Robots
One argument over the impact of technology is that it historically has always allowed for economic expansion and increased employment opportunities. So the automobile caused a decline in buggy whip manufacturing but increased opportunities for car builders and engine mechanics. In the new robotic age, one hears the same thing: If new robots take existing jobs, someone will have to make the robots.
But published reports do not reflect this optimism.
One argument over the impact of technology is that it historically has always allowed for economic expansion and increased employment opportunities. So the automobile caused a decline in buggy whip manufacturing but increased opportunities for car builders and engine mechanics. In the new robotic age, one hears the same thing: If new robots take existing jobs, someone will have to make the robots.
But published reports do not reflect this optimism.
A 2017 study from MIT looked at the impact of just industrial robots on jobs from 1993 to 2007 found that every new robot replaced around 5.6 workers. And that every additional robot per 1,000 workers reduced wages by 0.5%.
The study also found that the industrial robot workforce in the US will quadruple by 2025. That translates to a loss of up to 3.4 million jobs by 2025, alongside depressed wage growth of up to 2.6%.
But it’s no longer just factory workers being replaced. A widely-cited study from the University of Oxford found that 47% of US jobs could be automated over the next 20 years.
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