Tag: inequality

Tips for Outsmarting Job-Stealing Robots

Attention, Americans: Robots in the U.S. are stealing jobs, reducing wages and promoting inequality.

That’s according to new research published by the National Bureau of Economic Research. Economists Daron Acemoglu of the Massachusetts Institute of Technology and Pascual Restrepo of Boston University were behind the study.

The automation analysis looked at industrial robots’ impact in the U.S. between 1990 and 2007, according to a report on the research in the MIT Technology Review . During that period, automation led to the loss of up to 670,000 American jobs, with manufacturing workers taking the hardest blow. The MIT Tech Review says:Adjusting for […]

Tech will lead to new sub-prime crunch

Tech will lead to new sub-prime crunch

In October 2016, two leading P2P platforms in the U.S. — Lending Club and Prosper — announced a new increase in interest rates for lower-grade loans. The decision was made in order to sustain investor demand, as the model platforms are operating under challenges faced during the last months due to compliance issues with Lending Club and the general turbulence of the P2P lending industry.

However, keeping the investor demand stable is not the only reason for recent changes — as Lending Club announced, delinquencies are growing, especially when it comes to high-risk loans.

October 2016 was not the first time […]

Study: Robots Actually Hurt Wages, Stoke Pay Inequality

Study: Robots Actually Hurt Wages, Stoke Pay Inequality

Robots weld the bodies of Porsche Macan SUVs at the new Porsche Macan factory at the Porsche plant on February 11, 2014. (Photo by Sean Gallup/Getty Images) Industrial robots had a significant impact on U.S. employment and wages for many local labor markets between 1990 and 2007, according to new research.

“Employment effects of robots are most pronounced in manufacturing, and in particular, in industries most exposed to robots; in routine manual, blue collar, assembly and related occupations; and for workers with less than college education,” reads the study from the National Bureau of Economic Research (NBER). “Interestingly, and perhaps […]

Should the Trump Administration be Worried About Automation?

Should the Trump Administration be Worried About Automation?

yoh4nn/istock In an interview with Axios’ s Mike Allen on Friday, US Treasury Secretary Steven Mnuchin said he was unconcerned about the possibility of machines replacing significant numbers of human workers in the near future, saying it was “not even on [the Trump administration’s] radar screen” and insisting that displacement would not be an issue for another 50-100 years. “In fact I’m optimistic,” he told Allen.

While there’s a healthy ongoing debate over just what impact automation will have on the workforce , Mnuchin’s assertion that it is not a matter of any particular urgency raised some eyebrows. “Just about […]

Report claims robots could steal 18,000 jobs from workers in Barking and Dagenham

Report claims robots could steal 18,000 jobs from workers in Barking and Dagenham

Robts could take over 18,000 jobs in the borough report claims (photo credit: Radio Saigon) Robots could snatch the jobs of more than 18,000 workers in Barking and Dagenham by 2030, according to figures derived from a report released today.

A study by consultancy firm PricewaterhouseCoopers showed that 30 per cent of jobs in Britain are potentially under threat from automation and artificial intelligence.

The jobs must at risk are those in the wholesale, retail trade and manufacturing industry.The Post compared the findings against Office for National Statistics employment figures which showed the borough is disproportionately vulnerable to the robot takeover […]

AI and automation is changing labour landscape: Marc Benioff

AI and automation is changing labour landscape: Marc Benioff

Mar 27, 2017 (LBO) – Every individual, business, industry and government is being impacted by breakthroughs in computing power, connectivity, artificial intelligence, biotechnology and other innovative technologies, says Marc Beniof, CEO of Salesforce, a leading cloud computing company.

This revolution without boundaries is spreading with incredible velocity, he wrote in an article to the World Economic Forum. To meet the challenge, he said the future workforce will have to be equipped with necessary skills.

“By 2020, more people will have mobile phones than have electricity or running water in their homes or villages. Cars are becoming intelligent robots on wheels. Factories […]

Why American Jobs Have a Higher Risk of Automation Than Jobs in Germany, the UK, and Japan

Why American Jobs Have a Higher Risk of Automation Than Jobs in Germany, the UK, and Japan

You’ve been warned before—robots are coming for your job. The speed of technological advancement, particularly in smart automation, has sprung countless economic studies and political warnings about how many people are likely to lose their jobs to this rise of the machines. But it’s not an easy number to peg down; estimates range from 5% to 50%.

The latest predictions from PricewaterhouseCoopers survey the damage for specific countries. Analysts at the consulting firm said that by the early 2030s, 38% of US jobs are at a high risk of automation, more than in Germany, the UK, and Japan.

PwC revisited two […]

Robots Are Coming for Your Job. Here’s How, Why and When

Robots Are Coming for Your Job. Here’s How, Why and When

Four in 10 U.S. jobs are at risk of being replaced by automation and artificial intelligence by 2030. Here’s why Americans should worry the most. March 26, 2017 – The potential for job losses due to advances in technology is not a new concern. But over the past few years, fears of technology-driven job losses have emerged with advances in ‘smart automation’ – the combination of artificial intelligence (AI), robotics and other digital technologies. The impact of innovation is already visible in driverless cars and trucks, intelligent virtual assistants like Siri, Alexa and Cortana, and Japanese healthcare robots. But […]

Technology is killing jobs, and only technology can save them

Technology is killing jobs, and only technology can save them

In the recent presidential election, automation and robotics got a slight reprieve from the accusations that it has been the key driver in job losses in the United States. During the campaign, the conversation shifted, thanks largely to then-candidate Trump’s masterful scapegoating of Mexico and China, while calling out trade deals like NAFTA and the Trans-Pacific Partnership as clear and present threats to U.S. manufacturing.

Indeed, the administration continues to downplay automation as a factor in the U.S. economy, because that explanation runs against the political policies it hopes to enact under the guise of improving the conditions of America’s […]

Tech world debate on robots and jobs heats up

Tech world debate on robots and jobs heats up

Advances in artificial intelligence and robotics are heightening concerns about automation replacing a growing number of occupations (AFP Photo/JUSTIN TALLIS) Although technology has long affected the labor force, recent advances in artificial intelligence and robotics are heightening concerns about automation replacing a growing number of occupations, including highly skilled or "knowledge-based" jobs.

Just a few examples: self-driving technology may eliminate the need for taxi, Uber and truck drivers, algorithms are playing a growing role in journalism, robots are informing consumers as mall greeters, and medicine is adapting robotic surgery and artificial intelligence to detect cancer and heart conditions.

Of 700 occupations […]