Business:Investing
Summary notes:
The way we work has been changing in a major way for a few decades now. It started with the displacement of manufacturing jobs being shipped overseas in the early 2000s. Now, knowledge workers are facing an evolution in their field, which includes the death of the way of doing things and the rise of new ways of doing things with automation and artificial intelligence.
A knowledge worker is someone who provides services based on their specialized knowledge. The salaries in that sector of the economy is estimated to be around $30 trillion, and is now being reshaped by the introduction of artificial intelligence.
AI will continue to get smarter, and will soon be able to take on more complex jobs. As AI gets smarter, it is likely to eat up more and more jobs, and in a decade it is difficult to predict just how intelligent it will be. Examples of AI already being used at scale in the present day are social media companies, Teslas, Google, and Apple.
AI could also revolutionize the way small and medium sized businesses operate. Using a law firm as an example that spends $4 million a year on salaries to generate $10 million in revenue. In the future, AI could be used to reduce the cost of salaries to a subscription fee of let’s say $100,000 a year, creating more profit for the business. AI will be able to process data and provide context in a way that no human can, making it a valuable tool for businesses. However, the transition to AI will also mean the loss of many jobs, though new positions will be created to manage the AI systems.
What makes a great CEO of a company or a great coach of a football team, is their ability to focus and bring out human capital. The same skill set will be needed for maximizing the minds of AI.
Timestamps
0:02:40 Exploring the Knowledge Worker Economy and Its Impact on Artificial Intelligence
0:05:45 AI Replacing the Role of Content Research Assistants
0:06:58 AI and the Future of Knowledge Work: A Discussion on the Impact of Automation on the Legal Industry
0:11:47 The Impact of Artificial Intelligence on the Legal Industry
0:13:46 The Impact of Artificial Intelligence on Human Evolution
0:15:45 The Impact of Human Adaptability on Investment Strategies
0:19:50 Investment Strategies for Achieving Financial Security
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