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August 16th, 2018 at 11:44 am

AI will create as many new jobs as it loses

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PwC, the business consultancy, reckons that as many UK jobs will be created by AI as will be lost by AI.

A PwC report forecasts that about 20% of UK jobs will be automated by 2037—but 20% more jobs will also be created.

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That’s 7 million jobs lost and 7.2 million jobs gained.

PwC reckons that manufacturing sector jobs could be reduced by around 25% – a net loss of nearly 700,000 jobs.

“The sectors that we estimate will see the largest net increase in jobs due to AI over the next 20 years include health (+22%), professional, scientific and technical services (+16%) and education (+6%),” says PwC, “the sectors estimated to see the largest net long-term decrease in jobs due to AI include manufacturing (-25%), transport and storage (-22%) and public administration (-18%).”

The debate replays the controversies of the 1970s when forecasters warned that massive job losses would be caused by the IC and the microprocessor.

Back then, some argued that people would need to be educated for leisure and that three day working weeks would be the norm.

It all turned out very differently.

Via Electronics Weekly 

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