The Economic Political Edition

Photo Credit: Encyclopædia Britannica

It would usually be strange for one to expect pre-schoolers to understand economics, but I recall how someone’s parent was once brought in to demonstrate supply and demand. An intriguing illustration followed, where the economics major utilized marbles and chocolates to mimic the wider market: as more chocolates were purchased using marbles – and the remaining quantity decreased – their cost went up. These laws apply to the employment market, and studying it becomes especially interesting when a sudden, significant change occurs. Most have heard the common phrase, “AI will take our jobs”, but have they considered the highly-skilled, highly-paying jobs AI is creating?

The field of Artificial Intelligence (AI) has been studied for over seven decades, most popularly beginning with a conference at Dartmouth University in 1951. John McCarthy, a founding father of AI, proposed a summer study on the hypothesis that every aspect of learning and intelligence can be intricately described to a machine so that it can be made to simulate it. Seventy-one years later, John McCarthy’s prediction was spot on. Mass integration of AI into society has occurred, with OpenAI’s ChatGPT, and Google’s Bard, leaving people eager for more. 

Experts in AI, machine learning, and data science are lucky to find themselves in a market that is considered this generation’s tech boom. Both industrial revolutions, the technological revolution of the 1920s, and the start of the electronic age all had significant impacts on our economy. However, none before offered an almost million-dollar wage. Netflix posted a job opportunity for a machine learning project manager that could pay anywhere between $300,000 and $900,000 per year. Many other companies looking for machine learning specialists and other practitioners have positions offering salaries in the $150,000 to $500,000 range as well. While U.S. institutions awarded close to 350,000 business majors in 2021, there were only 105,000 in computer science. And while that number has grown over the past decade, adding around 65,000 ‘comp-sci’ undergrads, the market for experienced and highly knowledgeable AI-versed employees is still extremely small. 

What is interesting is whether the composition of machine learning experts will increase or decrease over the next five to ten years. While it is undeniable that AI is now a proper part of society, and here to stay, technological advancements happen at such outrageous rates that AI could develop an entirely new system of learning in the same time it takes for a student to gain their Computer Science degree, leading to the market for their major becoming obsolete. Or, AI could become so advanced that it could teach itself everything about its mechanisms, and continuously reprogram itself. 

Then again, such a pace of progress might not be too realistic; the need for AI professionals could continue to increase with large companies offering salaries higher than ever before. Every company should consider the addition of AI into their industry, and contribute to the development of a lucrative market for computer science majors.

However, the future has not arrived yet, and the reality is that major companies across the globe have a hunger for AI specialists. There is no doubt that understanding AI is crucial due to the direction civilization is heading. Computer science may not be everyone’s primary interest when looking at majors, or even a hobby to occasionally explore, but it could be immensely beneficial to consider educating oneself. Don’t necessarily expect a seven-figure salary, but AI will be a big part of our future, and it’s best to be current.