“Carlota Perez studies historically what happens when you have a paradigm shift in technology. We’re now entering a pretty chaotic time, this inbetween, where everything is being reordered. During these times, it’s historically been where revolutions, wars, governments failing, and social upheaval takes place.
A lot of incredibly positive things take place too though. For example, if we go back to the industrial age, we saw the creation of capitalism, and large proportions of the population being lifted out of poverty. With globalisation, a new interconnected world was created. However, this was then contrasted with colonisation, environmental degradation and exploitation. So it’s an incredibly complicated period we’re about to enter and it definitely feels that way. We’re in uncharted waters, but Perez’s work confirms that we will get through this period and enter a golden age.”
In terms of universities reinventing themselves and getting through this tough period of change, Paul recommends three things that universities can do right now:
1. “In the short term, we need to think about the ways that AI can help us improve what we already do. This could be creating content much faster, providing AI tutors, and creating real personalisation for the first time.
2. Universities also need to look at how they can implement AI into their operations – from HR, to Marketing, to IT. This will help institutions to operate more efficiently, productively, and ultimately save costs.
3. Whilst the above are about how we can do things more efficiently, they only focus on the current system. Space needs to be carved out that explores how universities will reinvent themselves, their systems, and their values. What will the future of work look like? How will you realign your curriculum? What majors will you start to wind down? What majors will you create? Will humans move away from high status work like law or accounting, and instead become teachers or counsellors. The latter teaching focused roles are not paid that well or as highly regarded in our current society, but this could change too. AI could do your accounting, but it cannot hold your child and make them feel loved.”
Future proofing universities and looking ahead
Whilst other industries will experience mass disruption, it is more likely that higher education will experience a slow movement. However, Paul comments, “we have to be careful to not overestimate the amount of change over the next couple of years, but we also have to be careful not to underestimate either. In 10 years time, higher education will look different.
“Every university should be asking, what are the AI tools my students need to master in order to be competitive in the world? There is a saying that you won’t lose your job to AI, but you’ll lose it to someone who knows how to work with AI. So, universities need to equip students with these tools as an absolute minimum to be able to secure their careers after university.”