Final answer:
The CGP Grey video 'Humans Need Not Apply' discusses the consequences of automation and AI on employment, highlighting both risks and opportunities, as technological advancement reshapes the labor market, while emphasizing the importance of education and adaptability.
Step-by-step explanation:
The Humans Need Not Apply video by CGP Grey provides insights into the impact of automation and Artificial Intelligence (AI) on the labor market. It discusses both the potential for economic growth, as AI could boost the global GDP significantly, and the risk of job displacement, with a large number of jobs potentially being eliminated. Automation can lead to various job market changes, including structural unemployment, where lower-skilled jobs are replaced by machines, subsequently increasing the demand for higher-skilled workers. Education plays a crucial role in mitigating the effects of structural unemployment as it provides individuals with the necessary skills to adapt and retrain for the evolving job requirements.
On the flipside, the rise of the internet and platforms like LinkedIn have transformed the job search process, making it easier to connect job seekers with opportunities. Additionally, the growth of the temporary worker industry has been instrumental in reducing the natural rate of unemployment by acting as a bridge to connect workers with permanent positions. Moreover, demographic shifts like the aging of the baby boomer generation also influence unemployment rates, as older workers tend to experience lower levels of unemployment compared to younger cohorts.