JPMorgan CEO Jamie Dimon reiterated a nuanced but generally optimistic view of the impact of artificial intelligence on the economy.
In an interview with Fox News Sunday morning futuresThe president of the world’s largest bank acknowledged that companies have been cautious about hiring recently but said it had nothing to do with artificial intelligence and questioned whether the technology would significantly reduce jobs next year.
“To a large extent, artificial intelligence will make great contributions to mankind, just like tractors, fertilizers, vaccines,” he said. “You know, maybe one day we will not work so hard but live a good life.”
Dimon added that AI still requires appropriate regulation to mitigate downside risks, like other innovations throughout history.
He also reiterated previous warnings that artificial intelligence will eliminate jobs, but urged attention to uniquely human skills such as critical thinking, emotional intelligence and communication.
If AI sweeps through the economy so quickly that workers can’t adapt to new roles in time, Dimon suggested both the public and private sectors have a role to play.
“We – the government, our companies, society – should be thinking about how to phase this in in a way that doesn’t hurt a lot of people,” he explained. “A few years ago, when a town was hurt by factory closings, we should have done a little more on trade assistance. And you could do that: You could retrain people, relocate people, provide income assistance, retire early.”
At the same time, he noted, AI will also create jobs in the short term, as new infrastructure requires more construction and fiber optics.
These are the latest comments he has made about artificial intelligence in recent months. In November, Dimon predicted that artificial intelligence would help developed countries reduce the working week to three and a half days sometime in the next 20 to 40 years.
At Fortune’s Most Powerful Women Summit in October, he said governments and businesses must plan for the future of artificial intelligence to avoid a social backlash.
“This will eliminate jobs. People should not bury their heads in the sand anymore,” he warned.
This story originally appeared on Fortune.com
