Why do I doubt AI will steal all of our jobs?

Three word summary: consumer purchasing power.

If AI replaced all of our jobs, then everyone would be unemployed and unable to purchase products, pay our rents and mortgages, pay for entertainment, and so on…

And if we’re unable to afford, well, anything because we’ve got 0 consumer purchasing power, then businesses will eventually be forced to close down…

And if businesses are forced to close down, then no one has a job and the downward cycle continues – unless we embrace a bleak scifi-esque future where AI bots sell to AI bots, and AI is the only “winner”.

In all honesty, I can’t imagine that happening. Businesses require consumer purchasing power to be profitable.

But much like the industrial revolutions (coal, gas and electric), I suspect we’ll see a shift in the skills required and types of jobs available. I also imagine governments, in an effort to prevent sharp spikes in unemployment, would probably regulate how many jobs can be entirely replaced by AI over set time periods. Though I doubt it would come to that, because it’s in nobody’s best interest to have everyone unemployed.

But do I think some jobs will be displaced with AI? Certainly – that’s to be expected with any industrial revolution, which I believe we’re experiencing right now. Those of us who refuse or are unable to engage with the changes will be left behind, while those of us willing and able to learn and reskill will remain employed – even if that employment looks different to what we might have expected.

Here are three examples technology changes impacting jobs I’ve noticed during my own lifetime:

1. The introduction of digital cameras  meant we didn’t need to buy film, process film or print pictures. Now everyone can be a photographer without ever needing to know anything about ISO, aperture or shutter speed. But this does mean film production has decreased, processing labs closed and fewer cameras are being made / sold.
2. Email has replaced postal mail in so many instances. As a kid I would always look through the stack of post each day to see if anything was for me (almost never, but it was always thrilling to receive a postcard from a friend on vacation!), and as I got older I’d look through the newspapers for the latest sales and discounts. Now I check my emails for these updates, and it’s not unusual to go weeks without receiving any post through the letterbox. But this means fewer jobs at post office sorting facilities and fewer postal workers.
3. Music streaming has replaced physical music (CDs, cassettes, eight tracks and records). Growing up I had stacks of CDs and cassettes, and it was a bad day if I forgot to take my favourite tape out of the stereo and put it into my Walkman when I went out. We still buy music, but it looks different these days.

What technology changes would you add to this?