Tag: consumption

The Great Inversion

The Great Inversion

The quickly settled International Longshoremen’s Association strike takes us one more step toward the Great Inversion: a future in which people in the skilled and semi-skilled trades boast higher average wages than most college graduates. If the justification for most college degrees—only 10 percent of them in STEM fields—reduces to their boosting future earning power, then those graduates will have a problem. (Granted: a college education should be about more than just maximizing earnings.)

It has escaped no one’s attention that the settlement with the longshoremen’s union will bump up annual starting salaries to about $80,000, with mid-career salaries over […]

New technologies drive job creation despite economic headwinds

New technologies drive job creation despite economic headwinds

Technological advancements have created an estimated net 600,000 jobs in Southeast Asia over the past five years, according to the World Bank’s latest East Asia and Pacific Economic Update.

The report, released during an online conference on Tuesday, reveals that despite concerns over automation-related job losses, the adoption of industrial robots and artificial intelligence (AI) has led to unexpected employment growth in the region. "Between 2018 and 2022, the integration of robotics into manufacturing processes generated approximately 2 million skilled positions in formal employment sectors," said World Bank East Asia and Pacific chief economist Aaditya Mattoo . "While this […]

How Robots Damaged the American Dream

How Robots Damaged the American Dream

grechsantos/Adobe Stock A study looks at the effects of automation in the 21st century.

CBR – Economics

The populist earthquake that has rocked the United States over the past decade can be linked to automation, the kind that transformed the manufacturing sector and negatively affected millions of workers, research suggests.The findings come from an analysis of résumés that spanned 16 years, from 2000 to 2016. Barcelona School of Economics’ Maria Petrova ; University of California at Los Angeles’ Gregor Schubert ; Bledi Taska of SkyHive, a workforce-management software company; and University of Pennsylvania’s Pinar Yildirim tapped into the […]

The Disadvantages and Negative Effects of Artificial Intelligence

Artificial Intelligence (AI) has significantly impacted industries ranging from healthcare to finance, enabling advancements in automation, decision-making, and problem-solving. However, as AI continues to evolve, it brings along several challenges and risks. This article delves into the disadvantages and negative effects of AI, addressing concerns over job displacement, ethical dilemmas, security issues, and more. 1. Job Displacement and Economic Inequality

One of the most prominent concerns regarding AI is its potential to displace jobs. As machines and algorithms become increasingly sophisticated, they are capable of performing tasks that traditionally required human intervention. Automation in industries such as manufacturing, […]

The Future of Trucking Jobs in the Age of Automation

The Future of Trucking Jobs in the Age of Automation

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The trucking industry stands on the brink of a transformative era driven by the rise of automation. From autonomous trucks to advanced logistics systems, technology is reshaping the landscape of trucking jobs. This shift brings both opportunities and challenges, affecting everything from job security to operational efficiency. As we delve into the future of trucking jobs in the age of automation, it’s essential to understand the implications for drivers, companies, and the broader industry. Companies like HMD Trucking are exploring these opportunities through various roles, as highlighted in home weekly trucking […]

The world will not be without work because of AI

The world will not be without work because of AI

Representational image | Commons In 1983, Wassily Leontief, a Nobel Prize-winning economist, concluded that human labour would go the way of the horse after the automobile arrived – “first diminished and then eliminated.”

Today, a new wave of doomsaying has emerged surrounding “technological unemployment” as AI, with its promise of business innovation, has marched to the forefront of economic debate. Pundits argue we’re now drifting towards a “ world without work ” where machines produce all things and algorithms provide all services. Outclassed humans serve no role in this macroeconomic dystopia.

As we argue in Shocks, Crises, and False Alarms , […]

How the future will affect us

How the future will affect us

Public Services and Procurement Canada is using automation to help with tasks like processing retroactive payments outlined in new collective agreements and leave-without-pay entries, which used to be processed manually by compensation advisors. Getty Images Article content

In the coming years, emerging technologies will profoundly reshape nearly every aspect of human life, influencing how we work, communicate, manage our health, and interact with our surroundings. These innovations promise a future that is more efficient, connected, and personalized, impacting the lives of ordinary citizens in significant ways.

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Balancing tomorrow’s progress with a prosperous workforce

Monthly Labor Review logo image Book Review

August 2024

The Work of the Future: Building Better Jobs in an Age of Intelligent Machines. By David Autor, David A. Mindell, and Elisabeth B. Reynolds, with foreword by Robert M. Solow. Cambridge, MA: The MIT Press, 2023, 188 pp., $22.95 paperback.For decades, technological development has stirred both excitement and fear in the public. In The Work of the Future: Building Better Jobs in an Age of Intelligent Machines , David Autor, David A. Mindell, and Elisabeth B. Reynolds delve into this topic by examining the effects of technological advancements on the […]

Why AI will not lead to a world without work

Artificial intelligence (AI) is prompting a new wave of technological unemployment fears. Image: Getty Images/iStockphoto A hand holding a looking glass by a lake Crowdsource Innovation Get involved with our crowdsourced digital platform to deliver impact at scale

This article is part of: Centre for the Fourth Industrial Revolution Technology, including artificial intelligence (AI), must be deflationary to have a macroeconomic impact. It can reduce costs and prices and boost real incomes and demand, thereby creating new jobs and offsetting automation-driven losses.

Predictions of technological unemployment have repeatedly proven false, as macroeconomic job creation in new sectors offsets microeconomic […]

How AI will affect future workforce: Key considerations for shipping

How AI will affect future workforce: Key considerations for shipping

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In today’s rapid world, the convergence of artificial intelligence (AI), reskilling initiatives, and innovative practices is reshaping industries, including shipping, not only enhancing productivity but also promoting inclusivity in the workforce.

Artificial intelligence has emerged as a powerful enabler of reskilling and upskilling programs, revolutionizing the way organizations prepare their workforce for the future. AI-driven platforms can assess individual skill gaps, identify learning patterns, and personalize training content to maximize effectiveness. By leveraging AI, companies can optimize reskilling efforts and ensure that employees acquire the relevant competencies needed to adapt to rapidly evolving job roles. But if we […]