Tag: consumption

Racing the Machine

Racing the Machine

Economists have always believed that previous waves of job destruction led to an equilibrium between supply and demand in the labor market at a higher level of both employment and earnings. But if robots can actually replace, not just displace, humans, it is hard to see an equilibrium point until the human race itself becomes redundant.

LONDON – Dispelling anxiety about robots has become a major preoccupation of business apologetics. The commonsense – and far from foolish – view is that the more jobs are automated, the fewer there will be for humans to perform. The headline example is the […]

Artificial Intelligence to Transform Workplace Sooner Than Expected

Artificial Intelligence to Transform Workplace Sooner Than Expected

Artificial intelligence and other emerging technologies are already changing businesses around the world. In many ways, that’s good news. But it also poses some tough questions – and challenges. A new McKinsey report helps guide the way into the future. December 10, 2017 – We are entering a massive workplace shift that will be marked by rapid advances in automation and artificial intelligence. New research from McKinsey & Co. finds that between 75 million and 375 million workers globally will have to switch occupational categories and learn new skills in just the next 12 years because of automation and […]

Automation: The Good News and the Bad

Automation: The Good News and the Bad

Jobs Will Be Lost And Jobs Will Be Gained; Business Will See Significant Benefits

JOB TRAINING: It’ll have to be a government priority, to deal with the effects of automation. There is bad news and good news for workers when it comes to automation , says a recent McKinsey report on the subject.

The bad news is that 30 percent of work activities in 60 percent of occupations globally could be automated. The good news is that the actual proportion of work automation will likely be lower—due to technical, economic, and social factors—and that automation will create new occupations that […]

800 million jobs wiped by 2030

800 million jobs wiped by 2030

Where did my job go? Some 800 million jobs displaced in thirteen years sounds unthinkable, but it could be on the horizon.

The study, Jobs lost, jobs gained: Workforce transitions in a time of automation , from management consultancy McKinsey Global, assessed the number and types of jobs that may be lost and created under different scenarios in 2030 using data from 46 countries and 800 occupations.

The findings confirm that automation is set to cause significant disruption to today’s workforce – but even McKinsey struggled to put an exact number on it.“In about 60 percent of occupations, at least one-third […]

Automation may require as many as 375 million people to find new jobs by 2030

Automation may require as many as 375 million people to find new jobs by 2030

Fears that automation and machine learning will cause massive job losses and make people obsolete are starting to wane (well, unless you ask Stephen Hawking ). Instead, there’s a more optimistic prediction taking hold: that the new technology could actually lead to job gains. But the transition won’t be easy.

By 2030, up to 30% of the hours worked globally could be automated, according to a new report by the McKinsey Global Institute . Analysts in the consultancy’s research arm estimate that between 400 million and 800 million people could find themselves displaced by automation and in need of new […]

IN BRIEF

JOBS LOST, JOBS GAINED: WORKFORCE TRANSITIONS IN A TIME OF AUTOMATION In our latest research on automation, we examine work that can be automated through 2030 and jobs that may be created in the same period. We draw from lessons from history and develop various scenarios for the future. While it is hard to predict how all this will play out, our research provides some insights into the likely workforce transitions that should be expected and their implications. Our key findings:

ƒ Automation technologies including artificial intelligence and robotics will generate significant benefits for users, businesses, and economies, lifting productivity […]

Automation could kill 73 million U.S. jobs by 2030

Automation could kill 73 million U.S. jobs by 2030

A new report from Paysa suggests automation jobs will put 10,000 people to work, and big companies will spend $650 million on annual salaries to make it happen. Sean Dowling (@seandowlingtv) has more. Buzz60 Automation could destroy as many as 73 million U.S. jobs by 2030, but economic growth, rising productivity and other forces could more than offset the losses, according to a new report by McKinsey Global Institute.

“The dire predictions that robots are going to take our jobs are overstated,” says Susan Lund, the group’s director of research and co-author of the study. “There will be enough jobs […]

Crises and Automation

(The Artificial Fabrication of Arbitrary Value, Price, and Wage Across Post-Industrial, Post-Modern Capitalism)

According to Friedrich Engels, Anti-Duhring , “the only value known in economics is the value of commodities”. 1 Commodities are products produced, not for individual consumption by their producers, but products produced for general public consumption. The value of a commodity, according to Engels, is determined via comparison with other commodities, namely, “they can be…said to be equal or unequal [with other commodities], according to the quantity of [general human] labor embodied in each”. 2

As a result, for Engels, “social conditions remaining the same, two equal […]

European Companies Are Investing at Home Again

European Companies Are Investing at Home Again

European business is coming home.

Daimler AG is planning to spend billions to get its German factories ready for an electric-car push. Property giant Unibail-Rodamco SE is expanding its shopping-mall footprint across the region and laser-equipment maker Trumpf GmbH has built a new distribution center in Germany to handle surging demand.

For years, European business has chased growth abroad, spending billions to build new factories in the U.S., Mexico, China, Brazil and other fast-growing emerging economies while investment in Europe languished. Now, as growth takes hold in Europe nearly a decade after the financial crisis, industry is investing in Europe again."What’s […]

China must grasp opportunities of new retail era

China must grasp opportunities of new retail era

Illustration: Peter C. Espina/GT

A new retail era is beginning, largely thanks to the upgrading of technology and consumption. Modern technology enables us to truly understand the needs of consumers and convert this information into the data needed by the production side so that more accurate predictions can be made. Based on this massive amount of data, the entire value chain can be more efficient in meeting the needs of consumers, and the supply side can be optimized.

To some extent, acting as organizers, new retail platforms can make the entire chain work more and more efficiently as they help manufacturers […]