The narrative of an AI-driven job apocalypse is not a data-driven forecast but a fear-based marketing strategy. Tech leaders and companies, or 'hyperscalers,' create this anxiety to divert capital flows towards them and justify massive capital expenditures, effectively monetizing public fear.
History shows widespread job losses from new technology don't happen immediately during innovation booms. Instead, the economic pressure of a recession or market bust acts as the catalyst, forcing companies to implement efficiencies and eliminate roles made redundant by technology that was adopted earlier.
The widespread fear of AI is not about the technology itself but is a symptom of extreme wealth inequality. With opportunity already hoarded by the wealthy, the median person feels vulnerable to any disruption. The AI panic is thus the latest expression of a society where economic dignity is already eroded.
History shows automation often expands professions rather than eliminating them. The electronic spreadsheet, predicted to kill accounting jobs, instead increased the number of accountants fourfold by making their services cheaper and creating new demand. The key question is if demand for human analysis and oversight is similarly elastic.