(Newswire.net — September 10, 2018) — As artificial intelligence or AI becomes more common around the world, a large number of people have started to worry about their employment. There are plenty of discussions that explore the concept of machines replacing the need for human intelligence and skills.
If we actually look at patterns in history, then it is not feasible to think that AI can replace jobs. We can see a similar fear in the past too. There was a time when tractors had replaced horses in agriculture and credit cards had replaced manual bank transfers. But none of these changes actually eliminated the potential of employment. Instead, they opened up new opportunities and jobs got reallocated.
Therefore, the answer to the question if an economist will be replaced by AI is no. instead, it can be used as an opportunity to improve the skills of the economists and the quality of the overall industry. If AI becomes more integrated with the economic sector, then degrees could be optimized accordingly. Hence, at JC A Level economics tuition in Singapore, they teach to prepare students for the future.
AI Is Not a Disaster in the Making
While most people talk wonders about the AI, you will also find some extreme opinions among them. The idea that robots will take over the world is kind of insane. We need to remember the fact that machines are actually man-made. If humans can be manipulated, then so can machines. Of course, we are talking about manipulation in a positive sense. It means that technology does not need to get out of control. It is smart and will become smarter but we can manage this along with a semblance of control.
AI and Economics
AI is gradually becoming a significant part of the economic sector. Nowadays, the technology that supports the industry has become incredibly efficient. Tasks that used to take months before can now be completed within days. Instead of eliminating the jobs, it has actually offered more organization and balance in the work of the employees.
AI has also made the skill of the economist more adaptable and affordable. In the past, it was quite expensive for businesses to hire consultants. This only created better opportunities for success and profit for the business giants. But now, small businesses are thriving more rapidly due to AI technologies. These technologies can be integrated without hassle and expensive cost with startups. These may often come as software but economists and other business experts are needed to develop them into what they are. So an economist’s job is not on a deadline due to the advent of AI. It is still needed as much but just in a different capacity. An example is how The Economics Tutor, Mr Kelvin Hong, has been employing technology to improve his student’s learning.
The Future
If we are expecting a future where AI will be more widely used, then we need to start equipping individuals today. Those who seek a profession in economics should pursue degrees that are compatible with such an environment. Of course, the educational sector will have to respond with such curriculums.