The Big Story

 

People are worried that AI will take everyone’s jobs. We’ve been here before It was 1938, and the pain of the Great Depression was still very real. Unemployment in the US was around 20%. New machinery was transforming factories and farms, and everyone was worried about jobs. Were the impressive technological achievements that were making life easier for many also destroying jobs and wreaking havoc on the economy? To make sense of it all, Karl T. Compton, the president of MIT from 1930 to 1948 and one of the leading scientists of the day, wrote in the December 1938 issue of this publication about the “Bogey of Technological Unemployment.” His essay concisely framed the debate over jobs and technical progress in a way that remains relevant, especially given today’s fears over the impact of artificial intelligence. It's a worthwhile reminder that worries over the future of jobs are not new and are best addressed by applying an understanding of economics, rather than conjuring up genies and monsters. Read the full story.