The automation myth: Robots aren't taking your jobs- and that's the problem
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.
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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.
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.
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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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.
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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Many of these offices and stores are not going to open after that.
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