Emerging innovations like industrial robots, Artificial Intelligence, and machine learning are progressing at a fast pace, however there has been little attention regarding their effect on work and public policy.
Darrell West tends to this topic in paper titled What Happens If Robots Take the Jobs? The Impact of Emerging Technologies on Employment and Public Policy.
It inspects what happens if robotic automation winds up supplanting employments from people and how this will influence public policy.
While developing technologies can enhance the speed, quality, and cost of accessible goods and services, they may likewise dislodge substantial quantities of workers.
This possibility challenges the customary advantages model of tying healthcare and retirement savings to occupations.
In an economy that utilizes significantly less laborers, we have to consider how to convey benefits to dislodged experts.
The effects of robotic automation innovations are as of now being felt all through the economy.
The overall number of industrial robots has increased quickly over the last couple of years.
The falling costs of industrial robots, which can work throughout the day without interference, influence them to be cost-competitive with human workers.
In the services sector, computer algorithms can execute stock exchanges in just seconds, substantially quicker than any human.
As these technologies become noticeably less expensive, more proficient, and more broad, they will discover considerably more applications in an economy.
The current pattern towards increased robotic automation stems to a limited extent from the Great Recession, which constrained numerous organizations to work with less workers.
After development resumed, numerous organizations kept computerizing their operations as opposed to employing more workers.
This echoes a pattern among technology organizations that get huge valuations with moderately few laborers.
For instance, in 2014 Google was valued at $370 billion with just 55,000 representatives, one tenth of AT&T’s workforce in the 1960s.
“There should be ways for individuals to live satisfying lives regardless of the possibility that society needs just few workers.”
Experts differ on the size of the effect that robotic automation advancements will have on the workforce.
While some caution of massive joblessness, others call attention to that technology may make new occupation classifications that will employ displaced workers.
A third group contends that the computers will have little impact on work later on. Any policy measures that address the eventual fate of work must account for the vulnerability of results on employment.
If automation tech like robotic automation and artificial intelligence make occupations less secure later on, there should be an approach to convey benefits outside of work.
“Flexicurity,” or flexible security, is one idea for providing healthcare, training, and housing help regardless of whether somebody is formally employed or not.
Extending the Earned Income Tax Credit, providing a guaranteed basic income, and empowering corporate profit-sharing are a few ideas that should be considered on account of persistent unemployment.
Maybe the most provocative inquiry raised by the paper is the means by which individuals will spend their time outside of conventional employments.
“Activity accounts” could fund lifelong education or volunteering for worthy causes. Working less hours will empower some to invest more time with loved ones, or on creative interests.
Regardless of how individuals spend time, “there needs to be ways for people to live fulfilling lives even if society needs relatively few workers.”