Last year, Nobel Prize winner Geoffrey Hinton cautioned that soaring corporate profits could come at a heavy cost, potentially driving unemployment to alarming levels.
According to Geoffrey Hinton, who is commonly known as the “Godfather of Artificial Intelligence,” companies will see record profits as a result of the emerging technology, but there will be a cost. Geoffrey Hinton, who founded the contemporary machine learning that underpins AI products today, warned that workers would lose their jobs as a result of this profit boom, driving unemployment to potentially disastrous heights.
In an interview with the Financial Times, Geoffrey Hinton stated that the wealthy will use artificial intelligence (AI) to replace workers. Massive unemployment will result from this, but profits will also rise. The majority will get poorer, while a select few will become richer. The capitalist system is to blame for this, not artificial intelligence.
Geoffrey Hinton has been warning about AI for the past year, stating that if it is not controlled, it might cause economic instability worldwide. “We truly don’t know what the future holds.” “Anyone who says they are aware is simply deluding themselves,” he added. “A historic moment is upon us, and something remarkable is taking place. It might be incredibly good or terribly horrible. Though we may conjecture, the world will never be the same.
He had earlier issued a warning that the technology would become unmanageable if AI chatbots started to speak in their own language. Hinton asserts that artificial intelligence (AI) has already shown the capacity to produce unsettling concepts and that it is not implausible that machines will someday think in ways that are impossible for humans to monitor or comprehend.
“99% Unemployed”
Roman Yampolskiy, a computer science professor at the University of Louisville, asserted earlier this week that AI may cause 99% of people to lose their jobs by 2030. The upcoming wave of automation, according to Yampolskiy, a key voice in AI safety, would not spare even coders or prompt engineers—possibly eradicating almost all current occupations.
“We’re staring at a world where unemployment has reached previously unheard-of proportions. Yampolskiy stated that the unemployment rate was 99%, not simply 10%, which is already alarming. He said that by 2027, artificial general intelligence (AGI), or intellect on par with humans, might be available.
Eventually, every work will be mechanised, and there won’t be any more plans. Employees cannot simply be retrained for a different role.
He went on to say that having a job offers structure, social standing, and a feeling of belonging in addition to money. Societies will have to rebuild all four of these pillars on a large scale if jobs disappear.