Kai-Fu Lee – founder of the venture capital firm Sinovation Ventures and a popular technologist – says 50% of all jobs will be replaced by Artificial Intelligence (AI) in the next decade.
The bold prediction is centered on Lee’s belief that AI is the“singular thing that will be larger than all of human tech revolutions added together, including electricity, [the] industrial revolution, internet, mobile internet — because AI is pervasive.”
Lee told CNBC that AI is “the decision engine that will replace people.”
Lee points out that his firm has invested in companies that have developed AI so advanced it can scan and recognized 3 million faces simultaneously.
As Lee said to CNBC, “These are things that are superhuman, and we think this will be in every industry, will probably replace 50 percent of human jobs, create a huge amount of wealth for mankind and wipe out poverty.”
While Lee’s prediction lines up with many analysts who say about 50% of jobs are “vulnerable” to automation, Lee is going a step further by saying those jobs will be replaced by AI.
Such a disruption would overturn our entire society, and require a full rethinking of government itself. Whether Lee is being overambitious in his prediction or not, we certainly must prepare for a changing economy. As those changes occur, I suspect big and bloated governments will become a relic, as a more competitive and fast-paced world will require more individual and economic liberty, combined with a small, decentralized, and agile state.
Time will tell.