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RE: Will Machine Learning and AI Force Us to Rethink Mainstream Economic Theory?
No i do not agree that Machine learning and AI is a threat to anything, humans will be needed in every part of this earth, these things can only make the work easy for humans but they cannot replace us, those who thinks that this is even a possibility are out of their mind @calaber24p
I will have to disagree with you. Decades ago, it was believed that humans would always beat computers at chess, then in the 90s, the computers won. In the last few years, Google's AlphaGo beat the world's best Go players. IBM's Watson is diagnosing cancer and proscribing treatments on par with some of the world's leading cancer treatment centers. Computers are getting better and better at recognizing objects via visual ques. Voice recognition is at 95% or greater from the tech giants.
There is nothing to suggest that this current course is likely to slow down, if anything odds are that the progress will accelerate. Most humans do rather repetitive jobs that aren't even a quarter as complicated as beating World Champion go players, accurately transcribing speech, or diagnosing and treating terminal cancer patients.
Most jobs things like Transportation, customer service reps and so on. Computers can replace secretaries, human drivers are on the verge of being beat by the algorithm, and we already can replace telemarketers with robocalls, basic customer service duties are increasingly being delegated to chatbots and self serve systems. The cashier can easily be replaced by a self checkout system.
There probably will always be a need for some people do to the work the algorithm's can't yet handle, or the job's for which people are just preferable. Nurses, Doctors, and janitors come to mind. All of that middle-work though, the low skill work? That will disappear. Millions upon millions of jobs. Short of a miracle new industry that springs forth from the algorithms replacing almost everything that the algorithms are unable to learn to do on their own, or lack the mechanical ability to do so, joblessness will become the norm, and having a job will be as rare as being a movie star.