AI’s Job Disruption Echoes History’s Fear, Offers Future Solutions

While AI continues to advance, prevailing anxiety looms over the potential displacement of millions of jobs on a global scale. The International Monetary Fund (IMF) has further stoked these concerns, revealing a startling prediction that approximately 40% of jobs worldwide could face adverse effects due to the ascent of AI.

Amidst this apprehension, Bill Gates, a seasoned observer of technological trends, acknowledges the legitimate worries surrounding AI’s impact on the job market. Rather than outright dismissing the notion of disruption, Gates provides a historical lens through which to view this technological shift. He emphasizes that throughout history, each major technological leap has initially instilled fear, only to be followed by the emergence of new opportunities. Drawing parallels to the agricultural revolution of 1900, Gates underscores those technological innovations not only revolutionized industries but also ushered in novel job categories, ultimately contributing to an overall improvement in well-being.

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However, Gates’ optimistic outlook faces a counterpoint from the IMF, whose recent report adopts a less sanguine perspective. The international financial body issues a cautionary warning, suggesting that without proactive political intervention, AI could exacerbate societal inequalities, further widening the gap between the affluent and the less privileged.

During this debate, Gates envisions a future where AI contributes to simplifying everyday lives. Offering a practical example, he highlights the potential for AI to streamline mundane tasks, such as paperwork for doctors. In his vision, AI’s efficiency in handling such aspects could enhance the overall functioning of professions, making them more effective and ultimately improving the quality of life for everyone. As the discourse on the societal implications of AI continues, Gates stands as a voice of optimism, weaving historical context and pragmatic foresight into the ongoing conversation about the future of work and technology.

AI Poses Threat to Human Civilization

Concerns are growing that artificial intelligence (AI) will pose a threat to human civilization, starting from the healthcare system to astrophysics, as stated by the Future of Jobs Report 2023 by the World Economic Forum. Bill Gates has echoed similar concerns, although he has added reasoning to his statements. In a recent Trevor Noah podcast, Bill Gates discussed the impact of AI and technology on human life, emphasizing how it could bring about changes. In the 45-minute conversation, he explored how AI could transform human life, envisioning a time when people won’t have to exert as much effort. This implies that technology will handle everything from cooking meals to creating items, allowing more leisure time. However, he cautioned that this wouldn’t be a theatrical revolution like the industrial one.

As an example, he pointed out that word-processing applications haven’t eliminated office work but have significantly transformed the nature of such tasks. Gates envisions a future where people won’t have to work as hard for basic needs. While this might bring about more leisure, he is wary of the risks associated with AI. The concern lies not in losing jobs but in the misuse of technology.

Challenges and Opportunities 

According to the Future of Jobs Report 2023 by the World Economic Forum (WEF), it is stated that by the year 2027, there will be a significant increase in the demand for AI and machine learning experts, data analysts, scientists, digital transformation specialists, and cybersecurity experts. The WEF predicts that the number of AI and machine learning experts could increase by 40%. In contrast, the number of data analysts, scientists, or big data analysts may increase by 30-35%, and information security analysts could see an increase of up to 31%. During this time, there will be job opportunities for 260 million people, with a focus on safe positions. However, jobs related to record-keeping and administrative positions are under threat.

A report from CNN suggests that the labor market will be greatly affected during this time. The creation of new jobs will require the adoption of adaptable skills and a powerful role for trainable talents. Economic growth will continue, leading to higher inflation rates. To cope with these challenges, organizations are reassessing the skills needed for their employees. They are placing more emphasis on ‘capacity for the skilled use of artificial intelligence’ than on computer programming.

In the next five years, the fastest-growing among the top 10 jobs will include:

• AI and machine learning specialists
• Sustainability specialists
• Business intelligence analysts
• Information security analysts
• Fintech engineers
• Data analysts and scientists
• Robotics engineers
• Electrotechnology engineers
• Agricultural equipment operators
• Digital transformation specialists

On the other hand, the top 10 jobs that are expected to decline rapidly in the next five years include:

• Bank tellers and related clerks
• Postal service clerks
• Cashiers and ticket clerks
• Data entry clerks
• Administrative and executive secretaries
• Material recording and stock-keeping clerks
• Accounting, bookkeeping, and payroll clerks
• Legislators and officials
• Statistical, finance, and insurance clerks
• Door-to-door sales and workers, news and street vendors.

To address these challenges, organizations are already reviewing the necessary skills for the future and are focusing on hiring new types of skilled workers to manage artificial intelligence effectively.

Artificial Intelligence: Bangladesh Perspective

Bangladesh is a country of 160 million people and this is one of the most densely populated countries in the world. In recent times, the nation has experienced a wave of technological advancements that are permeating various sectors, gaining momentum in automation and control technologies across industries. The terms Artificial Intelligence (AI), along with IoT, Big Data, Blockchain, etc., have gained significant traction in Bangladesh, marking a shift towards embracing cutting-edge technologies.

While the technological evolution of AI has a longstanding history, its substantial impacts are now becoming evident in Bangladesh. The country is strategically identifying specific sectors, including services, transportation, education, agriculture, health, and the environment, for the effective implementation of AI. Notably, AI technologies are increasingly being utilized in everyday life, with applications ranging from ride-sharing and natural language processing (NLP) in Bengali to ChatBot interactions and real-time mapping, significantly enhancing the convenience of daily activities.

Bangladesh, with a substantial 34% of its population being tech-savvy young individuals, holds immense potential for the successful integration of AI into its existing strategies. The adoption of AI technologies not only contributes to making daily life more comfortable but also paves the way for future development. As the country embraces AI alongside its current technological landscape, the prospect of further advancements and growth in various sectors appears promising.

Artificial intelligence applications

AI systems have numerous real-world applications today. Some common use cases include:

• Speech Recognition: Utilizing natural language processing, speech recognition, or automatic speech recognition (ASR), converts spoken words into written text. Widely integrated into mobile devices, this technology enables voice search functions and enhances accessibility through voice-to-text features, redefining communication methods.
• Customer Service: Online virtual agents are reshaping customer service, handling FAQs, and providing personalized advice across websites and social media platforms. These virtual agents revolutionize customer engagement dynamics, from e-commerce bots to messaging apps like Slack and Facebook Messenger.
• Computer Vision: Empowered by convolutional neural networks, computer vision extracts meaningful information from digital images and videos. Beyond image recognition, it influences decision-making based on visual inputs. Applied in social media, healthcare, and the automotive industry, computer vision signifies a notable advancement in AI capabilities.
• Recommendation Engines: AI-driven recommendation engines analyze past consumer behavior to enhance cross-selling strategies. Predominantly employed in online retail, these algorithms offer relevant add-on recommendations during checkout, optimizing user experience and impacting purchasing decisions.
• Automated Stock Trading: AI-driven high-frequency trading platforms revolutionize stock trading, executing numerous trades daily without human intervention. Designed to optimize stock portfolios, these systems employ sophisticated algorithms, showcasing the transformative potential of AI in the finance industry.

Evolution of Artificial Intelligence

The concept of ‘a machine that thinks’ traces its roots back to ancient Greece. However, the significant milestones in the evolution of artificial intelligence (AI) become more pronounced in the era of electronic computing. Here’s a concise timeline highlighting key events:

• 1950: Alan Turing published “Computing Machinery and Intelligence,” introducing the Turing Test to assess if a computer can exhibit human-like intelligence. This test remains a subject of debate in AI discussions.
• 1956: John McCarthy coins the term ‘artificial intelligence’ at Dartmouth College’s inaugural AI conference. The same year sees the creation of the Logic Theorist, the first running AI software program, by Allen Newell, J.C. Shaw, and Herbert Simon.
• 1967: Frank Rosenblatt developed the Mark 1 Perceptron, the first computer based on a neural network that learns through trial and error. A year later, Marvin Minsky and Seymour Papert published a landmark book on neural networks called “Perceptrons.”
• 1980s: Neural networks using backpropagation algorithms become widely adopted in AI applications.
• 1997: IBM’s Deep Blue defeats world chess champion Garry Kasparov in a chess match, marking a significant AI victory.
• 2011: IBM’s Watson outperforms champions Ken Jennings and Brad Rutter in Jeopardy!, showcasing the capabilities of AI in natural language processing.
• 2015: Baidu’s Minwa supercomputer utilizes convolutional neural networks to identify and categorize images more accurately than the average human.
• 2016: DeepMind’s AlphaGo, powered by a deep neural network, defeats world champion Go player Lee Sodol. Google later acquires DeepMind for a reported USD 400 million.
• 2023: The emergence of large language models, like ChatGPT, marks a transformative shift in AI performance and its potential to drive enterprise value. These generative AI practices leverage pre-training on vast amounts of raw, unlabeled data, ushering in a new era in artificial intelligence.

Expert Opinion

Conclusion

In the context of Artificial Intelligence, it is very difficult now to predict the future of humanity. While embracing AI as a new technology, it is crucial to ensure its positive influence on society. Acknowledging its potential for both positive and negative impacts, we must be prepared to address and mitigate the adverse consequences. Establishing a robust legal policy framework is essential to navigate the challenges associated with AI, providing compensation for affected parties in the event of fatal errors and minimizing potential serious threats to humanity.