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Bank of England boss notices that AI job losses might be bad - "Lack of work sets us free"

Bank of England boss notices that AI job losses might be bad

Lack of work sets us free

·        Chris Merriman  20 August 2018

THE BANK OF ENGLAND'S chief economist has noticed that AI might lead to some job losses and decided to mention it.
Andy Haldane warned that the Fourth Industrial Revolution (or Industrie 4.0) could be a bigger deal than the other three and will require a huge investment in skills to avoid a "mass technological unemployment".
The fear, which was addressed as the main plot point of drama Channel 4's Humans, could lead to social tension, a bigger class gap and many families reduced to poverty, with the slashing of benefits making for a problem far worse than in previous ‘revolutions'. Just like in the show. 
"This is the dark side of technological revolutions and that dark-side has always been there," he told BBC Radio 4's Today programme.
"That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing - replacing both the cognitive and the technical skills of humans."
The news is less so much about this being a possibility because we've known for some time that it is, but rather that more and more senior figures are speaking out about it publicly.
Tabitha Goldstaub, chair of the Artificial Intelligence Council, which the government formed to look at just this issue voiced similar concerns, warning of the need to find new jobs in the future to replace those lost to machines.
"What are the new jobs that will be created whether those are in building new technology, maintaining the new technology or collaborating with the new technology?" she asked, adding that we can take some comfort in the fact that the jobs that will be lost are likely to be the rubbish ones anyway, those which are dangerous, boring and mundane.
"There could be some element of liberation from some of these jobs and a move towards a brighter world," she adds.
A 2017 survey found a quarter of UK workers feared losing their jobs to machines.


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