Ray Dalio: How The Proliferation Of AI Will Affect JobsVW Staff
I got a good question about how the proliferation of AI and algorithmic decision making will affect jobs and about the possibility of universal basic incomes eventually impacting humans’ ability to continue to derive meaning and self-purpose from work. My view is that algorithmic/automated decision making is a two edged sword that is improving total productivity but is also eliminating jobs, leading to big wealth and opportunity gaps and populism, and creating a national emergency. Largely as a result of it, capitalism is not working for the majority of Americans and is in jeopardy. Yet no one is seriously examining what to do about it.
I don’t believe that transferring money to people who are unproductive is good for the people or the economy, unless there are no other good alternatives. I believe that it’s both far better and it’s possible to find ways for making most of these people productive. I think that a national emergency should be declared, a special commission created, and metrics established to come up with programs and measurements to make work improvements that more than pay for themselves and measure the changes that are taking place. I know of many cost effective ways that improvements that pay for themselves can be made and I’m sure that many others know of many more ways.
Productivity is good for everyone. Unfortunately, it’s not available to everyone. That has to change. We need leadership that can bring that about. Unfortunately, it is more likely that nothing along these lines will be done and, in the next economic downturn, the haves and have nots will be at each other’s’ throats, fighting over income redistributions rather than working together to make plans to make most people productive. For that reason, I’m worried about the health of capitalism and democracy.
Article by Ray Dalio, Facebook