A common fear about artificial intelligence (AI) is that it will lead to widespread job destruction. However, history shows that technological advancements often lead to greater economic opportunities. New technologies frequently replace older ones – like automobiles replacing horse-drawn carts – but they can also coexist, as seen with airlines operating alongside cars and railways.
Crucially, technology expands economies. The automobile industry, for instance, employs vastly more people today than ever worked with horse-driven transport. Cheaper and more efficient automobiles enabled industries like large-scale trucking, further boosting the economy.
The job market is dynamic, not fixed. Jobs evolve constantly to meet new demands. AI will trigger a larger-scale shift, but ultimately, its adoption will still require human involvement. The transition will generate new AI-related jobs and as workers shift into these roles, new opportunities will arise elsewhere in the economy.
While AI will cause some disruptions, it's likely to create more jobs than it replaces. AI specialists will earn higher salaries due to their expertise, and AI will broadly increase productivity, benefiting the economy overall.