The Future Trajectory of Automation

Imagine a catering business which serves 500 meals a day. One day, they seize an opportunity to grow their business. They automate 90% of the cooking process, and with the same number of employees in the kitchen, they can now prepare 2000 meals a day. A huge 4-times gain in the productivity of human effort!

However, there is another side to this productivity gain. Look at it from the resource perspective – it now requires 4 times more resources to keep the same number of people employed. This is a classic example of how automation is increasing the “Resource Intensity” […]

Robots Driving Forklifts Score Venture Capital, Create Jobs

Supply Lines is a daily newsletter that tracks Covid-19’s impact on trade. Sign up here , and subscribe to our Covid-19 podcast for the latest news and analysis on the pandemic.

Silicon Valley investors are increasing bets on a Pittsburgh company that turns a venerable machine of the past century of industrialization — the forklift — into a driver of the e-commerce boom.

Seegrid Corp., a maker of autonomous forklifts and robot-powered vehicles used to move materials around warehouses and factories, just closed on equity financing totaling $52 million from Menlo, California-based venture fund G2VP LLC and an undisclosed group […]

Robots Driving Forklifts Score Venture Capital, Create Jobs

Robots Driving Forklifts Score Venture Capital, Create Jobs

(Bloomberg) — Supply Lines is a daily newsletter that tracks Covid-19’s impact on trade. Sign up here, and subscribe to our Covid-19 podcast for the latest news and analysis on the pandemic.

Silicon Valley investors are increasing bets on a Pittsburgh company that turns a venerable machine of the past century of industrialization — the forklift — into a driver of the e-commerce boom.

Seegrid Corp., a maker of autonomous forklifts and robot-powered vehicles used to move materials around warehouses and factories, just closed on equity financing totaling $52 million from Menlo, California-based venture fund G2VP LLC and an undisclosed group […]

“Down But Not Out: Resilience in a Post-COVID World” – Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at Singapore Maritime Lecture, on 2 September 2020

Good afternoon to everyone tuning in from Asia, and good morning to the rest watching from across the globe.

Let me thank the Maritime and Port Authority (MPA) for the opportunity to deliver this Singapore Maritime Lecture virtually.

The global economy is facing its worst crisis since the Second World War. The IMF has forecast that the global economy will shrink by 4.9% this year. According to the WTO, global merchandise trade volumes contracted by an estimated 14% in the first half of 2020. And the recovery will not be spectacular – even in its more optimistic scenario, […]

Leveraging Tech for the Re-Industrializing of America

Leveraging Tech for the Re-Industrializing of America

As far back as the 1980s, there was a great deal of public handwringing over a development that became known as the “hollowing out” of America’s economy. This meant that the country’s manufacturing sector was deteriorating because companies were opting to shift their production to low-wage factories overseas, leaving the nation without robust production capabilities while posing a threat to full employment.

That phenomenon was not unique to the United States. Japan and other developed countries also followed a similar shift of production to emerging countries where labor costs were a fraction of what was being paid at home. After […]

Edmund Phelps considers the effects of automation and artificial intelligence from the perspective of welfare economics

Edmund Phelps considers the effects of automation and artificial intelligence from the perspective of welfare economics

The robots are no longer coming; they are here. The COVID-19 pandemic is hastening the spread of artificial intelligence (AI), but few have fully considered the short- and long-run consequences.

In thinking about AI, it is natural to start from the perspective of welfare economics – productivity and distribution. What are the economic effects of robots that can replicate human labour? Such concerns are not new. In the nineteenth century, many feared that new mechanical and industrial innovations would “replace” workers. The same concerns are being echoed today.

Consider a model of a national economy in which labour performed by robots […]

Industry 4.0 – Where Are We Now and Where Are We Heading?

Industry 4.0 – Where Are We Now and Where Are We Heading?

oday, we are in the Fourth Industrial Revolution, or Industry 4.0. This current phase is paving the way for technological advancements that are simplifying human life. ( Newswire.net — July 30, 2020) — While humans have been around for nearly six million years, modern humanity evolved around 200,000 years ago, and Industrialization as we know it started only in the early 1800s. This relatively short period of time has given rise to four major industrial revolutions and each of these have changed the course of living greatly. Each revolution has brought new technological advancements to humanity and influenced new […]

Ethiopia: Technology’s Impact On the Labor Market

Ethiopia: Technology's Impact On the Labor Market

Though an outright conclusion cannot be reached on the argument that technological surge affects the labor market adversely and put millions of labors out of the loop, there are many concerns that technological innovation will lead to increased unemployment, suppressed wages and greater inequality.

New technologies, as they hold immense promise, are also seen as a threat, potentially disrupting labor markets and contributing to income inequality. The biggest public fear is that robots and Artificial Intelligence /AI/ will replace human jobs on a large scale, resulting in mass unemployment or underemployment–and, consequently, widespread impoverishment around the globe. In fact, labor […]

Do we need to work less to save the world?

Do we need to work less to save the world?

Open-plan office with dozens of workers in cubicles Since the pandemic hit, how we work has changed. Some of us have had a double load, doing day jobs alongside full-time childcare. Others have found hours we once filled with urgent deadlines suddenly empty. And then there are those of us for whom going to work every day — stacking shelves, emptying bins, caring for the sick — became not just a job but an act of heroism, applauded by society from balconies and doorsteps.

Philipp Frey of the German Center for Emancipatory Technology Studies says there are lessons to be […]

How Automation Creates Jobs

How Automation Creates Jobs

The factories in the global market are widely incorporating automation, which primarily driving the need for skilled manpower. In addition, there is growth in need for the advancement in the human skills to enhance its power across the industrial operation, as no machine can match the skills of human intellect. In the current market, there are a wide number of journals claiming the loss of human need with the rise in adoption of automation, but the increase in consumption of robots, automation, and artificial intelligence (AI) will actually create more jobs. Robotic operations usually create opportunities for the personnel […]