Hedge fund legend predicts nearly half of all jobs will be replaced by AI
Hedge fund legend predicts nearly half of all jobs will
be replaced by AI
By Fox Business September 22, 2017 | 4:21pm
Bridgewater Associates founder Ray Dalio said Friday that
almost half of the jobs in the next two decades will be replaced by artificial intelligence.
“By in large, the world is going to largely consist of
people who can take language and put it into code, which then allows the
computer to operate like a brain or people who are going to be displaced by
that,” Dalio told FOX Business’ Maria Bartiromo of “Mornings with Maria.”
The investor said the computer’s capacity to process more
information than the human brain is the reason artificial intelligence (AI) is
being implemented in financial services.
“Those algorithms and that process allows people to get
the best thinking not just the thinking that happens to be in people’s minds
and it makes for an id meritocracy,” he said. “Something like 40 percent of all
jobs are going to be replaced over the next twenty years by these algorithms in
various forms.”
Dalio, founder of the world’s largest hedge fund, said
coding, as an educational area and subsequent career path, will help bridge the
gap of widespread jobs loss.
“Everybody [has] to learn to code. It’s like not knowing
how to read and write in the new age,” he said.
The “Principles: Life and Work” author finds the idea of
riding the principles and converting them into codes as an invaluable asset
that can create jobs and elevate the world in a greater way.
“Education and coding is very fundamental and I think its
empowering. It can give many more people jobs. It can make that coding so much
better,” Dalio said.
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