Humans need to be assured of a predictable and secure future to remain productive in every way. Technological innovations so far have by and large promised these. But now, the arrival of Artificial Intelligence, or AI, is forcing us to look at tomorrow’s world through a different lens. What we see there is a society in turmoil.
Robots were developed to aid humans in workplaces. But with the help of high-end robotics and AI, they have started replacing humans. In dark factories, work is done by robots with minimal or no human intervention. Predictably, this will lead to job loss: not overnight, but at a pace at which workers will not be able to upskill or find alternative jobs. The use of high-end robotics and AI will not be limited to dark factories.
So, the chances of a recession are high. Recessions have created periods of unemployment, but there was always the hope that soon everything would be back to normal. However, in the wake of AI, a large portion of the displaced workforce may remain unemployed.
