AI Risk #3: Will AI Take All Our Jobs?

The fear of job loss due variously to mechanization, automation is as old as time. And always the claim is that “this time is different”.

However, time & time again, technology lead to an economic boom. This time will not be different. When technology is applied to production, we get productivity growth:

1. more output generated with less input
2. this results in lower prices for goods and services.
3. prices fell, we pay less for the same products
4. lower prices means we  have extra spending power 
5. we use the money to to buy other things
6. this increases demand for new products & services