Thursday, November 12, 2015

Armageddon is not by Aliens or Global Warming....But Robots!

     Technology is becoming one of the most influential components of the market sector. Computers continue to shrink and hold a great deal of information. Robots have been developed into businesses and have taken on small jobs of manufacturing goods to the American people. There is a growing uncertainty though as to when a computer or a human should do the job. In Max Nisen’s article, “Robot Economy Could Cause Up To 75 Percent Unemployment,” it addresses the issues of allowing robots to undertake the miniscule jobs people do not think about.
     Nisen writes that there is a chance of a 50 to 75 percent unemployment jump because of the risk that technology plays in. An example could be a job where a human would be behind a wheel could be at risk of getting taken over by an android. People would lose an approximate 4 million jobs. Once people develop even smarter computers, those mid-paying jobs that involve a routine: data entry, number crunching, operations, and so on, will be replaced as well by robots. This affects the approximately 7 million business and financial operations jobs that exist in the United States. I find this piece of information to be the most alarming since I am entering the business and finance field. The last thing I would think of is my position being replaced by a laptop.

      Software entrepreneur Martin Ford thinks there is to be up to a 75 percent unemployment spike since the vast majority of jobs done is routine work. There is also the suggestion of furthering the gap of income inequality. Andrew McAfee and Eric Brynjolffson argue that there are not enough of the former jobs, no matter how we're educating people. Our new industries simply aren't labor-intensive. Lower end jobs are low paying, and may also end up being replaced as robots get better at specialized tasks, So income inequality will rise as unemployment increases, further slowing growth.