Thursday, November 23, 2017

Will Machines Generate Mass Unemployment?

Disclosure: This post is part of a sponsored outreach. All opinions expressed are 100% my own.

Artificial intelligence is Intelligence displayed by machines, in contrast with the natural intelligence displayed by humans and other animals. The term "artificial intelligence" is also applied when a machine mimics "cognitive" functions that humans associate with other human minds, such as "learning" and "problem solving".

Andrew Charlton tells us that technological change has long been a source of anxiety for workers. Today, improvements in communications, robotics and machine intelligence are rekindling age-old concerns that technology will soon force millions of people out of work. But the doomsayers who claim machines will generate mass unemployment are misreading the signs.

He says that despite the recent spate of negative reports, the current speed at which machines are taking over human work is no faster than during past waves of technological change. The annual rate of job loss to automation today is less than 0.5 per cent of all jobs – which is slower than the job losses in agriculture in the 1950s as machines replaced farm workers by the thousands, and even slower than the losses in the 1990s when robots were displacing factory workers in the manufacturing sector. What's changed today is that jobs in the services sector are being affected en masse for the first time.

Read this article by Andrew Charlton to learn more. 

The co-founder and director of AlphaBeta Strategy & Economics, Andrew Charlton is a highly respected and internationally renowned economist who has served in a number of vital senior government positions. Charlton’s foresight regarding the influence of future economic trends has proved to be invaluable in a number of circumstances, and he has published several essays and books outlining his predictive analyses and economic philosophies, including Ozonomics and Fair Trade for All, with the latter of the two being published in 13 languages and co-authored by Joseph Stiglitz, a Nobel laureate.

Do you think that machines will generate mass unemployment? Let us know in the comments below!