But history and economic theory suggest that fears about technological unemployment, a term coined by John Maynard Keynes nearly a century ago, are misplaced. Almost every aspect of our economies will be radically altered.
Could fiction soon become reality? Leonhard is referring to the threat of automation, of robots coming over here and taking our jobs.
Only a few weeks ago the UK unemployment rate fell to 5. Let the good times roll, some may say, latching onto a new optimism that even pollsters Gallop identified recently. We are not talking about the artificial intelligence robots of Hollywood dreamers or the apocalyptic views of Stephen Hawking and Nick Bostrom here either.
This is not Ex Machina. In the real world this is much more mundane and more immediate. In Oxford University academics Carl Benedikt Frey and Michael Osborne released a paper, The Future of Employment pdfcontaining a list of occupations with an automation probability score.
But many feel the predicted rise of the robot is still just a theory. If you want a formula for a great business you have to fill it with great people and no amount of robots can replace that. There are a number of potential inhibitors including the capital cost of automation as well as certain jobs requiring human interaction.
What do Frey and Osborne think? Employees must evolve to compete in a knowledge-based economy. Growth in field services, asset management, robotic maintenance, remote diagnostics and analytics expertise will off-set job losses due to the proliferation of IoT. Both Frey and Leonhard agree with the idea that new jobs will be created, many of which we have no idea yet what they will be.
While Leonhard suggests that there are two main areas — technology and humanity — in which jobs will evolve, Frey also points to the notion that work is becoming increasingly project-based. So not only will we have to deal with changing job functions, we will also have to cope with the increasing idea of self-employment.
So what are we doing about it? Is the education system reflecting the new and expected demand? Are we doing enough?
Director of strategy for the Tech PartnershipMargaret Sambell suggests not. She says the UK is suffering from a lack of digital skills and has been for some time. Frey suggests an increase in online learning will play a pivotal role here in improving skills across age ranges, to help fill those vital roles.
What will happen to public services?
Who is going to clean the roads and collect the rubbish? Who is going to administer all those welfare payments?
And do the kids care? Or are they heading into a Britannia Unchained world of idleness? According to a recent YouGov poll more year olds want to work in technology and science than in films, sports or politics.
While this is true, change is not always without its winners and losers and for the next generation at least, the nerds look hot favourites to inherit the earth.Automation can lead to superficial and temporary unemployment in some places, but will open up opportunities in other.
For some people it might seem like a bad thing then and there, but believe me, increased automation is a very good thing for humanity.
Will automation and the internet of things lead to mass unemployment? New technologies provide unparalleled opportunities for businesses but they also pose a threat to their employees. Automation is the technology by which a process or procedure is performed without human assistance. Automation or automatic control is the use of various control systems for operating equipment such as machinery, processes in factories, boilers and heat treating ovens, switching on telephone networks, steering and stabilization of ships, .
automation and unemployment.
SCHMIDT, EMERSON P.; STEWART, CHARLES T. HIGH UNEMPLOYMENT RESULTS IN ECONOMIC LOSSES TO THE ECONOMY AND IMPOSES SUFFERING ON MILLIONS OF INDIVIDUALS AND FAMILIES. Automation and Employment in the Baseline Scenario. While automation may lead to widespread unemployment, the odds are greater that it will redistribute labor rather than replace it.
This will likely accelerate the long-term shift of employment from production to services, especially in health care and social assistance and other fields. Almost every aspect of our economies will be transformed by automation in the coming years.
But history and economic theory suggest that fears about technological unemployment, a term coined by John Maynard Keynes nearly a .