alt Hacker NewsAI is just another disruptive technology like the loom, the steam engine or the airplane. It will take time to adjust and some industries will go away and others will pop up.
I think a lot of people are conflating two ongoing things: the emergence of AI and stagnant (if not recessionary) economies across the globe. It appears as if AI is resulting in so much more negative externalities but in reality if not for AI, we'd 100% be in a recession.
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> we'd 100% be in a recession
A little confused as to how exactly a handful of unprofitable companies are keeping us out of a recession? GDP is not the economy. We have been in a "recession" for a while now, not that that word even really means anything anymore.
> AI is just another disruptive technology like the loom, the steam engine or the airplane.
Or social media, or targeted advertising, or fast food.
> AI is just another disruptive technology like the loom, the steam engine or the airplane. It will take time to adjust and some industries will go away and others will pop up.
That's fallacious thinking. Technological developments aren't instances of some kind of repeating phenomena; they're distinct, unique events with their own characteristics. You need to consider those characteristics instead of gesticulating at the past for a prediction of the future.
And even if you're correct, you're missing a lot. I'll explain by analogy: at the beginning of a genocide, as someone's community in the process of being murdered, you could totally say "genocides have happened before, some people will go away, others will survive." But that's cold comfort for someone who's about to be killed with their family. AI likely means economic death (or at least hardship) for a lot of people who don't have the needed combination of psychopathy, luck, and wealth to succeed in the new order.
This is an underappreciated point. The economy would likely be in freefall without AI.
Yes, things look bleak for current college grads. The bitter pill to swallow is that they began college in the boom times of 2021-22, and they saw the college grads of those years walking straight off campus into high-paying jobs which don’t exist anymore. They only existed because of the obscene gobs of money whizzing around the economy post-COVID. Whether the shrinkage is due in part or in whole to AI is in the eye of the beholder. But if we had fallen into a broad-based recession, the numbers would look a lot bleaker. Plenty of companies that could automate away entry level positions with current tech haven’t done so, whether due to organizational inertia or ignorance or whatever. That organizational inertia would’ve been much more easily overcome by a market collapse.
The loom, the steam engine, or the airplane did not cause "captains of industry" to publicly salivate over anticipating being able to fire their knowledge workers who invested time, money, and effort into becoming qualified for the jobs they're now constantly in fear of losing.
The social contract is being broken. Being broken just on paper, just on the hopes that it can be broken for good.