Rise of the Robots: Technology and the Threat of a Jobless by Martin Ford

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By Martin Ford

What are the roles of the longer term? what percentage will there be? And who can have them? we would imagine—and hope—that today's commercial revolution will spread just like the final: while a few jobs are eradicated, extra may be created to accommodate the recent thoughts of a brand new period. In upward thrust of the Robots, Silicon Valley entrepreneur Martin Ford argues that this is often totally no longer the case. As know-how keeps to speed up and machines commence caring for themselves, fewer humans might be beneficial. man made intelligence is already good on its solution to making “good jobs" out of date: many paralegals, newshounds, workplace employees, or even desktop programmers are poised to get replaced via robots and clever software program. As development maintains, blue and white collar jobs alike will evaporate, squeezing operating- and middle-class households ever additional. while, families are lower than attack from exploding expenses, specially from the 2 significant industries—education and future health care—that, up to now, haven't been remodeled by means of details know-how. the end result may good be giant unemployment and inequality in addition to the implosion of the shopper economic climate itself.
In upward thrust of the Robots, Ford information what desktop intelligence and robotics can accomplish, and implores employers, students, and coverage makers alike to stand the results. The earlier options to technological disruption, in particular extra education and schooling, aren't going to paintings, and we needs to make a decision, now, no matter if the long run will see broad-based prosperity or catastrophic degrees of inequality and monetary lack of confidence. upward thrust of the Robots is vital studying for somebody who desires to comprehend what accelerating expertise capability for his or her personal financial prospects—not to say these in their children—as good as for society as a complete.

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The Automation Wave 11 low as a result of government policy. Loans are often rolled over continuously, so that the principal is never repaid. 11 Many analysts believe that this artificially low cost of capital has caused a great deal of mal-investment throughout China, perhaps most famously the construction of “ghost cities” that appear to be largely unoccupied. By the same token, low capital costs may create a powerful incentive for big companies to invest in expensive automation, even in those cases where it does not necessarily make good business sense to do so.

Given all this, I think it is quite easy to imagine that a typical fast food restaurant may eventually be able to cut its workforce by 50 percent, or perhaps even more. indd 15 2/12/15 12:46 PM 16 RISE OF THE ROBOTS the number of workers required at each location. And this, of course, would mean that a great many of the job openings forecast by the Bureau of Labor Statistics might never materialize. The other major concentration of low-wage service jobs is in the general retail sector. Economists at the Bureau of Labor Statistics rank “retail salesperson” second only to “registered nurse” as the specific occupation that will add the most jobs in the decade ending in 2020 and expect over 700,000 new jobs to be created.

While most robotics companies take great care to spin a positive tale when it comes to the potential impact on employment, Momentum Machines co-founder Alexandros Vardakostas is very forthright about the company’s objective: “Our device isn’t meant to make employees more efficient,” he said. ”13 * The company estimates that the average fast food * The company is not unaware of the potential impact its technology will have on jobs and, according to its website, plans to support a program that will offer discounted technical training to workers who are displaced.

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