15 hours ago
1
The doomsday crowd may want to check its history books.
As fears of an AI-driven jobs apocalypse intensify across boardrooms, union halls, and college campuses, Bank of America’s global research team is urging a reality check. In a report published April 28, BofA economists argue that the “Armageddon narrative” around artificial intelligence “sits uneasily with both economic theory and the evidence so far”—and they’ve got 85 years of labor market data to back them up.
The bank’s central argument is simple: 60% of the jobs that exist in the United States today didn’t exist in 1940. Data scientists, social media managers, and cloud developers “barely existed 20 years ago but are now mainstream jobs.” Agriculture, which employed roughly 40% of Americans in the early 1900s, now accounts for just 1% of U.S. employment.
In each case of transformation—the Industrial Revolution, electrification, computerization—the economy didn’t just survive the disruption. It invented its way out of it. Read Entire Article
English (US) ·