Rise of AI Could Create More Jobs Than It Destroys, Says Former Google CEO
As-salamu alaykum. Former Google CEO Eric Schmidt thinks the growth of artificial intelligence will lead to a net increase in jobs, not mass unemployment. Speaking at a major investment forum in Saudi Arabia, he called claims that a billion jobs will disappear in the next decade “almost certainly false.”
He argued that AI boosts productive capacity, and businesses that adopt it will do so to grow profits. With more wealth generated and recycled through the economy - especially in systems with progressive taxation - he believes jobs lost to automation will be more than offset by new roles created.
Schmidt also commented on US leadership in AI. He praised the American focus on winning the AI race and noted that the US has deep capital markets and the ability to raise huge sums for big ideas, which helps build out the technology and tackle difficult problems. For now, he said, the United States leads.
On China, he suggested the gap isn’t as small as some think. While China has energy and determination, Schmidt said it lacks the same depth in capital markets and in chip production, which keeps it behind. He observed that the two countries are taking different approaches: the US concentrates on advancing intelligence, while China emphasizes deploying AI across businesses to improve efficiency. That deployment strength could give China an edge in certain areas.
Schmidt also raised immigration as a key issue for American tech. He reminded listeners that many Silicon Valley companies were founded by immigrants and warned against restrictive policies that send trained talent back home. He argued it makes little sense to educate people in the US and then let them leave to build competing industries elsewhere.
Overall, Schmidt was optimistic that AI will create more opportunities than it destroys and stressed the importance of policies that attract and retain talent.
Jazakum Allah khair for reading.
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