Tag: inequality

Experts Call for Greater AI Regulation

Experts Call for Greater AI Regulation

Screenshot of Brahima Coulibaly, director of global economy and development at the Brookings Institution Screenshot of Brahima Coulibaly, director of global economy and development at the Brookings Institution WASHINGTON, July 16, 2024 – Greater regulation of artificial intelligence is necessary, agreed experts at a Monday Brookings Institution event .

"Our CEO said a few years ago that AI is too important not to regulate and too important not to regulate well,” said David Weller , senior director of competitiveness and sustainability policy at Google.“This is obviously a deeply important and transformative technology, and regulation needs to play a role.”

For the […]

How Automation and AI Will Transform Employment

How Automation and AI Will Transform Employment

The rapid advancement of automation and artificial intelligence (AI) technologies is poised to significantly transform the employment landscape. As machines and algorithms become increasingly capable of performing tasks traditionally done by humans, both the nature of work and the composition of the workforce are expected to undergo profound changes. While these technologies promise numerous benefits, including increased efficiency and productivity, they also raise concerns about job displacement, skill gaps, and the future of work. This article explores how automation and AI will transform employment, examining the potential impacts on various industries, the evolving skills required for the workforce, and […]

Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system

Why a proposed ‘robot tax’ could kill tech innovation, impede growth and complicate tax system

Keep taxidermists and taxmen at bay Aditya Sinha

Assistant consultant, Economic Advisory Council to PM

It’s often said that governments have a talent for taxing things. But the real jaw-dropper is when economists start cheering for more taxes. A group of economists met Nirmala Sitharaman recently for pre-budget consultations. What popped up on the agenda? The impact of AI on employment, with a proposal for a ‘ robot tax ‘ to reskill displaced workers.On the face of it, the idea sounds appealing. At its core, it’s about philosophical questions about the nature of work, economic justice and societal progress. Proponents […]

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 […]

Guest opinion: Technological progress and increasing income inequality

Guest opinion: Technological progress and increasing income inequality

Photo supplied

Vijay Mathur

Technological change in the U.S. is essential for capitalism and the market economy to thrive in the globally competitive economy. Many economists and non-economists, including politicians and businesses executives, believe that technical change and automation improve production efficiency, save labor cost, and increase productivity and profits. There is also an understanding that workers will participate in productivity and profit increases in the form of higher employment and wages. Therefore, the share of productivity increase for workers will grow in addition to the increase in shares of profits and compensation for business executives, thus decreasing income inequality. However, […]

The Great Automation Shift: Friend or Foe to the Future of Work?

The Great Automation Shift: Friend or Foe to the Future of Work?

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The specter of automation has haunted the working class for decades. From the textile mills of the Industrial Revolution to the self-driving cars of today, technological advancements have constantly reshaped the landscape of employment. Yet, the current wave of automation, fueled by artificial intelligence and robotics, feels different. Its potential impact on jobs is vast and multifaceted, prompting a crucial question: is automation a harbinger of mass unemployment or a catalyst for a transformed yet prosperous future of work?

On the surface, the threat of automation appears undeniable. Repetitive tasks, once the domain of human labor, […]

The Race between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment

The Race between Man and Machine: Implications of Technology for Growth, Factor Shares, and Employment

(pp. 1488–1542) Article Information

Abstract

We examine the concerns that new technologies will render labor redundant in a framework in which tasks previously performed by labor can be automated and new versions of existing tasks, in which labor has a comparative advantage, can be created. In a static version where capital is fixed and technology is exogenous, automation reduces employment and the labor share, and may even reduce wages, while the creation of new tasks has the opposite effects. Our full model endogenizes capital accumulation and the direction of research toward automation and the creation of new tasks. […]

AI’s Negative Economic Impact on White-Collar Middle-Class Workers

AI’s Negative Economic Impact on White-Collar Middle-Class Workers

AI’s Negative Economic Impact on White-Collar Middle-Class Workers 2 Artificial Intelligence (AI) is rapidly transforming the work landscape, with profound implications for white-collar middle-class workers. As AI systems become increasingly sophisticated, they’re capable of performing tasks once thought to be the exclusive domain of human intelligence.

This technological revolution promises increased efficiency and productivity. However, it also poses significant challenges to the job security and economic stability of the middle class—a crucial segment of the workforce that has long been the backbone of modern economies. Job Displacement: A Growing Concern

Many white-collar professionals face the threat of job displacement. Software […]

Harnessing technology for economic growth

OPINION

“Businesses should be encouraged to explore new markets and technologies that can lead to jobs creation. This was my opening statement at the 45th National Conference of Employers.

On behalf of ECOP, let me thank you for sharing your precious time to join us today to listen, discuss and learn about an issue that is both timely and crucial: jobs generation amid a rapidly evolving technological environment.Technology began three million years ago when humans reshaped stones into tools like hammers, axes, knives and arrowheads. This is known as the Stone Age. Technology is relentless and has exponentially developed into […]

Apple says the robots are coming to take the jobs

Apple says the robots are coming to take the jobs

Hot on the heels of a recent report claiming Apple now sees GenAI as a basis for complex product ideas including humanoid robotics, we learn that it wants to put more robots on the iPhone assembly lines. Manufactured in factories by robots

Designed in Cupertino and manufactured by robots, that Apple wants this isn’t especially surprising. Manufacturing partner Foxconn is known to be at the forefront of building smart and highly automated factories.

Even in 2016 it was known to have 40,000 robots in place across lights out factories and the drive to automation was flagged up even then […]