(Money/Control) - Hedge fund billionaire Ken Griffin shared his thoughts on the impact of artificial intelligence on employment in a recent interview with Fortune.
As AI advances at an unprecedented pace, many fear that the rise of automation will lead to massive job displacement. Griffin's perspective offers insights into this debate, shedding light on the potential consequences and benefits of AI implementation.
Job displacement conundrum
Griffin acknowledged the concerns over job displacement but cautioned against taking an overly alarmist view. He recognised that certain industries and roles would undoubtedly undergo significant transformation as AI evolves.
“I do think the AI community is making a terrible mistake by being full of hype on the near-term implications of generative AI,” he said at an internship kick-off event in Fort Lauderdale. “I think they’re actually doing everybody a huge disservice with the level of hype they are creating.”
Griffin stressed that technological progress has historically created new job opportunities, offsetting the loss of traditional roles. He argued that AI's impact on employment should be seen through a nuanced lens, emphasising the need to adapt and reskill workforces to align with the job market’s evolving demands.
Human-machine symbiosis
Contrary to the popular narrative that AI will render human labour obsolete, Griffin said AI had the potential to augment human capabilities rather than replace them entirely. He spoke of a symbiotic relationship between humans and machines, where AI can handle repetitive and mundane tasks, allowing humans to focus on higher-level decision-making, creativity, and innovation.
Griffin emphasized that while certain job categories might experience disruption, the collaboration between AI and humans has the potential to create more efficient and productive work environments.
Rise of new job categories
Griffin pointed out how technological advancements tend to give rise to entirely new job categories that were previously unimaginable. He cited examples such as the internet revolution, which generated roles in software development, cybersecurity, and digital marketing.
“If you listen to the CEOs of tech companies, it’s going to eliminate millions of white-collar jobs,” Griffin said. “I say, ‘Not that fast.’ Some professions are accepting of errors, but you have to be really accurate in finance. You have to be really accurate as a lawyer.”
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He predicted that the widespread adoption of AI would lead to the emergence of novel professions focused on AI programming, data analysis, algorithm design, and AI ethics. Griffin was optimistic that the workforce could adapt to these new opportunities with proper training and education.
AI as enabler of economic growth
Griffin underscored the potential of AI to drive economic growth and create new avenues for prosperity. He argued that AI has the capacity to enhance productivity, optimise processes, and foster innovation across industries. By automating routine tasks and leveraging AI-driven insights, businesses can streamline operations and allocate resources more efficiently.
Griffin envisioned a future where AI-powered tools would enable companies to unlock new markets, accelerate research and development, and spur economic progress, ultimately leading to job creation.
Addressing inequality, ensuring inclusive growth
Griffin acknowledged the concerns regarding the potential exacerbation of income inequality due to AI-driven automation. He stressed the importance of proactive measures to address these challenges and ensure that the benefits of AI are shared widely.
Griffin proposed initiatives such as comprehensive education and reskilling programmes, robust social safety nets, and policies aimed at promoting inclusive growth. He urged governments, businesses, and educational institutions to collaborate to bridge the skills gap and provide equal opportunities for all in the age of AI.
He even discussed how AI might change the future of programming.
“Programming is going to be a big target for generative AI,” Griffin said when asked by an intern about AI’s impact on Citadel, his hedge fund. “You want to make sure that if you are a software engineer, you are putting yourself really close to the domain problems that need to be solved. Your career path will be defined by your ability to solve problems. The days of ‘I’m a good programmer’ are becoming numbered.”
Who is Ken Griffin?
Kenneth Cordele Griffin, born October 15, 1968, is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, co-chief investment officer, and 80 percent owner of Citadel, a multinational hedge fund.
He also owns Citadel Securities, one of the largest market makers in the US. As of April 2023, Griffin had an estimated net worth of $35 billion, making him the 38th-richest person in the world. He was ranked 21st on the 2022 Forbes 400 list of richest Americans.
By Shivam Shukla
June 13, 2023
