Economic impact of AIs taking human jobs.
Jobs
Artificial Intelligence
What type of jobs will be taken
Impact of people losing jobs
People will have to find other jobs that will not be replaced in order to stay off the streets.
Working class level people will be some of the first replaced by AIs.
Service sector jobs will be some of the first to go.
In 2013 Carl Benedikt Frey and Michael A. Osborne published a report called "The Future of Employment: How susceptible are jobs to computerization.", in the report they estimated that 47% of total US jobs are at risk of being replaced.
Osborne and Frey's paper can also applied to other countries around the world.
The more people losing jobs will increase the amount of homeless people on the street.
Impact on companies
Financial
Employment
Companies will employ less humans, but amounts will vary. Some companies could be affected by the public criticizing small or large changes of the ratio of humans to robots
Companies will likely start to be more strict with their employment, as easier roles can be more easily replaced by AIs and robots.
Financially, companies will benefit. A single AI can operate dozens for human jobs, but for a fraction of the cost.
Google, with only 81k employees, is one of the more rich is the world. Compared to Walmart, who has over 2 million employees, you can already see how Google is implement robots and AIs for tasks that other companies are using robots for.
Costs
Intelligence
AIs can, and will cost more then your average employee, but AIs can easily be used to operate multiple human jobs, which can make the costs net positive.
Companies will have to find new ways to make AIs easily affordable. For example, cooling. AIs will generally run on hundreds of computers, each one generating heat. This heat will add up and computers could start overheating if proper cooling isn't implemented.
With AIs holding dominance over normal humans, smaller companies will no longer be able to grow, as there will always be a company that does the same thing as it, but has the money for AIs that are more efficient then the smaller companies employees.
Singularity
Humans are not the strongest or faster beings on Earth. The reason we are dominant over other animals is because of our intelligence. While we are not faster then say a cheetah, we are smart enough to be able to control it, be through tools, cages or training.
Although, this situation could easily apply to us and AIs. What if, one day, AIs become smarter then humans, which is called "singularity" by many people.
This is generally what many scientists are worried about.
How companies will change
Domination ❗
Startups
Minimum Wage
Big companies with AIs will reign total domination over small companies with AIs, because AIs are simply more effective, but also too expensive for smaller companies.
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Startup companies will also be in trouble due to larger companies reigning dominance over them. This will prevent smaller companies from being able to grow much more then they already are.
Minimum wage will also change. As robots will not need to be paid a wage in order to work for a company, companies will be able to profit more and more.