Two prominent U.S. economists wrote that driverless cars couldn’t execute a left turn against oncoming traffic because too many factors were involved.That was 13 years ago. Google proved it wrong and has shown that they could make fully automated cars, threatening the jobs of millions of truck and taxi drivers.
Throughout the developed world, livelihood through employment is a basic right. But what if, in the not-too-distant future, there won’t be enough jobs for humans? That’s what some economists think would happen as robots and artificial intelligence increasingly become adept in performing human tasks. Technology is replacing human brains as well as their "muscles".
Throughout the developed world, livelihood through employment is a basic right. But what if, in the not-too-distant future, there won’t be enough jobs for humans? That’s what some economists think would happen as robots and artificial intelligence increasingly become adept in performing human tasks. Technology is replacing human brains as well as their "muscles".
Overall, services accounted for three-fourths of the job losses among more than 350 sectors of the private economy in the last year. That’s a big shift from previous decades, when goods-producing categories tended to suffer the most losses.
In the U.S., department stores hire 25 times more workers than coal mining companies. As customers increasingly purchased goods through online shopping, the average employment in the first quarter of 2017 plunges to 26,800 from the same period of last year, as compared to just 2,800 job losses in coal.
Most of human skilled workers especially in manufacturing sector will be most likely to be replaced by robots. This means those who previously working with these factories will be retrenched.
Researchers at the University of Oxford estimate that nearly half of all U.S. jobs may be at risk in the coming decades, with lower-paid occupations among the most vulnerable.
Not only in the U.S. but also in different parts of the world. A prediction from the Boston Consulting Group says that investment in industrial robots will grow 105 each year in the world's 25-biggest export nations through 2025, up from 2 percent to 3 percent a year now. This is due to production effectiveness of robots at a lower costs.
The cost of owning and operating a robotic spot welder has tumbled from $182,000 in 2005 to $133,000 last year, and will possibly drop to $103,000 by 2025, Boston Consulting says. The cost of owning robot workers are now significantly lower.
Robots has also improved overtime in terms of efficiency. Old robots can only operate in a predictable workplaces but the newer varieties could work even with any unpredictable condition with the use of improved sensors.
Source: Bloomberg
Researchers at the University of Oxford estimate that nearly half of all U.S. jobs may be at risk in the coming decades, with lower-paid occupations among the most vulnerable.
Not only in the U.S. but also in different parts of the world. A prediction from the Boston Consulting Group says that investment in industrial robots will grow 105 each year in the world's 25-biggest export nations through 2025, up from 2 percent to 3 percent a year now. This is due to production effectiveness of robots at a lower costs.
The cost of owning and operating a robotic spot welder has tumbled from $182,000 in 2005 to $133,000 last year, and will possibly drop to $103,000 by 2025, Boston Consulting says. The cost of owning robot workers are now significantly lower.
Robots has also improved overtime in terms of efficiency. Old robots can only operate in a predictable workplaces but the newer varieties could work even with any unpredictable condition with the use of improved sensors.
Source: Bloomberg
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