Ironically, algorithms are telling us that machines will soon be able to do most of our jobs, but those conclusions perfectly illustrate what's non-scientific about turning human reasoning over to computers. Barely a month passes without a news story about how robots and artificial intelligence (AI) are going to devastate a significant number of the jobs in the workplace, sweeping away solid salary paying employment for factory workers and white-collar clerks alike. Just this month, the UK Parliament reported on the future of work in the face of automation, declaring that over 70% of jobs were at medium to high risk of displacement. While the report draws on a "more optimistic" study by the ONS to arrive at this prediction, the ONS used methods inspired by the even-more-frightening results in a 2013 paper by Oxford economist Carl Frey and machine learning expert Michael Osbourne, which found that almost half of jobs were at high risk, and two-thirds at medium risk. The paper was so important that in addition to shaping the methodologies of later reports (like those of the ONS, the OECD, and others), it informed a speech of the Bank of England's Chief Economist to the Trades Union Congress in 2015, prompted the "Fourth Industrial Revolution" theme of the 2016 Davos Forum, provided the basis of the WEF "Future of Jobs" report, and generated a subsequent sea of articles by journalists who rarely questioned the numbers.
The Bank of England's chief economist, Andy Haldane, has warned that artificial intelligence and machines have the potential to make a huge number of jobs obsolete, with thousands of UK workers facing unemployment due to new technology. Mr Haldane told the BBC that the "Fourth Industrial Revolution" would be on a "much greater scale" than the previous three, and said the UK will need a skills revolution to avoid unemployment on a mass scale. He said that previous industrial revolutions had "a wrenching and lengthy impact on the jobs market, on the lives and livelihoods of large swathes of society". "Jobs were effectively taken by machines of various types, there was a hollowing out of the jobs market, and that left a lot of people for a lengthy period out of work and struggling to make a living," he said. "That heightened social tensions, it heightened financial tensions, it led to a rise in inequality.
'The chief economist of the Bank of England has warned that the UK will need a skills revolution to avoid "large swathes" of people becoming "technologically unemployed" as artificial intelligence makes many jobs obsolete. Andy Haldane said the possible disruption of what is known as the Fourth Industrial Revolution could be "on a much greater scale" than anything felt during the First Industrial Revolution of the Victorian era. He said that he had seen a widespread "hollowing out" of the jobs market, rising inequality, social tension and many people struggling to make a living. It was important to learn the "lessons of history", he argued, and ensure that people were given the training to take advantage of the new jobs that would become available. He added that in the past a safety net such as new welfare benefits had also been provided.
As a result, the chief economist has called on a huge skills drive so that those who are displaced by robots in the workplace will be better equipped to find a new career when the inevitable does happen. Mr Haldane continued: "Given that the scale of job loss, job displacement is likely to be at least as large as that of the first three industrial revolutions, we will need even greater numbers of new jobs to be created in the future if we are not to suffer this longer term feature called technological unemployment. "It has not been a feature of the past, but could it possibly be a feature of the future? I think that is a much more open question than at any previous point possibly in history." He adds that the previous industrial revolutions had a "wrenching and lengthy impact on the jobs market, on the lives and livelihoods of large swathes of society."
The rise of artificial intelligence will have a "dark" fallout that is even more disruptive than previous industrial revolutions, the Bank of England's chief economist has warned. Andy Haldane predicted that the "Fourth Industrial Revolution" would be on a much greater scale than those of the 18th to 20th centuries and would lead to huge job losses and societal changes. Automation has already displaced millions of low-skilled jobs. Experts predict that artificial intelligence (AI) will displace millions more roles in the next two decades as technologies such as driverless cars and lorries and software that can perform increasingly sophisticated roles come into use. The Serious Fraud Office already uses AI instead of barristers to sift through case documents to identify relevant evidence.
The Bank of England has weighed into a debate on the looming impact of AI on our lives, most pertinently the jobs market, by calling for a skills revolution to prevent sections of society from becoming'technologically unemployed'. The bank's chief economist, Andy Haldane, issued his call to action with a prediction that the coming Fourth Industrial Revolution will be of a'much greater scale' than the industrial revolution Britain underwent in the late 18th and early 19th centuries. Haldane fears that a failure to adapt to these changes in good time could augur a period of rising inequality, social tension and a'hollowing out' of employment, and argues for new training to be put into place now to prevent such an eventuality from coming to pass. Speaking to the BBC's Today programme, Haldane said: "This is the dark side of technological revolutions and that dark-side has always been there. "That hollowing out is going to be potentially on a much greater scale in the future, when we have machines both thinking and doing - replacing both the cognitive and the technical skills of humans."
Thank you, Mark [Carney], for that kind introduction, and thank you to the Bank of England for inviting me to this wonderful event. This is a moment to celebrate 20 years of independence during which the Bank of England has been a stabilizing force for the U.K. economy, inspiring others in the world of central banking--not least because of your guidance, Mark. This is also a moment to learn from our experiences, build on the progress made so far, and look into the future--to the next 20 years--as our journey continues. This morning, I came up Fleet Street, which always feels like a journey through history. In the Middle Ages, that street was an important center of commerce, much of which has now moved online. By the 19th century, the street was home to ticker machines and reporters racing each other to make the evening papers.
Sir Richard Lambert told an audience at Warwick Business School that companies need to take responsibility for the consequences of the rise of the robots. Speaking in the first of the WBS 50th Anniversary Distinguished Lectures held at WBS London at The Shard, Sir Richard outlined the threat to society of the increasing use of automation through machine learning, artificial intelligence and robots. The Bank of England's chief economist Andy Haldane has warned that 15 million jobs in the UK are under threat from mass automation, almost half those employed in the country. The possible destruction of so many jobs has led a number of academics, economists and prominent CEOs, like Tesla's Elon Musk, to predict that governments will have to hand out a universal basic income to citizens. Sir Richard, who was Director General of the Confederation of British Industry (CBI) from 2006 to 2011, believes CEOs must make sure their companies shoulder their share of responsibility, either voluntarily or by force of regulation.