As we leap into the era of artificial intelligence (AI), we feel both excitement and trepidation. The advent of AI technologies promises innovation, unprecedented efficiency, greatly increased productivity, and a higher standard of living.

It also raises a daunting question: what does this mean for jobs and unemployment? As we examine the implications of AI on the workforce, it’s important to consider the varying effects it has on employment in both the short and long term.

In the short term, the rise of AI is already adversely affecting certain job sectors. Routine and repetitive tasks, like data entry, assembly line work, and even customer service roles, are increasingly being replaced by AI. For workers in these sectors, this can lead to immediate job displacement.

In the United States, it’s estimated that millions of jobs are at risk due to AI, particularly in industries such as manufacturing, retail, and transportation.

However, it’s important to put this challenge in the context of historical job evolution. We’ve faced technological revolutions before, from the Industrial Revolution to the age of computers and the internet.

Each time, concerns about mass unemployment proved to be exaggerated. While certain jobs disappeared, new opportunities emerged, often in fields we could hardly have envisioned. The question remains: can we expect the same from AI? Will it result in net job losses or the creation of new roles that we haven’t yet imagined?

Proponents of AI argue that, while technology may displace certain jobs, it will also create new ones. The World Economic Forum projects that by 2025, AI and automation could create 97 million new jobs across various fields, including data analysis, AI maintenance, and cybersecurity.

This shift necessitates a workforce skilled in tech-savvy environments, leading to a demand for education and training programs tailored to equip individuals with the necessary skills to thrive in this new landscape.

This brings us to the crux of the issue: the quality and accessibility of workforce retraining programs. The demographic most likely to be affected by job displacement due to AI, often low-skilled or semi-skilled workers, may find it difficult to pivot into new roles without significant support.

Thus, we must examine how our education systems and workforce development programs are designed to meet this challenge. A comprehensive approach, including community colleges, vocational training, and lifelong learning initiatives, is required to support workers as they transition into the roles of tomorrow.

In the long term, the implications of AI on the job market become even more complex. As AI systems continue to advance, absorbing more cognitive tasks, the potential for increased productivity and economic growth is significant. A more efficient workforce could lead to lower prices for consumers and higher profit margins for companies, ultimately fostering further job creation.

However, a longer-term concern looms: could AI lead to an increasingly polarized economy because of greater income inequality?

As companies harness AI to reduce labor costs, there’s a risk that skilled professionals enjoy substantial financial rewards, while low-skilled workers, facing job displacement, grapple with economic insecurity. This will worsen income inequality and could trigger social unrest.

To mitigate this risk, retraining programs must be available.  Policy makers must prioritize these programs to create an eventual rewarding transition for those displaced by technological change.

In addition to retraining programs, this includes sufficient unemployment insurance and policies aimed at fostering job creation in sectors less likely to be automated. Moreover, public-private partnerships may be instrumental in developing training programs and reskilling initiatives.

Ultimately, the key to navigating the impact of AI on jobs lies in our response. As we embrace this technological revolution, we must not only prepare for the jobs that will vanish but also actively cultivate the roles that will emerge.

Emphasizing a culture of lifelong learning, adapting our educational systems, and implementing thoughtful policies will be critical in harnessing AI’s potential while protecting our workforce.

While the influence of artificial intelligence on jobs is multifaceted, we can take comfort in the knowledge that, throughout history, societies have demonstrated remarkable resilience in the face of technological change.

Embracing a proactive stance now will set the foundation for a future where AI and human labor complement each other, driving innovation and prosperity.

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Michael Busler is a public policy analyst and a professor of finance at Stockton University in Galloway, New Jersey, where he teaches undergraduate and graduate courses in finance and economics. He has written op-ed columns in major newspapers for more than 35 years.