Investor Compares AI Job Fears to Industrial Revolution
In brief
- Venture capitalist Bill Gurley said fears about AI eliminating jobs are similar to concerns during the Industrial Revolution.
- He pointed out that the Industrial Revolution led to a rise in living standards, with the workweek decreasing from over 60 hours to 34 hours globally and real wages increasing 8 to 10 times.
- Gurley cited specific figures to support his claim, including a decrease in global poverty from roughly 75% to under 10%.
- He believes that innovation and technology have historically led to more prosperity for humans and sees no reason why AI will be different.
- Historically, innovation has led to more prosperity for humans, and Gurley expects AI to follow this pattern, leading to more prosperity in the future.
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