AI and the Future of Labor Market

Labor Market of the Future

It is expected that the labor market of 2050 will be radically different from what we have today. In the last 10 years, we have seen hundreds of new job titles appear in the labor market and we have observed middle-skilled workers being displaced and facing the dilemma of either up-skilling or de-skilling. AI is developing exponentially and will be reshaping the future of work even more. It is quite difficult to prepare for the changes that will take place, nevertheless, some scenarios can already be predicted.

White- and blue-collar workers will be displaced in favor of technology. Truck drivers, retail salespeople, factory workers will not be spared (Kelly, 2019). The aging population will be a major defining factor for the labor market of the future. On the one hand, elderly people will benefit as they will be taking advantage of improved living conditions, better healthcare, and nutrition. On the other hand, younger people will be bearing the burden of the aging population by paying higher taxes. This burden might be reduced by the fact that older people will be working even after the age of 70, but there is little proof to support this statement. Crime is another issue that is quite worrisome for many. The displaced low- and middle-skilled workers who won’t be able to adapt to the labor market will find…