May 24, 2023
People are saying that artificial intelligence will
destroy jobs and enslave humans. We’ve heard this many times
before. Before artificial intelligence, people said it about
computers. Before computers, they said it about machines. Not only
were people wrong before, they were spectacularly wrong. They’re
likely wrong again.
Foolishness of the week: 09:15
Main episode: 10:16
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Quick Hits
Foolishness of the Week
Topic of the Week
https://www.theatlantic.com/business/archive/2014/09/should-the-laborer-fear-machines/380476/
Labor productivity (output per hour per worker)
Up 2% per year since 1950
https://fred.stlouisfed.org/series/PRS85006092
Employees
1939: 30 million
Today: 156 million
https://fred.stlouisfed.org/series/PAYEMS
Employment population ratio (employees per people 25 to 54
years old)
1950s: 65%
Today: 81%
https://fred.stlouisfed.org/series/LNS12300060
Real disposable personal income
Almost quadruple today what it was in the 1950s
https://fred.stlouisfed.org/series/A229RX0
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