May 4, 2016

NO ONE WILL MISS JOBS:

 Culture Clash: Robots Are Stealing Our Jobs! (Bill Gross, May 4, 2016, Value Walk)

No one in 2016 is really addressing the future as we are likely to experience it, and while that future has significant structural headwinds influenced by too much debt and an aging demographic, another heavy gust merits little attention on the political stump. I speak in this Outlook to information technology and the robotization of our future global economy. Virtually every industry in existence is likely to become less labor-intensive in future years as new technology is assimilated into existing business models. Transportation is a visible example as computer driven vehicles soon will displace many truckers and bus/taxi drivers. Millions of jobs will be lost over the next 10-15 years. But medicine, manufacturing and even service intensive jobs are at risk. Investment managers too! Not only blue collar but now white collar professionals are being threatened by technological change.

Nobel Prize winning economist Michael Spence wrote in 2014 that "should the digital revolution continue...The structure of the modern economy and the role of work itself may need to be rethought." The role of work? Sounds like code for fewer jobs to me. And if so, as author Andy Stern writes in Raising the Floor, a policymaker - a future President or Prime Minister - must recognize that existing government policies have "built a whole social infrastructure based on the concept of a job, and that concept does not work anymore." In other words, if income goes to technological robots whatever the form, instead of human beings, our culture will change and if so policies must adapt to those changes. 

They were punishment:

 And unto Adam he said, Because thou hast hearkened unto the voice of thy wife, and hast eaten of the tree, of which I commanded thee, saying, Thou shalt not eat of it: cursed is the ground for thy sake; in sorrow shalt thou eat of it all the days of thy life;

Thorns also and thistles shall it bring forth to thee; and thou shalt eat the herb of the field;

In the sweat of thy face shalt thou eat bread, till thou return unto the ground; for out of it wast thou taken: for dust thou art, and unto dust shalt thou return.

Posted by at May 4, 2016 3:55 PM

  

« ABOVE AVERAGE IS OVER: | Main | PITY THE POOR MALTHUSIANS: »