Why automating some jobs can lead to even more jobs

The labor market always seeks to remove inefficiencies, and it is true that whatever can be automated will be. This has been true since the 1770s, when textile factories became the first to succeed with mechanization, ushering in the industrial revolution and delivering advances across industries, building great fortunes and elevating the life of the average worker. Artificial intelligence (AI) will define the next industrial revolution, delivering similarly game-changing benefits to companies and workers through efficiency and improved human capital allocation. Investors recognize this, and the record-breaking capital flows into the AI market underscore the awaiting opportunity. However, with revolution comes uncertainty, and the consensus is that AI will lead to job loss.