Dystopian AI scenarios rely on dubious labour assumptions

A dystopian future of AI-driven mass job destruction and workers vying for a shrinking pool of low-skilled roles is improbable, in our view. For that to happen, AI would need to generate huge productivity gains and mainly replace workers rather than enhance worker productivity. It’s possible that AI might be better at automating jobs than previous technological developments.

• Throughout history technological leaps have eliminated some jobs, made others more productive, and created completely new ones.
• There’s plenty of evidence that AI is boosting productivity by helping workers to do their jobs better.
• Other forces would also reduce the risk of a nightmare scenario of rocketing unemployment.
• Were AI to sap inflation and lead to slack labour markets, this would likely prompt looser monetary and fiscal policies.