Capitalism, economy & financial well-being in America, Jobs

Excerpts From: High-Skilled White-Collar Work? Machines Can Do That, Too; NYTimes

July 18, 2018

In previous blogs we have talked about the outlook for jobs.  In particular, we discussed the fact that technology was eliminating jobs and the retraining required to increase skills for future jobs. However, it is becoming increasingly clear that even the higher skills, higher pay jobs are at risk of elimination.  See the excepts below.

One of the best-selling T-shirts for the Indian e-commerce site Myntra is an olive, blue and yellow colorblocked design. It was conceived not by a human but by a computer algorithm.  This is an example of artificial intelligence at work, created designs whose sales are now “growing at 100 percent,” said Ananth Narayanan, the company’s chief executive. “It’s working.”

Clothing design is only the leading edge of the way algorithms are transforming the fashion and retail industries.  And fashion is in turn a leading example of how artificial intelligence is affecting a range of white-collar work. That’s especially true of jobs that place a premium on spotting patterns, from picking stocks to diagnosing cancer.  “A much broader set of tasks will be automated or augmented by machines over the coming years,” Erik Brynjolfsson, an economist at the Massachusetts Institute of Technology.

All of this has clouded the future of buyers and merchandise planners, high-status workers whose annual earnings can exceed $100,000.  

 

 

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