Historical tech waves eventually created new jobs, suggesting AI may follow a similar pattern
Howard cites past disruptions—mechanization of agriculture, the industrial revolution, and the rise of the internet—each initially feared for job loss but ultimately spawning new occupations.
Optimists argue AI will likewise generate roles we cannot yet imagine, though the timeline is uncertain.
This perspective tempers alarm, emphasizing adaptability and innovation as counterweights to displacement.
“Every technological innovation, the mechanization of agriculture 200 years ago, the industrial revolution… predicted widespread joblessness. But in every instance, new jobs materialized and employment continued uninterrupted.” — Howard Marx
AI’s ability to automate a wide range of tasks threatens employment across sectors, yet history suggests new roles eventually emerge. The memo balances optimism with caution about the speed of transition.