satyamkapoor

I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First. ...

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I work at ValueFirst Digital Media Private Ltd. I am a Product Marketer in the Surbo Team. Surbo is Chatbot Generator Platform owned by Value First.

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Robert Shiller has a solution to disruptive AI harming society

By satyamkapoor |Email | Jan 18, 2018 | 7881 Views

According to Robert Schiller, a Nobel-Prize winning economist, Artificial Intelligence could be the biggest challenge facing jobs market and perhaps even humanity itself. However, he pointed out that he has a radical solution to counter the problem.
Schiller feels that what we are seeing is something unprecedented, which is the arrival of AI and it's impact on the world. When asked if he was worried about AI, Schiller responded saying that it is an unknown entity. It is capable of creating tremendous uncertainty and impacts different people differently. He also feels that some people could be left out. 
"It might turn out well. It may be that we'll have more school teachers and smaller classes, and people will be taking care of the elderly and we'll be living longer and there'll be people to look after the elderly. We'll see," he added. "But, for me, the big thing is the uncertainty we face because of AI, it could be extremely disruptive."

AI has attracted a lot of attention in recent years amid widespread concern that artificial intelligence, or robots, will replace human workers, causing a seismic shift in society and the economy.

In 2013, Oxford University published a study that estimated that 47 percent of U.S. jobs could be replaced by robots and automated technology within 20 years. And that view has been echoed by other high-profile tech leaders.

Livelihood insurance

Not everyone agrees that AI will be such a bad thing, however. Research firm Gartner, for instance, said in a recent report that AI could in fact create 2.3 million jobs by 2020, exceeding the 1.8 million that it could wipe out.

Shiller, who won the Nobel Prize for Economics in 2013 for his work on asset prices and inefficient markets, said he advocated some kind of "livelihood insurance" to mitigate against the potential loss of jobs or drop in incomes that AI could cause.

"I think that people are facing career risks like never before and what I've advocated in the book 'Finance and the Good Society' is that I think we should think about some kind of insurance program for individuals and their careers, and to prevent inequality from just running its course," he said.

"People tend to worry about what's happening now and maybe redistributing income on a government basis now, but I think we should be moving towards other kinds of insurance-type of redistribution."

He was asked more about the livelihood insurance that can ensure against a decline in income or occupation. Shiller said that the idea was already beginning to take root but it needed more figuring out for wider application.

He said that we are in fact beginning to see some livelihood insurance in action. There is the case of web design academies that now train young people about programming computers & running internet sites without charging them anything unless get a job at a certain level of income. Then they tax their first year of income and take about 10% of their first income. They promise people a job and want nothing in return if you don't secure one. 

Source: HOB