Tag: productivity

The Future of Technological (Un)employment

The Future of Technological (Un)employment

February 24, 2020 – In this his latest email missive, Peter Diamandis shares thoughts on the future of employment and unemployment in the United States. He describes the current U.S. job market with unemployment under 4%, and 7.4 million job openings available for only 6 million looking for work. In the U.S., wage increases are rising faster than inflation and productivity with the average minimum wage now near $12 per hour. That’s not a living wage for most urban-dwelling Americans.

In Canada, the unemployment rate is nearing a historic low at 5.8% with more than 283,000 job openings […]

Robotics transforming non-traditional sector

Robotics transforming non-traditional sector

by Darrell Adams, Universal Robots Head of SouthEAst asia and Oceania

Agriculture and fishing industries in Vietnam and Thailand are increasingly turning to technology as cheap and abundant labor, which they long relied on, erodes. Rising wages across other industries have created a labor shortage in these traditional sectors, leading companies to turn to artificial intelligence (AI), robotics and drones.

This development is evident across Southeast Asia, where more sectors, beyond just manufacturing, are transforming through the adoption of new technology.The Philippines has lagged behind its more affluent neighbors in terms of economic and social development for many decades. Those […]

Automation and Capitalism – a Match Made in Orwellian Hell or a Manageable Evolution?

Automation and Capitalism – a Match Made in Orwellian Hell or a Manageable Evolution?

Automation is the defining trend of the 21st century, marked by an inexorable march toward mechanized labor and a concurrent reduction in the physical toil by humans.

However, as this transition to an automated global economy continues, many remain fearful of the rise of neo-serfdom – a new, exorbitantly wealthy ruling class that derives much of its wealth from unbridled automation. In such a scenario, global wealth will be concentrated in an extremely small number of hands while the overwhelming proportion of the global populace toils in misery.

In this article, I will shed light on facts pertaining to automation in […]

Australian business leaders unprepared for the Fourth Industrial Revolution: KPMG

Australian business leaders unprepared for the Fourth Industrial Revolution: KPMG

There is a concerning lack of readiness for technological change among Australian organisations, with most business leaders unprepared for the Fourth Industrial Revolution (4IR), the convergence of the physical, digital and biological worlds, according to a new report by KPMG Digital Delta.

The 4th Industrial Revolution Benchmark Report, produced in collaboration with global analytics platform Faethm, surveyed 198 Australian business leaders, gauging their organisations’ uptake and understanding of technologies such as artificial intelligence (AI), robotic process automation (RPA) and the Internet of Things (IoT).

It found that most Australian business leaders lack a deep understanding or experience with the technologies, with […]

Human impact: Role of workers with robotics

Human impact: Role of workers with robotics

A manufacturer that saves money on labor by using automation can increase investments and demand and create more opportunity for employment. Factory floor workers can manage tasks that require skills that automation cannot replicate, leading to further innovation. Courtesy: TM Robotics Not every food manufacturer is an automation convert, despite the opportunities. The food manufacturing industry tends to fall into two camps: Those who see automation as an opportunity to improve processes and a smaller minority who perceive it as a threat to business.

Considering the widespread data that proves the potential productivity rewards of automation, why are some manufacturers […]

Fourth Industrial Revolution set to overturn Australian business

There is a concerning lack of readiness for technological change amongst Australian organisations, with most business leaders unprepared for the Fourth Industrial Revolution (4IR), the convergence of the physical, digital and biological worlds, according to a new report by KPMG Digital Delta. Large organisations predict a “very high impact” due to new technologies.

Less than half of business leaders feel their organisation is strongly prepared for change.

Two-thirds of those surveyed aren’t confident their staff have the necessary skills. The Fourth Industrial Revolution Benchmark Report, produced in collaboration with global analytics platform Faethm, surveyed 198 Australian business leaders, gauging […]

Is Automation Causing Economic Disparity?

Is Automation Causing Economic Disparity?

The utilization of both industrial and service robots has been increasing quickly during the past decade. There is little uncertainty this is leading to changes in income imbalance. Automation replaces tasks recently performed by low-skill labor, however, it likewise makes new tasks, generally more highly talented. Automation clarifies, to some degree, the poor labour market performance of low-talented laborers in cutting edge economies since 2000.

The total level of wages related with jobs that have the technical potential to be automated in the UK is £290 billion every year, which speaks to 33% everything being equal and income from labor […]

Telephone Switchboard Operators: Rise and Fall

Telephone Switchboard Operators: Rise and Fall

In 1950, there were 342,000 telephone switchboard operators working for the Bell Telephone System and some independent operators, as well as another 1 million or so telephone switchboard operators who worked at private locations like office buildings, factories, hotels, and apartment buildings.

Almost all of these switchboard operators were female. To put it another way, about one out of every 13 working women in 1950 were telephone operators. But by 1984, national employment as an operator in the telecommunications industry was down to 40,000, and now it’s less than 2,000 (according to the Bureau of Labor Statistics).

David […]

AI and related technologies: Are we creating a new age Bhasmasur?

AI and related technologies: Are we creating a new age Bhasmasur?

“We see debates about humans vs. machines and questions about when machines will become more intelligent than human beings, speculation over whether they’ll keep us around as pets or just conclude we were actually a bad idea and eliminate us” – Joichi Ito, EI

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Many of us may remember the story of Bhasmasur. For those who haven’t a clue what I am talking about, the story (as I remember it) goes that one of the ambitious ‘Asurs’ did severe penance to win the blessings of Lord Shiva. Pleased with his devotion, Lord Shiva appeared and blessed him with a […]

Will Automation Lead to Mass Unemployment?

Will Automation Lead to Mass Unemployment?

Recent advancements in robotics and artificial intelligence have some experts worrying about the coming obsolescence of the human worker. Some are even calling for a universal basic income provided by the government for everyone, under the assumption that work will become scarce. But economists seem to have a pretty different view from the futurist and Silicon Valley types.

One of the reasons that economists are skeptical is because much of the fear that has recently been stoked in the media is familiar. Every few decades, predictions about the “end of work” have pervaded public discourse, and they’ve always been wrong. […]