Why economists and futurists disagree about the future of the labor market.
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Sources:
https://economics.mit.edu/files/11563
https://www.aeaweb.org/full_issue.php?doi=10.1257/jep.29.3#page=33
http://voxeu.org/article/how-computer-automation-affects-occupations
https://www.opensocietyfoundations.org/sites/default/files/future-work-lit-review-20150428.pdf
https://obamawhitehouse.archives.gov/sites/whitehouse.gov/files/documents/Artificial-Intelligence-Automation-Economy.PDF
https://www.vox.com/2015/7/27/9038829/automation-myth
https://www.amazon.com/dp/B00PWX7RPG/ref=dp-kindle-redirect
https://www.amazon.com/Second-Machine-Age-Prosperity-Technologies-ebook/dp/B00D97HPQI/ref=sr_1_1
https://www.amazon.com/New-Division-Labor-Computers-Creating/dp/0691124027/ref=sr_1_1?
https://www.oxfordmartin.ox.ac.uk/downloads/academic/The_Future_of_Employment.pdf
Clips:
https://www.youtube.com/watch?v=VTlV0Y5yAww
https://www.youtube.com/watch?v=_luhn7TLfWU
https://www.youtube.com/watch?v=rVlhMGQgDkY
https://www.youtube.com/watch?v=rCoFKUJ_8Yo
https://www.youtube.com/watch?v=yeyn9zzrC84
https://www.youtube.com/watch?v=7Pq-S557XQU
https://www.youtube.com/watch?v=WSKi8HfcxEk
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Recent advancements in artificial intelligence and robotics have commentators worrying about the coming obsolescence of the human worker. Some in Silicon Valley are even calling for a basic minimum income provided by the government for everyone, under the assumption that work will become scarce. But many economists are skeptical of these claims, because the notion that the the economy offers a fixed amount of work has been debunked time and time again over the centuries and current economic data show no signs of a productivity boom. Fortunately, we don’t need to divine the future of the labor market in order to prepare for it.
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Love the thoughtful perspectives presented by VOX
Detroit become poor, oh wait
Wow, this woman is so beautiful.
Lost gas pumpers LOL
A.I. is the x factor that makes this time different from the rest. When computers can begin to make calcuated and reasoned decisions that are comparable to that of humans that is when the real disruption begins. General and consequently, Superintelligent A.I is inevitable and that is when the paradigm shift will take place. The first industry to go is transportation, I believe that is where it will be the most apparent.
They can take the jobs, and then the government can give a UBI, universal basic income…
I can just hear socialists cheering
Andrew yang is trying to adopt policies for this changing world in the face of technology.
He’s running as a presidential candidate in 2020.
Boeing’s Max 8’s are highly automated….. ahem.
It’s not just a matter of vanishing jobs. It’s a matter of diminishing wages as human labor gets cheaper.
People still need to maintain these technologies, society will shift to a technocratic model, only the people incapable of adapting due to cognitive restraints will suffer from this.
5:13 thats I-280N in San Mateo, CA. Beautiful scenic highway.
It’s disturbing when economists judge so superficially about high technologies. Don’t they understand that “driving in traffic” could become an utterly useless skill in the world of more optimized and efficient transport? There are examples even now. I want to focus on two points that economists miss that I find relevant.
1. Pace. New technology could spread all over the world in a year. If it beneficially replaces some people’s jobs, those people need to get a new profession to keep earning their living. It could take several years. Also, it could diminish purchasing ability firsthand instead of increasing it. In a situation when people face difficulties with finding a job, they buy fewer things that aren’t essential.
2. Limits. Human’s mental and physical abilities are limited, for now. Yuval Harari has a point, people can actually become unemployable. A limited list of jobs performed only by humans will become shorter, while new technologies to replace human labor develop. At the same time, the effect of “new jobs” from expansion and savings also has limits. The industry wouldn’t expand if there is no such demand, not enough purchasing power to satisfy the manufacturer.
Let’s be honest, nobody is going to slow down economic growth and technological progress to avoid making difficulties for average people. It doesn’t even sound reasonable. Though in a world where some are starving and others struggle with obesity, millions of people don’t even get a basic education, this thought is justified to be frightening.
She sounds just like this chick in my science class. The money will need to support a standard minimum national income for everyone. In other words we’re going to become a socialist society by our own design. The question is how willing the wealthy will be to give it up.
Yeah they may take our jobs, but if money makes a person work, then why would a robot need money?
This is pro-capitalist nonsense – we are at the limits of earth carrying capacity – growth cannot be the sole response to the future. The seas are rising guys!
Robots and artificial intelligence is gonna take over. Have you seen all the commercials incorporated with robots lately?
If automation is known to help humanity progress forward why are people targeting it? Has no one asked why the government or companies aren’t providing the necessary programs to help with transitioning? If you know that a system is ineffective in helping prepare for the future, why aren’t you targeting to change that???
Will robots replace all of the clowns at Vox?
This doesn’t address the educational/training level the average worker will need to function in these ‘new’ jobs. How much will society have to change or sacrifice in an attempt to keep up with automation?
You can’t compare the 1920s to the 2020s. Technology growth is exponential, not linear.
When will people realize that this is not anything new! Haven’t people played against an AI in hard difficulty mode in a competitive video game, like a fighting game or a racing game?! It’s impossible to beat AI. AI is superior to humans in terms of cognition.
Good work done with this video, those who see automation causing the lost of jobs fail to study economic history
Well thought out presentation with opposing views and intelligent commentary backed with statistics and research. Everything I hoped an educational video would be that has the hope of sparking peoples right to make their own decision on the topic.
The video made my google home answer a question lol
@5:41 my google home narrated the answer too
Imagine taxis in 20 years they will be super cheap!! Because you wont have to pay a salary to the taximan
When she said ok Google it paused my video and assistant popped up lol
Why is Joss so perfect. Her face just works.
Basically, if you’re smart and easily adapt you’ll come out better in the long run. If you don’t educate yourself and adapt, you’ll be left behind without a job.