How to Survive the Robotic, AI Inequality Economy
Americans are fearful of robots and AI automation taking their jobs. We recently posted a piece on Medium.com outlining the future of work and our Three Steps to Surviving in the Robotic AI Inequality Economy.
The AI Inequality Economy has arrived. In our recent publication on Medium.com, we shared our findings about the future of work based on our experience working with more than 5,000 clients, entrepreneurs and colleagues. These companies include major corporate brands, small and mid market companies and non-profits as well as hi tech startups and sole proprietors across more than a dozen industries.
We’ve also studied the work of Stanford University economics professor, Raj Chetty, who heads up the ground-breaking Equality of Opportunity Project. Using Big Data, Machine Learning and other advanced analytical methods, Professor Chetty and his team have discovered that the American Dream is fading fast for most US workers. One key measure of the promise of the American Dream is based on upward mobility — the likelihood that a person born into poverty or in the low middle class can rise to the top 20% during his or her lifetime. Dr. Chetty’s organization found that “children’s prospects of earning more than their parents have fallen from 90% to 50% over the past half century.”
“Our work shows that children’s prospects of earning more than their parents have fallen from 90% to 50% over the past half century.” Raj Chetty, Stanford University
Dr. Chetty and his team found five primary variables that are strongly associated with achieving upward mobility: They include:
- Family Structure. The less the fraction of families and surrounding communities with single parents, the greater the upward mobility.
- Racial and Economic Segregation. The more diverse the racial groups and different income levels are, the greater the upward mobility.
- School Quality. The better the quality of school education, the greater the upward mobility.
- Social Capital. The more strongly the community is involved in civic, voter, recreation and religious activities, the greater the upward mobility.
- Income Equality. The less the level of income inequality, the greater the upward mobility.
However, many Americans cannot wait for local, state and federal government officials to make policy changes — they have immediate needs today. Here are three steps to surviving in the AI inequality economy that you can put into effect today:
1. Don’t Fight AI. AI is not a fad. It is a fundamental shift. AI is inescapable and will change the nature of work and how we generate wealth.
2. Don’t Be a Robot. The less robotic your job is, the less likely that a robot can replace you. You will have to get more in touch with your human side to outperform the robots and bots — they are your new frenemies.
3. Up-Skill & Embrace the Algorithms. Nearly every job will fundamentally change in some way as robotics, AI and digital transformation initiatives sweep across America and the globe. Your current skills will be insufficient and you will have to augment these skills with algorithms to earn a decent living.
For the full details on each of these steps, please take a look at the complete article, How to Survive in Today’s Robotic, AI Inequality Economy.