The brilliant Nobel Prize winner Sir Christopher Pissarides has shared an immensely important warning with the younger generations – don’t rush to pursue studies in science, technology, engineering, and mathematics (STEM) fields due to Artificial Intelligence (AI). Pissarides is an esteemed economist and professor of economics at the London School for Economics, and was awarded the Nobel Prize in Economic Sciences in 2010, alongside Peter A. Diamond and Dale T. Mortensen, for their analysis of markets with search frictions. His work primarily centers around understanding how unemployment, job vacancies, and wages are impacted by regulation and economic policy.
When such a prominent figure speaks up about AI taking over a sector of jobs, it is wise to pay attention. In the past, students have been encouraged to study STEM, and the salaries and job opportunities in those fields have only confirmed this advice. However, Pissarides points out that this is all about to change. He states that some IT jobs are sowing their “own seeds of self-destruction”, as they are advancing AI which will eventually take the same jobs they’re doing in the future.
Computer scientists and engineers are currently collecting, collating, and training AI models to become more useful in the real world – while they do this, Pissarides says they are creating the technology that will render their engineering and computer skills obsolete in the future. In 2018, he shared some predictions – that we will work less and enjoy ourselves more.
It’s not all doom and gloom when it comes to jobs though. Pissarides sees AI having a net positive effect on the jobs market, but with a shift towards jobs that AI will find more difficult to replace. Jobs that require empathy, like customer-facing roles in hospitality or customer services, are likely to remain in high demand. Creative thinking and emotional intelligence are also challenging for AI to replicate, making them much safer job prospects.
Pissarides is part of a project called The Institute for the Future of Work, which emphasizes well-being in the context of labor market policies and new technologies. The Institute works with civil society, industry, and governance to create “a good society in which everyone can flourish through this new technological revolution.”
So, if you’re considering what field of study will lead to the most in-demand jobs in the future, you should take into account what AI finds easy to do and what it struggles with. AI and robotics are not great at humor, dexterity, or empathy, so instead of programming, Pissarides suggests looking into becoming a comedian, plumber, or caregiver.
It’s time to take note of Sir Christopher Pissarides’ warning and adjust our expectations and plans for the future. We can use AI to help us build a better world, but we must make sure it’s a world in which everyone can flourish!
