Robotics And Jobs: Where Do We Stand?
With the AI-powered workplace of tomorrow arriving sooner than expected, what does this mean for us?
The debate about robotics on the future economy and job market is one divided squarely between transformationalists and sceptics, but that debate has in fact been increasingly undermined by the dynamics of AI and its relentless acceleration. Recent evidence indicates that robotics and AI are heavily impacting the economy, destroying low-wage jobs and increasingly eating away at higher-skill occupations as people are increasingly replaced by intelligent algorithms. There is evidence that the workplace of tomorrow, powered by AI and accelerating digital technology, is about to arrive much sooner than anticipated by many analysts.
A 2017 report from the World Economic Forum estimates the net loss of over 5 million jobs across 15 developed countries by 2020. Another report, published by the International Labor Organization, predicts that over 137 million workers in the Philippines, Thailand, Vietnam, Indonesia and Cambodia are likely to be replaced by robots in the near future. Moreover, as this tipping point in robotic job deployment is reached, advancing technology is driving many developed economies towards higher inequality. The global digital economy is generating more monopolies and resulting in greater income gaps between rich and poor, with many workers ending up unemployed and many highly skilled professionals increasing their wealth. READ MORE ON: THE ADELAIDE REVIEW