According to the McKinsey Global Institute (2017), around half of current jobs in the UK and US could be automated in the near future. A related study by the Oxford Martin School (2016) predicts that 69% of jobs in India and 77% of jobs in China are susceptible to mechanization in the next 20 years. The rise of AI, digital, robotic and computational technology will radically restructure society as we know it. How can we ensure that the "Second Machine Age" will enhance overall wealth rather than increasing the wealth gap? Which principles need to be implemented to prevent people lacking income and purpose?
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Every day, with the rise of new technologies and AI, new jobs are created and old jobs cease to exist. Even though many people say that humans will not be able to keep up with automation, we are actually seeing an increase in jobs, and a decrease in unemployment (outside the context of corona of course!). Times are changing: the younger generations today, who are finishing university, are often dreading a boring 9 to 5 job, something which was considered the norm a few decades ago. They instead use the new ease of access, due to progress in tech, to create businesses, projects... I feel like less qualified people will therefore take those old boring jobs, and more educated people will create new jobs that never existed before. Moreover, distractions to "real life" are being created at an alarming rate, with examples such as social media, which means that people today are less likely to find meaning in their life solely in work, and create purpose outside of the professional context. However, if the way people spend their money does not change, the wealth gap will continue getting larger, and only the richest will benefit economically due to the expansion of AI.