Robots Everywhere, Except in The Statistics [Part 1]
Today the threat of machines eating the jobs of middle class professionals from Pittsburgh to Paris looms large in political discourse and popular culture.
More with less, in theory
- Higher productivity growth. Before kicking-off, keep in mind the basic
equation for this holy grail measure of economic efficiency.
Productivity = output / unit of labor
Any large-scale displacement of workers in favor of machines should be manifested in productivity data...
The theory: It follows that replacing people with machines should boost productivity (imagine the proverbial supervisor watching over a football field’s worth of hard working robots).
...but US productivity growth has been weak for more than a decade
The reality: Between 1970 and 2004, US labor productivity grew by 2.1% a year.
- Rising unemployment and looser labor markets.
The Theory: If automation is replacing workers, the impact in those sectors should be to depress employment levels and labor force participation rates.
Large-scale automation should show up as a major factor in labor markets
In the US, the number of long-term unemployed has been falling, not rising as you would expect in an age of mass-automation
The reality: The US unemployment rate of 4.4% is the lowest for 10 years.
This situation stems from strong demand for labor rather than people dropping out of the workforce.
To be continued...
Related Articles:
Governments against Big Tech Companies
Robots Everywhere, Except in The Statistics [Part 2]
Source Image 1
Well written article , i never would have though about the inplication of robots is that fasion . Awesome job
Thank you.
People often believe what they are fed. Fear is always used as a tatics to control people for political gain. As your article states technology is not putting people out of jobs rather the opposite. It is creating jobs
I Totally agree. Thank you for the comment.
Good post. One of the most hyped technologies right now is without a doubt A.I - really, everybody is talking about it - no one has a single clue where it will go or how fast it will replace jobs..
So true ! Thank you for the comment. Feel free to see the 2nd part of this topic on my profile.
@originalworks
The @OriginalWorks bot has determined this post by @vlemon to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To nominate this post for the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!
For more information, Click Here!
@vlemon Wow, that is certainly so wonderful. I'm quite grateful for that! Find it irresistible. Resteemed.
Quite exciting and useful put up shared adopted and upvoted. Desire you the top with all of your foreseeable future endeavors.
@vlemon Yes really good post. Followed
This post was resteemed by @resteembot!
Good Luck!
Curious? Check out:
The @resteembot users are a small but growing community.
Check out the other resteemed posts in resteembot's feed.
Some of them are truly great.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Vlemon from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
Is your post is underrated? Get an Upvote, Resteem and Follow!
Send a minimum of 0.5 SBD to @neowne, write URL of your post in the memo field.
@vlemon Masses of knowledge. Many thanks. Resteemed.
I've discovered that when it seems to be undesirable, just stepping absent for the moment can make all the real difference on this planet.
Thank you for the comment @orhun, I am glat you enjoyed the post.
You are so right, Stepping absent is sometimes wonderful :).