The economy always finds a way of adapting. The same pattern of reshaping and transformation of the economy happened throughout history.
The Agricultural Revolution allowed the domestication of animals and farming. The Industrial Revolution started the mass production of goods and the rise of factories. The Printing Revolution led to the proliferation of books and newspapers. The Digital Revolution gave birth to IT, software development, and e-commerce industries. The AI revolution is giving birth to robotics, data analysis, and technology singularity, which is when machines can create and improve their designs faster than humans.
The same patterns of past revolutionary technologies are also emerging for AI. But is there a difference?
AI is substituting repetitive and routine jobs with robots. AI is also surprisingly replacing white-collar workers like call center agents, lawyers, accountants, writers, and artists and doing it better than humans.
So, the question is: Will the AI Industry Revolution differ from other technological revolutions?
Previous technological revolutions, like the Agricultural, Printing, Industrial, and Digital revolutions, were driven by new and improved tools.
That’s why the AI revolution may differ from all previous technological revolutions. AI can result in a technological singularity, where machines can create and improve their designs faster than humans. So AI isn’t a new tool, it’s a creator of tools. That’s a game-changer.
These are fascinating times we’re living in.