Sunday, October 9, 2016
Forget illegal aliens taking your job it will more than likely be a robot
In November 2015, the Chief Economist of the Bank of England gave a speech where he said that, within 20 years, 80 million jobs in the US and up to half the jobs in the UK would be lost to robots and algorithmic software (collectively referred to as ‘robots’).
A 2013 Oxford University study backs him up. It predicts that, of the 700 jobs types it evaluated, half of them would eventually be done by robots.
We see robots in factories on TV, working impossibly fast. But the future affects not only blue collar jobs, but numerous white collar ones, like lawyers and accountants.
As this robot revolution grows, the owners of the companies employing these robots will see their labour costs drop dramatically and their output increase substantially, leading to a massive rise in corporate profits and wealth. The rich will get much richer while the average standard of living falls for the rest.
We are seeing a rising nationalism as third world immigrants pour into the west. However the long term worry should be robots. Technology will not stop advancing and as more regulation is imposed on companies with regards to labor we will see more automation. A robot does not come in late, talk back to the boss, take maternity leave, have a bad attitude, require healthcare, or require constant supervision. Guess what will happen over time. Time to wake up people half of the jobs are going away.