The Robot Economy: Ready or Not, Here It Comes

By JP Sottile – This is the “next economy,” and, ready or not, it is coming at the double-time speed of Moore’s Law. This rapid acceleration of the Fourth Industrial Revolution is transforming “The Future of Employment’s” apocalyptic premonition — that 47 percent of all jobs in the United States may be lost to automation over the next two decades — into a solemn epitaph for the rapidly fading era of manufacturing-based, consumption-driven economics.

Even low-paying farming jobs could be completely upended by robotic fruit pickers with the deft touch needed to harvest food in American and European fields. Robots are already replacing cheap migrant workers shut out by anti-immigrant policies. And new robot-staffed factories are producing modular houses, while robotic bricklayers promise to do to the construction trades what automation did to coal mining.

An often overlooked element, though, is the way automation helped maintain continued growth in productivity, even as wages lagged. As the Guardian recently noted, “As of 2015, a typical production worker in the US earned about 9% less than a comparable worker in 1973. Over the same 42 years, the American economy grew by more than 200%, or a staggering $11tn.” This divergence between wages and productivity drove wealth inequality. more> https://goo.gl/a7rHdR

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