The article discusses the potential impact of AI on job losses, comparing it to the decline of manufacturing in the past. It argues that while AI will likely lead to job displacement, the labor market is better equipped to handle it than the manufacturing decline. Key points include: 1) AI is expected to create new jobs and industries, offsetting some losses. 2) The manufacturing decline was concentrated in specific regions, while AI disruption will be more widespread. 3) The labor market is more dynamic and adaptable now, with workers changing jobs more frequently. 4) Policymakers and businesses need to invest in retraining and education to help workers transition. 5) AI adoption will be gradual, giving time for adjustment. The article concludes that while AI will bring challenges, the labor market is better positioned to adapt compared to the manufacturing decline.
Source: https://www.businessinsider.com/ai-job-loss-wont-hurt-labor-market-like-manufacturing-decline-2024-8