Artificial intelligence will not end the work of the bankers – it will redefine it
What does Jerome Powell and Henry Ford share? Acknowledging that the work has always been a passing force – formed by machinery, markets and management. Wall Street, despite all its permanent illusions, is not an exception. With artificial intelligence entering the companies ’bank halls, young bankers are letting: Are they the latest gears consumed in the vast Finance?
Young bankers feel today as if they were out of the shelf of work artificial intelligence – machines that do not take PTO in the middle of the deal and never miss the deadline. Fear is clear: Few of the stadium books that you pass, less hours to modify the models and the ghost that is looming on the horizon.
The panic of young bankers is old, old, the Labor Party has presented itself. Just as the steam engine freed from workers from Al -Kaddah has created the assembly line new industries, and the entire computer opened, artificial intelligence is set to redefine the value of the work. The short-term friction to reshape the workers is real, but in the long run, innovation has always left us in a better position, not worse-and it is unlikely that the novice Wall Street rows are the exception.
Modern work economies, whose history dates back to David Ricardo, is based on a simple principle: in the long run, the Labor Party is attracted to the maximum output with the minimum inputs. Finance is not different. Today, the normal banner’s role is like mourning of agricultural age – on the verge of transformation.
The blacksmith that once spent 80 hours falsified one railway shoe, ultimately came to produce 20 in half the time using industrial machines. It is no longer specified in his title, but by adapting it – it develops from my literal to something closer to a contemporary artist. He has done fewer hours, with greater comfort, with more contributing to gross domestic product and expanding its own consumption.
This transformation did not erase employment – he re -allocated it, raised wages, feeds consumption and expanded the wider economy. Artificial intelligence is simply the next chapter of this same story.
This is not a scenario on the Day of Resurrection, it is a challenge. Jimmy Demon Bloomberg also told, “Your children will live to 100 and do not suffer from cancer due to technology,” he said, “Perhaps they will probably work for three and a half days a week.”
You have no choice but to take Dimon seriously – evidence everywhere around us. Since the industrial revolution, the average life expectancy has risen, and artificial intelligence is preparing to push it up. The 16 -hour days in coal mines, cotton fields and rooms are the remains of the past.
Our workers’ economy has switched the fabric of the cloud ratio and the soot of Microsoft Excel. What will find the next generation of banking trade? The answer is not certain, but one thing is clear: it will not be unemployment.
Creton Mitchell is a young banker in Boston.
