AI will create more jobs than it kills says Ash Fontana of Zetta Venture Partners—we agree
Alchemist can’t read the original article in the SF Business Times because you have to be a paid subscriber, and there ain’t no way we are paying for something we will never read, but whatever Ash said, we agree. Thinking otherwise is a Luddite fallacy.
Simply put, innovation has always created jobs and Luddites always turn out to be wrong. Not a 100 percent fan of Wikipedia, but the site was helpful for a quick reference on the subject.
“The Luddites were a group of English textile workers and weavers in the 19th century who destroyed weaving machinery as a form of protest. The group was protesting the use of machinery in a “fraudulent and deceitful manner” to get around standard labour practices. Luddites feared that the time spent learning the skills of their craft would go to waste as machines would replace their role in the industry. It is a misconception that the Luddites protested against the machinery itself in an attempt to halt progress of technology.
The term Luddite fallacy is used by economists in reference to the fear that technological unemployment inevitably generates structural unemployment and is consequently macroeconomically injurious. If a technological innovation results in a reduction of necessary labour inputs in a given sector, then the industry-wide cost of production falls, which lowers the competitive price and increases the equilibrium supply point which, theoretically, will require an increase in aggregate labour inputs.”
For an alternative view, talk to your local socialist, or read what Alibaba founder Jack Ma has to say on the subject.
Read complete post in the SF Business Times [if you’re willing to pay for it]:
Artificial intelligence will create more jobs than it terminates, this VC says
by Christian Peacock, San Francisco Business Times