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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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 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.
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.
Two of the biggest innovations of modern times are cars and airplanes. At first, every new invention looks like a toy. It takes decades for people to realise the potential of it.
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.