Tag: consumer

Increasing the Minimum Wage Comes at Too High a Price for Workers

Increasing the Minimum Wage Comes at Too High a Price for Workers

COMMENTARY BY Senior Research Fellow, Roe Institute

Rachel researches and analyzes taxes, Social Security, disability insurance, and pensions to promote economic growth. A view of an ordering kiosk at The Habit Burger Grill on April 11, 2024 in San Rafael, California. Justin Sullivan / Getty Images Key Takeaways

Some of the hardest hit among the millions of people impacted by job losses or reduced hours following minimum wage increases are fast-food workers.High minimum-wage laws cut off the bottom rung of the career ladder, effectively pricing the least-advantaged workers out of employment.Instead of wage mandates, policymakers should help workers achieve real […]

7 Consequences of Autonomous Trucks in the Supply Chain

7 Consequences of Autonomous Trucks in the Supply Chain

by Zac Amos July 19th, 2024 Too Long; Didn’t Read

Self-driving cars are a difficult challenge to create, but autonomous long-haul trucks could arrive sooner. On the positive side, they’ll improve safety and shipping speeds, help reduce worker shortages, and boost supply chain sustainability. Unfortunately, there will also be regulatory complications, job losses, and safety challenges as self-driving AI develops. featured image – 7 Consequences of Autonomous Trucks in the Supply Chain 1x

Read by Dr. One Audio Presented by Self-driving cars always seem to be just out of reach. Technology improves and people make bold claims about when they […]

More teens are working. Here’s why a job is ‘becoming more compelling’ for them, economist says

More teens are working. Here’s why a job is ‘becoming more compelling’ for them, economist says

A server scooping ice cream at the Freddo Gelato Shop in Miami Beach, Florida.

Jeff Greenberg | Universal Images Group | Getty Images

Teen summer jobs are back.Last month, more than 5.7 million 16- to 19-year-olds participated in the labor market , Bureau of Labor Statistics data shows, marking the highest teen employment rate in June since 2007. While data shows that this is still far below the more than 8 million teen workers recorded in the late ’70s, the figures show that teen employment has steadily grown over the past decade.Economists say more teens have been drawn to the workforce […]

Robots can’t replace human intelligence, Amazon lead says

Robots can’t replace human intelligence, Amazon lead says

Amazon Robots Spotted Waiting to Cross Busy NYC Street Beloved Aussie cartoon Bluey provides an important message about the morals of robotics and its impact on humanity, according to one of the industry’s leading minds.

Mikell Taylor, Amazon Robotics’ principal tech program manager, says the machines we see in science fiction films are a long way from the autonomous creations that are found in workplaces around the world.

She told news.com.au the lifelike robots of the silver screen were an exploration of our psyche and have in some ways shown engineers “what not to do” – instead of laying a blueprint […]

The growing time tax of the digital global economy

The growing time tax of the digital global economy

Sun, Jul 14, 2024 page9 The rise of generative AI and other digital technologies has enabled tech companies to offload tasks from their employees to users

Despite the rapid proliferation of artificial intelligence (AI) chatbots and virtual assistants, finding an answer to a question that a company’s software is not programmed to address can be frustrating. Searching through countless options on price-comparison Web sites for the best insurance policy or airline ticket can be equally exhausting. Yet, we tend to view this “time tax” as the cost of doing business in today’s digitized global economy.

To be sure, we […]

6 Ways California’s New Minimum Wage for Fast Food Workers Will Hurt Franchises — And Consumers Discover how California’s new minimum wage law is transforming the fast food industry, impacting franchise owners, employees, and the broader economy.

6 Ways California's New Minimum Wage for Fast Food Workers Will Hurt Franchises — And Consumers Discover how California's new minimum wage law is transforming the fast food industry, impacting franchise owners, employees, and the broader economy.

Key Takeaways

The new minimum wage law significantly raises operational costs for fast food franchises, which already operate on slim profit margins.

To manage increased labor costs, many franchises are raising menu prices and reducing their workforce. In response to the wage hike, some franchises are investing in automation to reduce reliance on human labor. California’s recent legislation to increase the minimum wage for fast food workers to $20 has stirred significant debate. While the intent behind the law is to improve the livelihoods of employees in one of the state’s largest industries, it has […]

China’s Tech Leap & Its Unforeseen Future: A Peek into the Future of Tech

China's Tech Leap & Its Unforeseen Future: A Peek into the Future of Tech

China’s Tech Leap Future Glimpse Opening of a 24/7 robot factory in China raises several important issues and is a remarkable development. This innovative factory runs entirely on its own, using advanced robots and artificial intelligence to oversee production operations without the need for human participation. This signals a turning point in the manufacturing industry. The topic that needs to be addressed is how humanity will fare if robots handle everything in the future.

Effects on Human Race and Employment

The development of fully automated, 24/7 robot factories will immensely impact employment and the human race. Loss of employment […]

How Robotics is Enhancing Custom Apparel Production

How Robotics is Enhancing Custom Apparel Production

The fashion business is changing at a high speed, and technology has a significant role to play in this context. The most exciting development is the application of robotics in custom-made wear manufacturing.

Such a revolution not only improves the methods and accuracy in the industry but also brings out opportunities for innovations and environmentally friendly solutions.

The t-shirt printing industry has undergone drastic changes through the implementation of robotic technologies and has set higher and more professional standards in printing. The Integration of Robotics in Apparel Production Automated sewing in creating custom garments is not a concept for the future; […]

Concerns Arise Over Job Market as Xiaomi Unveils AI-Powered ‘Dark Factory’ with ability to operate 24/7 without human workers

Concerns Arise Over Job Market as Xiaomi Unveils AI-Powered ‘Dark Factory’ with ability to operate 24/7 without human workers

Xiaomi CEO Lei Jun has announced the imminent operation of a new generation factory in Changping, Beijing, designed to produce smartphones with minimal human intervention.

The facility, described as a “dark factory,” is set to revolutionize manufacturing with its ability to operate 24/7 without any human workers.

This highly automated plant will use advanced robotics and AI to manage the entire production process. The factory’s machines are not only capable of continuous operation but can also collaborate, ensuring seamless and efficient production. It boasts an impressive capability to produce one smartphone every second, theoretically reaching an annual production capacity of 31.5 […]

Why AI May Be Better for Latin America Than You Think

Why AI May Be Better for Latin America Than You Think

Reading Time: 5 minutes

BUENOS AIRES—“It is difficult to make predictions, especially about the future.” This quote, often attributed to Nobel Prize-winning physicist Niels Bohr, has never been more valid than when applied to the ongoing debate about AI and labor markets.

A few years ago, the consensus was clear. Automation would likely replace medium-skilled jobs , depress low-skilled wages due to competition from displaced middle-skilled workers, and widen the skill premium. This trend was exacerbated by the decline of jobs that require personal contact and the surge in remote work and e-commerce during the pandemic . As a result, low- […]