The job market is bracing for the worst, with a recent jobs report painting a grim picture of automation's impact on employment. October saw over 150,000 layoffs, the worst in two decades, with AI blamed for roughly half of those losses. The news comes on the heels of previous warnings about unemployment among recent graduates, fueling concerns that automation is to blame for the current job downturn.
However, experts like Neil Thompson from MIT's CSAIL argue that the situation is more nuanced than it initially seems. "There are two different phenomena going on at the same time," he says. "One is that AI is becoming more prevalent in the economy, and for some cases, like customer service, that's probably legitimate." Indeed, AI systems can excel at tasks that humans struggle with.
But Thompson also cautions against overestimating AI's capabilities. "It would be surprising to me if these systems were able to do as many things as the job loss numbers imply," he says. "There's a mix of either people deciding to cut the jobs and put some of that blame on AI, or they're cutting the jobs in advance with an aim to do more AI."
One reason why it's difficult to determine the extent of AI's impact is that many companies are shifting their focus towards adopting AI systems. This shift can lead to job losses as tasks become automated. However, Thompson points out that this trend isn't unique to AI and has been seen in previous technological revolutions.
"Skilled artisans, like wheelwrights or blacksmiths, used to be incredibly expert jobs," he notes. "Through industrialization, we figured out how to do those on production lines, with lower average expertise but more people involved."
Thompson also suggests that while AI will undoubtedly bring significant changes to the job market, there is a historical precedent for humans adapting to new technologies and emerging new tasks.
"The question is how fast it happens," he says. "If it's medium- to long-term, humans are pretty good at saying, 'okay, if these are new tasks that we're particularly good at and the technology is not, let's adapt to do those tasks.'"
However, Thompson acknowledges that there is a fear of the unknown surrounding AI, with many people concerned about job displacement. He also notes that valuations for AI companies can be inflated, which could lead to significant economic disruptions.
Ultimately, Thompson's take on AI suggests that while it will undoubtedly bring changes to the job market, humans have historically been able to adapt and thrive in the face of technological advancements. The key question is whether we can adjust quickly enough to mitigate any negative impacts.
However, experts like Neil Thompson from MIT's CSAIL argue that the situation is more nuanced than it initially seems. "There are two different phenomena going on at the same time," he says. "One is that AI is becoming more prevalent in the economy, and for some cases, like customer service, that's probably legitimate." Indeed, AI systems can excel at tasks that humans struggle with.
But Thompson also cautions against overestimating AI's capabilities. "It would be surprising to me if these systems were able to do as many things as the job loss numbers imply," he says. "There's a mix of either people deciding to cut the jobs and put some of that blame on AI, or they're cutting the jobs in advance with an aim to do more AI."
One reason why it's difficult to determine the extent of AI's impact is that many companies are shifting their focus towards adopting AI systems. This shift can lead to job losses as tasks become automated. However, Thompson points out that this trend isn't unique to AI and has been seen in previous technological revolutions.
"Skilled artisans, like wheelwrights or blacksmiths, used to be incredibly expert jobs," he notes. "Through industrialization, we figured out how to do those on production lines, with lower average expertise but more people involved."
Thompson also suggests that while AI will undoubtedly bring significant changes to the job market, there is a historical precedent for humans adapting to new technologies and emerging new tasks.
"The question is how fast it happens," he says. "If it's medium- to long-term, humans are pretty good at saying, 'okay, if these are new tasks that we're particularly good at and the technology is not, let's adapt to do those tasks.'"
However, Thompson acknowledges that there is a fear of the unknown surrounding AI, with many people concerned about job displacement. He also notes that valuations for AI companies can be inflated, which could lead to significant economic disruptions.
Ultimately, Thompson's take on AI suggests that while it will undoubtedly bring changes to the job market, humans have historically been able to adapt and thrive in the face of technological advancements. The key question is whether we can adjust quickly enough to mitigate any negative impacts.
I'm kinda worried about this whole AI thing. With all these layoffs and jobs being cut, it's easy to blame AI, but maybe we're looking at it from the wrong angle? 
Like Thompson said, there are two phenomena happening here - one is that AI really is taking over some tasks, but the other is that companies are just trying to cut costs and shift their focus towards adopting AI. It's like when new tech comes out and some jobs become obsolete... remember how that happened with the assembly line? 
Anyway, I think it's cool that Thompson mentions the history of humans adapting to new tech - we've always managed to find new ways to work together and thrive. The question is, can we do it fast enough this time around? 
. It's like, yeah we need to figure out how to make robots do more stuff, but let's not forget that humans are way more adaptable than we think 
. What if the new jobs are better tho?! Wouldn't that be a win-win? 
- some places get hit really hard, while others are just getting started 
. I think Neil Thompson's point about humans adapting to new tech in the past is super valid 
. Remember those skilled artisans? Yeah, they got replaced by machines, but new jobs popped up that we didn't even know existed 
, but Thompson's saying that it's gonna take time for humans to figure out how to use these new tech tools 
. Plus, new tasks will emerge that we can't even imagine yet 
.
Anyway, it's gonna take some adjusting, but I think humans can handle it 
. And then it happened, but not exactly as predicted. Sure, some jobs did get automated, but new ones popped up too – like software engineering and data science.
. My grandpa was a skilled blacksmith before they got replaced by machines (ironically!). So, yeah, it's scary how fast things can change 
. It's like when you lose your fave gaming console – it's not the console itself, but who bought it, right? 
Like, 150k layoffs? That's a lot of people who are suddenly unemployed because of robots. And what's with all these companies shifting their focus to AI like it's some kinda silver bullet? I mean, I get that AI can do some cool stuff, but come on, humans have been adapting to new tech for centuries. It's not like we're gonna be wiped out by robots overnight 
Like, Neil Thompson from MIT's CSAIL says AI is just a tool and humans can adapt? That's so optimistic. What about all the people who have been struggling to make ends meet because of automation? I'm not buying it 
It's like investors think they're gonna make a fortune off some fancy algorithm. Meanwhile, we've got workers who are losing their jobs and don't know what's gonna happen next. This whole thing just feels so wrong 