The Industrial Revolution initially cut wages by about 10%, according to estimates, and the transition lasted 60 to 70 years. The shift out of agricultural jobs aided humanity but it was bumpy, and increased automation probably will carry similar displacements.
"Why should it be different this time?" That’s the most common response when I raise concerns about automation and the future of jobs, and it’s a pretty simple rejoinder. The Western world managed the shift out of agricultural jobs into industry, and continued to see economic growth. So will not the jobs being displaced now by automation and artificial intelligence […]
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