Monday, August 23, 2021

Schumpeter's Gale of Creative Destruction Again

Every the so often in human history major technological and economic changes transform our every day lives. The Austrian economist Joseph Schumpeter poetically described it as the recurrent "Gale of Creative Destruction".

With AI, robotics, advances in medicine and so forth it will be no different.

We still do not have a crystal ball! Most computer models of complex systems are still quite unreliable as far as forecasts are concerned!
However, a few things come immediately to mind:

  1. Will we have finally more leisure time, if we desire? What will we do with more leisure time?
  2. Will human to human services become more relevant as robots etc. free us more from our daily chores etc.
  3. Managing and maintenance of advanced technology will probably be more in demand
  4. Which jobs will be the hardest to be replaced by robots?
  5. Perhaps the most important question could AI overtake humans one day? I think a symbiosis is more likely.

P.S. There are some older blog posts of mine related to this subject like here and here.

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