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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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.
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.
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 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 unemployment insurance in a matter of three weeks.
With over 30 percent of the U.S. population expected to be unemployed by this summer, and the GDP shrinking at a faster rate that the Great Depression of the 1930s, the current situation is uncharted territory, even for the experts.
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.
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