Tag: consumption

Why isn’t the US job market more dynamic?

Why isn’t the US job market more dynamic?

There’s no doubt automation is affecting the US job market. It always does. For instance: US manufacturing output rises as employment falls , thanks in part to more and more capable machines helping humans become more productive. And automation is a key contributor to job market polarization. Jobs are created at the top and bottom but not so much in the middle. Machines have been replacing humans in middle-skill jobs that involve performing “routine, codifiable tasks,” as explained by economist David Autor .

But acknowledging those impacts is a lot different than claiming that the rise of the robots is […]

Why being a specialty butcher is a hot job right now

Why being a specialty butcher is a hot job right now

Craft beer makers. “Mixologist” bartenders who have far more up their sleeves than a gin and tonic. Barbers who hark back to a bygone era of style. Butchers who slice and dice their way through entire animals, with a modern focus on sourcing and sustainability. Are these the types of jobs—in fields that have been around for decades, but which have lately taken on a more specialized, artisanal focus—that can power the economy in the coming years?

Richard Ocejo may not quite go that far, but the trend epitomized by those jobs is major and unavoidable, in his eyes. Ocejo […]

Here come the job killers!

Here come the job killers!

Illustration: Ashish Asthana At Raymond Limited’s modern textile facility in Vapi, whenever a supervisor has to check up on the looms, he doesn’t go walking around the factory floor asking the workers. He just looks at a computer screen. Looms in operation, their speed, their electricity and steam consumption, their error alarms – everything is available to him at a glance. The factory rolls out 75,000 metres of fabric daily, employing 1,100 workers. Just four years ago, a traditional weaving unit would produce no more than 18,000 metres, employing 2,600 workers. Harish Chatterjee, vice-president (manufacturing) at Raymond, attributes the […]

Robots Aren’t Destroying Enough Jobs — Capital Account

Robots Aren't Destroying Enough Jobs -- Capital Account

From Silicon Valley to Davos, pundits have been warning that millions of individuals will be thrown out of work by the rapid advance of automation and artificial intelligence. As economic forecasts go, this idea of a robot apocalypse is certainly chilling. It’s also baffling and misguided.

Baffling because it’s starkly at odds with the evidence, and misguided because it completely misses the problem: robots aren’t destroying enough jobs. Too many sectors, such as health care or personal services, are so resistant to automation that they are holding back the entire country’s standard of living.

"Robot" is shorthand for any device or […]

Fourth industrial revolution

Fourth industrial revolution

The writer is a South Asia analyst at Albright Stonebridge Group in Washington D.C. BILL Gates made headlines earlier this year when he argued that robots taking away human jobs should be taxed. His argument is that governments have a responsibility to intervene in order to slow down the proliferation of automation, as it has the potential of creating mass unemployment. It is a sign of the times that the person who has made his fortune because of technological innovation is now arguing for the curtailment of coming technologies. Welcome to The Fourth Industrial Revolution.

The world has seen three […]

The Robot Economy: Ready or Not, Here It Comes

The Robot Economy: Ready or Not, Here It Comes

Duc Tran, an automation engineer, observes the fully autonomous robotic truck loader during a test at the Wynright Robotics facility in Arlington, Texas, July 18, 2012. (Photo: Brandon Thibodeaux / The New York Times) September 17 changed everything.

On that day in 2013, Oxford University published an innocuously titled academic paper by two mostly unknown economists. But " The Future of Employment " wasn’t just another number-crunching exercise in opacity by a couple of dreary scientists. No, their bombshell report portended a coming robot apocalypse that could change the nature of human civilization, and perhaps even human beings themselves.

Thankfully, the […]

Job Creation And Destruction By Technology And Automation

Job Creation And Destruction By Technology And Automation

By analysing share of IT sectors in economic activity in major developed countries using three aspects viz.: output, factor inputs and household consumption (demand), Deutsche Bank analysts conclude that the share of IT sectors has been on a decline for household consumption. Mikihiro Matsuoka and colleagues at DB in their April 28 research piece titled: “Japan Economics Weekly – Job creation and destruction by technology and automation ” explore answers to several questions that are critical to analyse the effects of technology and automation on employment. MichaelGaida / Pixabay Job Creation And Destruction

Three viewpoints of economic activity

The […]

Will automation become the next job killer?

Will automation become the next job killer?

Automation is on track to become the ultimate job killer. In fact, much like the industrial revolution 200 years ago, the automation of human tasks is revolutionising both the workplace and society. What this means for the manufacturing sector can be both thrilling and frightening depending on whose point of view you take.

According to a recent article in phys.org, the fear of losing our jobs to machines is not new. With some forecasts indicating that within 20 years, 35 per cent of all UK jobs are at risk of vanishing from automation, it might be a good time to […]

Five Questions for David Autor

Five Questions for David Autor

During the presidential campaign, immigration and free trade were largely blamed for stealing American jobs. But more recently, another boogeyman has been gaining attention: the dismayingly capable robot. In a recent talk about the future of work, economist David Autor addresses the question of why there are still so many jobs and comes up with a surprising, hopeful answer. Automation, amped up by artificial intelligence and its potential impact on future employment has sparked research, debate, and disagreement among a wide range of stakeholders. Consulting firm PwC is the latest to jump into the prediction game, arguing in March […]

Will a universal basic income make the U.S. better?

Will a universal basic income make the U.S. better?

To better understand the future of our economy and work, especially in the wake of globalization and automation, there is a growing body of literature worth paying attention to.

One recent book that deserves attention is “Raising the Floor: How a Universal Basic Income Can Renew our Economy and Rebuild the American Dream” by Andy Stern. As the former president of the Service Employees International Union (SEIU), Stern grew SEIU by 1.2 million members to make it one of the fastest growing unions in the world – an anomaly in an increasingly non-unionized economy.

Drawing on these experiences as well as […]