Will Robots take our jobs?
Economics naturally chop and change in the same way that technology does and of course technology changing always has a knock on effect on economics. So what are the changes so far?
We have the displacement effect; which means the machine does the job for us and we are not needed. There’s also the productivity effect in which we see that the machine makes man more efficient and frees up some of our time. Finally, there is the displacement effect and this is where the machine creates more jobs.
Now you have learnt the three effects technology has on economics, we can expand on these and see what each of them mean. The displacement effect is always negative in terms of employment for obvious reasons. The productivity effect can be seen as a compromise and while not reducing employment, it does mean the employee must be comfortable working alongside the necessary machinery. The displacement effect is the most positive, again for obvious reasons.
In general, what you find through history is technological advances do not cause a spike of unemployment. However, we will see technology improve over four times the capacity it is currently at in the next three years. That’s the equivalent of going from absolutely nothing to driverless cars, but we’ll still need people to fix, programme and make those cars.
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