Youth in the post-COVID world

Youth in the post-COVID world

As I write this opinion piece my heart goes out to the millions around the world who were due to graduate from their universities this year. As they enter one of the worst job markets in recent history they must adapt to these uncertain times.

The first thing for all individuals entering the job market is to understand that the virus has impacted us in many ways which we were not prepared for. Had Marx been alive today he surely would have been laughing at the sight of distressed economies, which had grown only after exploiting millions. But if one […]

Compassion for the Unemployed Won’t Last Long

Compassion for the Unemployed Won’t Last Long

Anthony Gerace In the past few weeks the United States has witnessed an unprecedented spike in jobless claims that has overwhelmed state agencies. Alongside a health crisis and an economic crisis, we are now entering into a devastating period of mass unemployment, one that— decades of research tell us—will leave deep financial and psychological scars for the workers and families trapped within it. Today, Americans across party lines recognize the need to act quickly to minimize this harm, but that bipartisan support will soon fade, as it has in past recessions. If Congress and state governments are going to […]

Mitt Romney and the Triumph of Andrew Yang

Mitt Romney and the Triumph of Andrew Yang

George Frey / Steven Ferdman / Getty / The Atlantic As the U.S. is scrambling to deal with the forced shuttering of restaurants, bars, theaters, and other businesses, even some fiscally conservative Republicans agree that giving money directly to people might be the best response. Today, Senator Mitt Romney proposed sending every U.S. adult a $1,000 check to help with short-term obligations—rent, groceries, whatever it may be. The idea sounded familiar to followers of the 2020 Democratic primary race, specifically, those who have watched businessman Andrew Yang—who ran an outsider campaign based on what he sees as the need […]

Sen. Toomey Defends Capitalism

Yesterday afternoon Sen. Pat Toomey (R-PA) gave an excellent and much-need speech at the Heritage Foundation on capitalism and its right-leaning critics . Toomey maintained a reasonable and respectful manner, but made clear that he thinks that the anti-market measures promoted by self-described nationalists and populists are a mistake and would be a failure if enacted. When it comes to proposals to restrict trade or for government to favor certain industries over others, we need to be clear about what problems such policies would ostensibly be solving. In certain cases, the supposed problems exist mostly in the minds of […]

Robotic automation could move America towards Bernie Sanders-style socialism

Robotic automation could move America towards Bernie Sanders-style socialism

Taxing the Robots Illustration by Greg Groesch/The Washington Times more > ANALYSIS/OPINION:

“We’ll all be socialists by 2040.” That was a conclusion drawn by a panelist at a conference on the impact of automation on employment about 10 years ago.

Since then, things have moved even faster than expected. Consequently, Bernie Sanders may get his fondest wish. Robotic automation is creating the very real specter that we will be forced into socialism someday. We might well have a welfare state whether we want one or not. In 2010, I would have thought people of Mr. Sanders’ and my age wouldn’t […]

Let’s prepare now for the job apocalypse

Let’s prepare now for the job apocalypse

Summary: A new Industrial Revolution is beginning. With our experience from the earlier ones, we can navigate through it to a prosperous future. Unlike the previous ones, this time we can do it without massive suffering during the transition. This one of a series of posts about what might be the major economic event of the 21st century. It might make many of our current problems disappear – and introduce new ones.

Let’s seek a safe path to the future. “Danger, Construction Ahead” by Kay Sage, 1940. Prepare for the future by closing our eyes

On September 23 {William the […]

Does Nor Macdonald love Andrew Yang? It’s complicated

Does Nor Macdonald love Andrew Yang? It’s complicated

Universal Basic Income (UBI) calls for an early money transfer for every citizen, usually taken monthly. In the US presidential election, Democratic candidate Andrew Yang proposed the idea and it is now resembling wildfire. His proposal, dubbed the “Freedom Dividend,” plans to give each American citizen $ 1,000 each month. No string is attached.

The idea is not a new one, however. Guy Caron and Martin Luther King Jr. on the left, and Richard Nixon and Milton Friedman on the right, have espoused an idea of ​​a basic universal income. Then the question arises: can this policy work in Canada?

I […]

Economic Possibilities for Ourselves

Economic Possibilities for Ourselves

21 November 2019, Hamburg: A robot interacts with a woman at “Speed Dating with AI – Meet the Robots at AI Days” at the Hammerbrooklyn Digital Campus. On 22 and 23 November, a selection of highly developed robots from various fields will be shown, giving an insight into the current possibilities of artificial intelligence. Photo: Axel Heimken/dpa (Photo by Axel Heimken/picture alliance via Getty Images)

The most depressing feature of the current explosion in robot-apocalypse literature is that it rarely transcends the world of work. Almost every day, news articles appear detailing some new round of layoffs. In the […]

By the numbers: how automation is affecting financial services jobs

By the numbers: how automation is affecting financial services jobs

Andy Haldane, the Bank of England’s chief economist, has regularly hit the headlines for his outspoken opinions on artificial intelligence (AI) and automation. In 2015, Mr Haldane claimed the jobs of up to 15 million people across the country could be replaced by robots in what he called a "third machine age".

Last year, he again emphasised the possibility of a "hollowing out" of the labour market if AI continued to advance and automate roles that require cognitive skills. However, the OECD has downplayed the potential of mass unemployment, arguing that previous studies underestimated how difficult it is to automate […]

Brexit voters more likely to live in areas at risk from rise of robots

Brexit voters more likely to live in areas at risk from rise of robots

Brexit supporters are more likely to live in areas most threatened by the economic impact of automation, according to a study of the impact of robots and artificial intelligence in the workplace.

A map of the parts of the UK likely to be hit by automation fits more closely with the map of leave voters than any other factor, said the Institute for the Future of Work (IFW) .

Up to 15 million workers are expected to have their employment prospects endangered by automation over the next decade, according to a series of reports that have tried to gauge the […]