Will robots take away all our jobs or are we smart enough to keep them
Since the advent of Technology, a fear of robots or Artificial Intelligence as we call it, taking our jobs away has done the rounds. But are we out of jobs yet? Or does a scenario of losing jobs is in sight at all?
Let us face it, since the Industrial Revolution, there has been a new technological invention every day and yet, people continue to be in jobs. Not only this, the good part here is that since then, there only has been an increase of jobs in the market altogether.
The reason of there not being lesser jobs due to technology is that automation will only be done when it is profitable. Plus, with all the new machinery coming up, you need someone to run it, don’t you?
And talking about profitability, if robots replace humans in the job market, the earning capacity of humans will fall by manifold. Thus, who will the producers sell their goods to, if there is no one to buy it after all.
While demand is infinite, supply is always scarce and workers who have been displaced always end up finding a job somewhere else where the demand factor is met.
The tale doesn’t end here yet! There lies a problem in the types of jobs which robots will create. They might as well be not that great or not paid well enough. Thus, the middle class may end being hollowed by the richer class here as well. Furthermore, a bifurcated economy may end up being created in which a small number of very rich people may employ armies of poor people for catering to their every whim
And let us be honest, this happens to be a bigger threat than mass destruction of jobs. Robots may cause hollowing out of middle-class jobs, the reason being Moravec’s paradox. This was a discovery by AI experts in the 1980s that robots find the difficult things easy and the easy things difficult.
This paradox may end up creating an impact in the entire labor market in future resulting in more lower income jobs and hollowing out middle income ones.
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