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The automation myth: Robots aren't taking your jobs- and that's the problem
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.
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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.
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.
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.
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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 autom...
How automation will affect jobs
Low-skill jobs, where 70% of the responsibilities are predictable physical and cognitive tasks, are straightforward to automate, especially as automation technology becomes cheaper than paying a human to do the same job.
- Outside an office environment: The jobs that will be affected are things like retail employees and warehouse workers.
- Inside an office: Jobs vulnerable to automation are data entry, filing, and document review.
Work that is difficult to automate
Complex tasks that require creativity and other forms of higher-order thinking are very difficult to automate. The reason is that you need cognitive technology like AI (artificial intelligence) and automation together. At this point, AI is still limited.
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An Uncertain Future
- 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.
Future Proof Your Career
Future-proofing your career to stay relevant isn't about learning how to code or going back to college.
It is about having a career plan with a long-term vision, taking into account the current job-market conditions, economic factors, emerging opportunities, personal interests, and family realities.
Shrinking Life Cycle of Jobs
A life cycle of a job is shrinking rapidly, and if you're not re-inventing yourself or pivoting on time, you are rendered out of work sooner than in the past decades.
We need to check our career plan and ask ourselves what skills need to be developed to pursue future opportunities, in this shifting economy.
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Economic Free Fall
The current pandemic has led to an economic free fall which is unparalleled in history. In the US alone, the unemployment rate plummeted at such a speed that more than 10 million have claimed unemp...
The Lockdown: U.S.
The Pandemic Lockdown in the U.S. directly affects the livelihood of a shocking 80% of American workers who work in retail, real estate, education, entertainment and restaurants.
Many of these offices and stores are not going to open after that.
The Lockdown: Europe And Asia
- In Europe, The north of Italy, which is the main tourist hub, is seeing a collapse in economic activity, along with Germany, which is falling at a steeper rate than the United States. Even countries like Japan, which are not hit that hard, are about to witness an apocalyptic fall.
- In India, with the abrupt 21 days shutdown, which was recently extended by another 19 days, only a small percentage of the 1.3 billion population is covered by any social security, and millions of daily wage or migrant workers, have no hope, future or place to stay.
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