Nobel laureate Michael Spence believes that for now, we can teach machines how to do things, but we still need humans to teach them how to learn. “Robots can now assemble electronic products,” Spence says. “They can see, they have fine motor coordination, they don’t make mistakes, and they’re very accurate.”
Although his concerns are primarily about the impending rise of artificial intelligence in the labor market, he does not believe this will have a negative impact on everyone.
“The main beneficiaries of new technology will be our young people, and those whose jobs will be replaced by machines will suffer,” Spence said. “We need a sense of adventure and a willingness to take risks to fight against robots taking our jobs.”
Laureate Robert C. Merton is also optimistic about the future, depending on the job at hand. He acknowledges that while “great technologies” have been and are still being developed, he does not yet believe they will replace all human functions.
“Change is inevitable and technology is accelerating, but it’s how you use your skills that makes the difference,” Merton says. “And while we all need luck, those who work harder and have a better education often seem to have more luck. So what do you do when you’re well-prepared and a serendipity or good fortune comes your way? Instead of missing it, you seize it, because you’re ready for it.”
There’s power in knowing that a change in your work environment doesn’t just mean losing your job and wondering what to do if it happens to you. Remain aware of the fact that change is inevitable and those who are adaptable will always come out on top.
