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How Automation is Really Going to Impact the Job Market
Automation economics that will reshape society
Will automation steal our jobs or create new and better ones? Will it generate more value for everyone, or increase inequality in resources?
Economists have long debated the subject of automation. Some have argued that it will trigger an unprecedented wave of technological unemployment. Others that this is greatly exaggerated and that brand-new jobs will keep coming in.
By confronting each of these narratives, let’s uncover how automation will affect the quantity and type of work we’ll conduct in the coming century.
Substituting vs Complementing Economic Forces
In the 1800s, hundreds of thousands of horses roamed the streets of New York.
Residents and travelers relied on horse-driven street cars to move fast and easily from one point to another. It was the best mean of transportation you could ever wish for at that time. And god forgives you had to do without a horse.
Yet, such a large population of animals came with some serious issues. At one point, there were so many horses that the city was literally covered with manure. Some commentators even believed that New York would be buried under…
