February 4, 2013
GREATER WEALTH WITH LESS LABOR BEING A PRETTY AWESOME DILEMMA TO ENJOY:
Obama must face the rise of the robots (Edward Luce, 2/03/13, Financial Times)
No longer the realm of science fiction, the rise of robots now poses the central economic dilemma of the Obama era.With each month, the US economy becomes steadily more automated. In January the US economy added just 4,000 manufacturing jobs, and the net increase since July is zero. Yet last month, manufacturing activity rose by its fastest rate since April, according to the Institute for Supply Management. The difference boils down to robots, which pose an increasingly nagging paradox: the more there are, the better for overall growth (since they boost productivity); yet the worse things become for the middle class.
Posted by Orrin Judd at February 4, 2013 5:34 PM