The Automation Myth

The Automation Myth

For decades, we have believed that automation and huge leaps in technology will take away most of our jobs and there will be widespread unemployment.

A new study shows that this belief is incorrect. Job growth and living standards have continued to rise on an average scale.

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Usefulness of Technology

Smartphones and the internet haven't provided a sharp increase in productivity, as compared to the other revolutionary inventions like Television, Air-conditioning or Jet Planes.

Hours worked vs Income

The average working hours have declined only 6 percent, while income has increased at a decent rate per year.

The economy has actually grown even after automation, due to the addition of workers.

The Solow Paradox

The Solow Paradox suggests that automation and computerization aren't taking our jobs, but are adding to our overall workload, taking away our leisure time.

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RELATED IDEAS

  • The past decade gave rise to the 'Gig' economy, spawning one-click app-based transactions.
  • Artificial Intelligence and automation are further transforming how people live and work.
  • The old-school jobs are now at risk of being obsolete or irrelevant.

How to future-proof your career path in 2020 (and beyond)

fastcompany.com

What counts as a robot

When we're talking about robots taking people's jobs, we're speaking of automation.

Mechanical automation, like car assembly lines, has been around for a while.

Software automation, also known as process or work automation, involves using code to automate tasks that humans would otherwise have to do, like creating an invoice in an accounting program.

Robots Won't Take Your Job, But They've Probably Already Changed It

zapier.com

Charlie Munger
“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none. Zero.”

5-Hour Rule: If you're not spending 5 hours per week learning, you're being irresponsible

medium.com

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