If ever there was a fear that Artificial Intelligence (AI) and other technological advancements would lead to mass unemployment, the B.C.-based Fraser Institute think tank suggests that such a scenario is unlikely to happen.
This is based on a new essay series released by the institute, one of which is entitled Artificial Intelligence and Employment: Will History Repeat?
“While some believe the rise of artificial intelligence and other technologies will lead to massive unemployment, the effect will likely resemble past experiences with other new technologies — new jobs will emerge as businesses and workers adapt,” said Steven Globerman, Fraser Institute senior fellow, contributing editor and author of the essay.
In another essay, this one entitled Demographics, Technological Change, Participation Rates and Canada’s Future Labour Shortage, the institute notes that when baby boomers retire, Canada’s labour force will also shrink. In fact, it will continue to decrease over the next several decades, further reducing the potential for (significant) job loss due to technology.
“The growth of technology combined with a shrinking labour force may actually produce a shortage of qualified workers in Canada, rather than the widespread unemployment predicted by doomsayers,” said Livio Di Matteo, Fraser Institute senior fellow and author of the above-mentioned essay.
But as the institute’s essays suggests, even as automation, AI and robotization will inevitably eliminate or change the nature of some jobs, they will also pave the way for new jobs during a period of demographic change.
