How Technology Is Destroying Jobs   Leave a comment

I think this is an obvious trend, but I would note that whenever technology has advanced to do away with manual labor, labor patterns have adapted to the new circumstances and economic history shows there is usually a resultant growth in the economy.
Why isn’t that happening today? I think that question is more important than mourning the loss of jobs because it is the key to overcoming the problem.

pundit from another planet

tech-job-killDavid Rotman  writes:  Given his calm and reasoned academic demeanor, it is easy to miss just how provocative Erik Brynjolfsson ’s contention really is. ­Brynjolfsson, a professor at the MIT Sloan School of Management , and his collaborator and coauthor Andrew McAfee have been arguing for the last year and a half that impressive advances in computer technology—from improved industrial robotics to automated translation services—are largely behind the sluggish employment growth of the last 10 to 15 years. Even more ominous for workers, the MIT academics foresee dismal prospects for many types of jobs as these powerful new technologies are increasingly adopted not only in manufacturing, clerical, and retail work but in professions such as law, financial services, education, and medicine.

Economic theory and government policy will have to be rethought if technology is indeed destroying jobs faster than it is creating new ones.

That robots, automation, and software can…

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Posted February 11, 2014 by aurorawatcherak in Uncategorized

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