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Investor Jeremy Giffon argues that fears of AI-driven unemployment are overblown because most white-collar work is not essential for survival (food, shelter, medicine). These "made up" jobs exist to satisfy unlimited human wants, and as AI automates them, society will simply invent new, equally non-essential things to do.
Rather than destroying jobs, AI's productivity gains will lead to the creation of more abstract, seemingly "fake" roles. For example, individuals now earn a salary directly from platforms like X simply by posting AI-generated content, a trend that is expected to grow as the creator economy evolves.
The fear of AI-driven mass unemployment is misplaced because most white-collar jobs are already "fake"—not essential for survival. As automation handles existing tasks, our unquenchable desire to consume will lead us to invent entirely new jobs and services to fill our time, just as we always have.
Fears of mass unemployment from AI overlook a key economic principle: human desire is not fixed. As technology makes existing goods and services cheaper, humans invent new things to want. The Industrial Revolution didn't end work; it just created new kinds of jobs to satisfy new desires.
The threat of AI is not mass unemployment but a radical redefinition of work. By automating tasks and collapsing the cost of essentials like housing and energy, AI will free humanity from the necessity of 'jobs,' allowing a shift toward a portfolio of creative and problem-solving activities.
Like the internet and mobile, AI will automate many jobs. However, this automation historically unlocks new types of work that don't exist yet. While there's short-term frictional pain, the long-term trend repeated over 200 years is job creation and increased prosperity.
Contrary to fears of mass unemployment, AI will create new industries and roles. While transitional unemployment will occur, the demand for more energy, AI-related regulation (e.g., government lawyers), and new leisure sectors will generate significant job growth, offsetting the displacement from automation.
The fear that AI will replace all jobs ignores history. Technology has consistently eliminated drudgery (e.g., manual farming, factory work) while creating new, unpredictable industries that cater to newly created human wants. AI will accelerate this process, allowing people to focus on more creative and interpersonal pursuits.
Countering AI doomerism, Ben Horowitz argues that human desire is infinite. Once AI makes basic goods abundant, people will develop new 'needs'—from complex services to luxury experiences like chef-prepared meals—which will in turn generate entirely new industries and jobs unimaginable today.
Jeremy Giffon argues against AI-driven unemployment by positing that most modern white-collar jobs are "fake" creations, disconnected from essential needs. Since the economy is driven by unlimited wants, he believes society will simply invent new, equally non-essential jobs for people to do, rendering long-term technological unemployment a non-threat.
The fear of AI-driven mass unemployment is a classic economic fallacy. Like past technologies, AI is a tool that raises the marginal productivity of individual workers. More productive workers don't work less; they take on more ambitious projects and create new kinds of jobs, increasing the overall demand for labor.