This week, we were encouraged to look into A.I and acknowledge the potential economic shift that it can have on the economy.
It would be nice if we were able to take a laid back sort of nonchalant approach towards A.I, but as you analyze the data and find trends, you can't help but take this issue seriously. Data shows that over the next 5-20 years, there will be a significant net job loss. Among this job loss, Blue-Collar and low income families are the most vulnerable to this change. In 2053, African-American net worth is going to have a median of 0 due to these economic changes. Since I am African-American, this statistic stood out to me the most. It is important for me to take action now as things start to change. I have started to adept by downloading apps that teach you how to code, such as DataCamp.
It is a blessing to be born at this time and age, not only for technological innovations but also youth. Being young is a blessing since we are still pretty much inexperienced and can adapt to change better than older individuals. It is far more difficult to try and teach a 40-year old truck driver or a coal miner how to code. The overlap from the skills of being a coal miner and the skills to be a coder is not very high. Actually, a program was developed to try and teach coal miners how to code, but was unsuccessful. It had a 0-15% success rate. Ultimately, it is more difficult for a seasoned professional to try and learn a new skill compared to a young, ambitious adult(s) who is fresh out of college and can adapt to market value skills easily. Even if we were to teach these seasoned professionals basic coding skills successfully, A.I and machine learning will be able to take over basic coding in 5-10 years.
I will like to conclude this blog with these final thoughts. We as a society needs to change the race to one that we all can win at. Racing against A.I is not going to work. Surfing The Tsunami, by Professor Todd Kelsey, suggest that humans do one(if not all) of these 3 things. “Adapt(good): keep an eye on things; keep yourself informed; and see what happens. You might get lucky, but you might want to review the evidence. Adopt (better): you can adopt AI platforms and automation tools as they arise, and hopefully be the ones who manage AI and automation, until the management itself is automated; or in such a place where there is an ongoing need for human interaction and Adept (best): yes, I am suggesting that you seriously consider
becoming adept and involved in AI in some way”. Personally, I am in favor of A.I due to its potential to make our lives more efficient and gives us more time to use our precious neurons some place else. I want to work with A.I and collaborate with this technology to get aboard a vehicle that will free me from a system structure that typically works the average American rigorously most of their lives then retire late in your career & enjoy whatever time you have left(If you are lucky). With Machine learning, and A.I innovations, I am confident that capital growth and equity will be much easier to achieve without being at a physical job location. With A.I, you will be able to earn your time back and actually get a chance to live a life with vast memories.
Fun & Interesting Video of A.I in the Real World:
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