Rapid development of artificial intelligence is one of the most popular topics in today’s world, and employment loss is one of the biggest concerns regarding artificial intelligence. This essay will first suggest that the biggest problems caused by this phenomenon are mass unemployement, rise of wealth inequality and then argue that government regulation and increased taxation of ultra wealthy are the most viable solutions.
With the advancement of artificial intelligence it will solve more and more problems that will make not only low effort and low entry jobs, but also high entry jobs like coding or tutors obsolete. Furthermore, companies and shareholders with the ability to solve so many problems will accumulate substantial financial resources, inevitably leading to a surge in wealth inequality. Job displacement is most noticable in the tech world. A quarter of all code produced at Google in 2024 was written by AI, in the next year, this figure has doubled, and now AI makes up for 75% of all production code at Google.
One of the possible solutions to these problems would be for governments to regulate the pace at which companies will replace human workforce with AI. This will give time for workers to reskill and prepare for new upcoming jobs. Moreover, with the financial success that companies will get from AI, governments can increase taxation of ultra wealthy people for the prosperity of society.
In conclusion, supervision of job displacement caused by development of artificial intelligence is one of the foremost challenges we face, but possible solutions could be used to secure a smooth transition of the working class to a new world