Artificial intelligence can spawn efficiency that will bring down wages and prices, but expect a bumpy ride
Artificial intelligence is boosting the global economy’s efficiency, profitability and productivity, but it’s also exacting a price. It could replace 85 million workers globally by 2025, the World Economic Forum (WEF) projects.
Yet the vast displacement won’t hit hardest among the working- and middle-class employees who’ve borne the brunt of job loss to automation over the last 40 years. Instead, this wave of innovation and adoption will take jobs away from content producers, artists and white-collar workers.
The realization that a group with as many people as the nation of Iran will be jobless within 36 months has...