This discussion keeps coming up and I thought I’d copy a comment I posted on a facebook thread here.
The first ATM machine went operational 50+ years ago in 1966 and bank tellers are still around today. The technology didn’t simply eliminate all jobs, it created efficiency that allowed banks to focus efforts elsewhere.
The days of a business dedicating large portions of their time to banking are gradually disappearing as advances like ATMs, internet banking and other inventions take hold. As a result, the cost of banking has reduced and allowed smaller businesses who would otherwise not have been able to survive to flourish.
In each case it has never been a revolution that eliminates humans completely from the equation and instead is an evolution where we find an equilibrium. There is always a balance to be found of the cost of automation vs. the abilities of humans to do the work.
We won’t see as much of a rise in artificial intelligence in the form that replaces humans as we will in augmented intelligence that assists humans in becoming more productive. We need to figure out how to prepare for this and leverage the opportunities it will provide for people to be significantly more productive.
Our focus needs to be on supporting greater entrepreneurship to take advantage of new efficiencies and supporting the ability for workers to retrain to take advantage of new labour demands. A basic income is one of the greatest means to enable this.