Artificial Intelligence (AI) is going to put millions, if not BILLIONS, out of work, and experts say that we need to prepare for that outcome if worldwide poverty is not to follow.
Billionaire Mark Cuban is warning AI will replace the masses in the workplace, and a solution is needed quickly if it is not to completely disrupt the order of the world.
The owner of NBA team the Dallas Mavericks said any technological revolutions in recent years are child’s play compared with what is to come.
Speaking at the OZY Festival – an event which combines music and intellectual talks – in Central Park, New York, Mr Cuban said: “However much change you saw over the past ten years with the Apple iPhone, that’s nothing.
“There’s going to be a lot of unemployed people replaced with technology and if we don’t start dealing with that now, we’re going to have some real problems.”
When asked what business trends are the most significant, Mr Cuban said: “We’re going through a transitional period where we’ll see more disruption driven by artificial intelligence than we’ve seen in the last 30 years.
“Without question, machine learning, computer vision, and neural networks are changing everything.
“It will change how people approach problem-solving.
“There’s a downside too, a lot of jobs that were very repetitive are going to get replaced by neural networks.”
Universal basic income (UBI) has been touted as one possible solution for the inevitable mass-redundancies.
UBI would see corporate wealth equally redistributed throughout the population to mitigate the job losses.
However, Mr. Cuban says that this would not work.
Earlier in the year, he was asked about UBI on Twitter, and he said: “No. I think it’s one of the worst possible responses.”