The big debate about the future of work, explained

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Why economists and futurists disagree about the future of the labor market.

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Sources:
https://economics.mit.edu/files/11563
https://www.aeaweb.org/full_issue.php?doi=10.1257/jep.29.3#page=33
http://voxeu.org/article/how-computer-automation-affects-occupations
https://www.opensocietyfoundations.org/sites/default/files/future-work-lit-review-20150428.pdf
https://obamawhitehouse.archives.gov/sites/whitehouse.gov/files/documents/Artificial-Intelligence-Automation-Economy.PDF
https://www.vox.com/2015/7/27/9038829/automation-myth
https://www.amazon.com/dp/B00PWX7RPG/ref=dp-kindle-redirect
https://www.amazon.com/Second-Machine-Age-Prosperity-Technologies-ebook/dp/B00D97HPQI/ref=sr_1_1
https://www.amazon.com/New-Division-Labor-Computers-Creating/dp/0691124027/ref=sr_1_1?
https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf

Clips:
https://www.youtube.com/watch?v=VTlV0Y5yAww
https://www.youtube.com/watch?v=_luhn7TLfWU
https://www.youtube.com/watch?v=rVlhMGQgDkY
https://www.youtube.com/watch?v=rCoFKUJ_8Yo
https://www.youtube.com/watch?v=yeyn9zzrC84
https://www.youtube.com/watch?v=7Pq-S557XQU
https://www.youtube.com/watch?v=WSKi8HfcxEk

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Recent advancements in artificial intelligence and robotics have commentators worrying about the coming obsolescence of the human worker. Some in Silicon Valley are even calling for a basic minimum income provided by the government for everyone, under the assumption that work will become scarce. But many economists are skeptical of these claims, because the notion that the the economy offers a fixed amount of work has been debunked time and time again over the centuries and current economic data show no signs of a productivity boom. Fortunately, we don’t need to divine the future of the labor market in order to prepare for it.

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Comments

J Abel says:

Robots taking on our jobs is freedom to follow higher goals than surviving

Sam Brady says:

laughs in technological singularity

Joshua Suh says:

"It’s become popular these days to joke about how robots are going to force many people out of their jobs. And while there is conflicting research on exactly how many jobs will be lost, pretty much all studies agree that millions of jobs are at risk thanks to automation, machine learning, and artificial intelligence."

Just 15% of organizations use AI today; by next year, that number will be 31%.

AI-focused startups have seen a 14-fold increase since 2000.

Consumers often don’t know when they are interacting with AI systems, as only one-third of them said they use an AI-powered service or device, when the number who actually do is 77%.

Global spending on AI is projected to surge to more than $7 billion per year by 2022, more than double the $2 billion spent this year.

"A landmark Oxford University study found that 47 percent of American jobs are at risk of becoming automated in the next 10 years; a more recent study says that percentage is too high, but the newer study still indicates that millions of Americans (about 13 million, the research says) will lose their jobs thanks to automation."

"The global industrial automation services market reached a value of US$ 47.4 Billion in 2020. Looking forward, the publisher expects the global industrial automation services market to grow at a CAGR of 9.20% during 2021-2026."

"Automated Process Increases Profit Margins for companies"

"Conversely, grocers who use Shelf Engine's order automation solutions benefit from an average profit margin increase of more than 50%, while reducing food waste by as much as 32%."

1. Tax the company's increased profit margins due to automation and AI.

2. Use this tax revenues for income assistance or basic universal incomes for simple task low wages workers who lose their jobs due to AI and Automation.

Also allocate some of its tax revenue to reeducate these displaced workers with new skills necessary for 4th industrial revolution.

3. Middle classes with money should invest in stocks that are undervalued and with solid fundamentals and high dividends or buy a residential properties in order to generate passive incomes to grow your wealth and ultimately be free from work.

That is my recommendation. I hope it helped.

Omer Navaid says:

Nobody talking about how her Android phone has Siri, an iOS feature

Cambridge Micrologic Limited, UK says:

AI is not about stealing jobs. It is a tool to do the tedious/dangerous jobs you don't want. Making what you do easier and more efficient.

Alsafa Alizada says:

In max 40 years 85 percent of people will be unemployed in developed countires and east europe. They will leave with social benefit which will be a bit higher than minimum wage. Only the strogest brains and entrepreneurs will be in high income level.

Chu Lik Wong says:

Working/employment is one of socioeconomic means we use today to distribute resources, services and goods according our contribution to productivity of our society. What if we manage to maintain our productivity or even having surplus with minimal requirement of human contributions?? Perhaps we just need a new socioeconomic tools for the distribution of resources, services and goods to members of society.

Cheeto Puffs says:

Just to let you guys know there is now a new Car made totally by A.I from designing to production. And since smart phone have app there no need to buy it from a dealership. ALSO THIS NEW CAR ISN'T A NORMAL CAR ITS A HYPER CAR better then a Supercars

Cheeto Puffs says:

Let's say there is jobs well guess what. You have to learn and keep learning to get a job for awhile. Every week new technology is made and better then ever

The NeW cRpTo ChAnNeL says:

For more info +<1<9<1<9<7<0<9<3<0<0<4

The NeW cRpTo ChAnNeL says:

Investing in Bitcoin and crypto currency is the investment anyone can do this season because it has made a lot of people billionaires today

Irock Luculent says:

Anybody heard of a guy named Bernie Sanders? He campaigned on the fact that the top 1% have captured most of the new wealth created by increasing productivity and holding real wages for working-class people stagnant.

Roshan Surana says:

you're right! The increase in temperature has also seen exponential improvement!

Exist N Nature Media says:

Families must unite.

sifo says:

we don't need work, UBI people.

Arturas nesakysiu says:

Factories will fire all people with AI coming to market and than what? Person who worked in IT will be jobless means he will not go shopping he will not go to cut his hair, other factory will be same than it come to total crash of system. As big wheel of economy will stop! And all world will go to anarchy it happen already in our lifetime

Lazarus Blackwell says:

Most humans were born useless and today they are more useless then ever

Most humans will simply be "absorbed" by technology and they will become a part of it

Lets face facts

Most of you hate yourselves and would pay god a million dollars to make you into something you can respect

Lazarus Blackwell says:

I dont want a "job"

I want to do what i want to do

Let robots do all the work we dont want to

Todays "job market" is SLAVERY in every sense and maybe even WORSE

Luc says:

"If machines produce everything we need, the outcome will depend on how things are distributed. Everyone can enjoy a life of luxurious leisure if the machine-produced wealth is shared, or most people can end up miserably poor if the machine-owners successfully lobby against wealth redistribution. So far, the trend seems to be toward the second option, with technology driving ever-increasing inequality."

– Stephen Hawking [advocating for socialism]

dusty bowman says:

For a lack of better term I'm using CEO. I really mean any person in charge of a company or holding the reign of the welfare of others.

The reason I want more advancement in technology is based on the answer to this question.
Think about why you need a job.
Now think about what it takes to survive and live materially.
Now imagine a system that is designed to take care of those needs. You won't need to work.
If we create a completely autonomous system that takes takes care of itself, the CEO won't need to work.
While expanding to the whole world we'll need money in flow. So every citizen will need to be payed somehow.
It could be in the form of money from the government each month. Part of the money that is spent to the automated system will be expelled from the system until the next month.
The other part will go to pay for the infrastructure in other countries that aren't as developed. When the world adopts the automated system, money could be expelled, until the need for expansion arises again, like expanding into uninhabited areas.

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