Will AI cause mass unemployment according to Morgan Stanley?

No, a Morgan Stanley report suggests AI will shift job roles and require employee reskilling rather than causing mass unemployment.

What types of new jobs will AI create?

AI is expected to create new roles such as 'chief AI officers,' 'AI governance experts,' 'AI personalization strategists,' and 'predictive maintenance engineers.'

What has been the recent impact of AI on employment?

A study found that over 90 percent of businesses reported no change in employment or productivity levels due to AI in the past three years.

Home / Business and Economy / AI Won't Steal Jobs, It Will Reshape Them

AI Won't Steal Jobs, It Will Reshape Them

28 Feb

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Summary

AI will shift jobs, necessitating employee reskilling for new roles.
New job categories will emerge, augmenting some roles and automating others.
Historical tech shifts created jobs, not mass unemployment, over 150 years.

AI Won't Steal Jobs, It Will Reshape Them

The rapid advancement of artificial intelligence (AI) has fueled concerns about widespread job displacement. However, a recent assessment by Morgan Stanley indicates a different trajectory, suggesting AI will primarily shift job roles rather than cause mass unemployment. The report highlights that employees will need to reskill for emerging positions as AI augments some existing jobs and creates entirely new ones.

Drawing on historical precedents, researchers noted that major technological revolutions over the past 150 years, including electrification and the internet, have reshaped the workforce without eliminating human labor. For instance, the advent of spreadsheets in the 1980s reduced the need for some bookkeeping roles but simultaneously freed up analysts for more complex tasks and spurred the creation of new financial professions.