Family Wealth Education Institute
Steven James Lee: California State Polytechnic University
Jerusha Lee: Claremont Graduate University

A chapter in The Financial Storm Warning for Investors, 2021, pp 67-71 from Springer

Abstract: Abstract This chapter discusses potential future economic risks to workers’ livelihoods. One of the greatest potential economic risks in the next ten years may be artificial intelligence. It is likely that in the next five years alone up to two million jobs will be replaced by machines. There is a clear economic risk of lost income and the transformation of economic activity as people suddenly lose jobs and must switch careers to obtain a new one, replete with reeducation, retraining on the new job, and all the associated costs. These lost jobs are not just low-income workers, like grocery store clerks. Surgeons, lawyers, financial advisors, and journalists could all potentially be on the chopping block with the expansion of artificial intelligence and the consequent industry automation as the 21st century unfolds.

Keywords: Artificial Intelligence; Job displacement; Lost income; Automation; Economic risk (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-77271-0_7

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DOI: 10.1007/978-3-030-77271-0_7

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