Lord Young on the State and Impact of AI | CogX17 Highlights | CogX

I’m not one of those that sees the glasses half full or half empty. It’s a health warning. I see it as overflowing. One working lifetime, the number of hours work of half. AI will make a real difference to the quality of the lives we lead. But it’s no good creating a society in which intelligent machines do all the work and we’ll have to do nothing. Mankind needs a job, needs a purpose in life, needs something to actually do. Most of the jobs that have been lost are miserable jobs. We have one of the worst educational systems in the world. What we’ve got to do is encourage people to do more practical activities. The world of the future will need somebody who’s got a positive and adaptable work. The knowledge is less important. What’s really important is they must be prepared to go and try and do things and make it work. Because the vast majority of jobs that have been lost over the last 50 years because of technology have been the job nobody really wants to do. And that is why technology actually liberates us. Once we have autonomous cars, we probably do not need 80% of the number of cars we have today because most cars spend 80% of their life in the garage. The whole point about technology is even if technology comes in and reduces employment, it increases wealth creation. Once it increases wealth creation, it reduces the time that people work, it gives the opportunity for new leisure other business. What we need, we’re all vibrant economists need is one of the things I spent that our 30 years on is to have a constant supply of new startups, of new companies being born, some of which become the giants of the future.

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