Robot Economics: Good or Bad?
The movies, I Robot, Transformers and
even Star Wars have given us real
life look-ins into what the world would be like should robots possess an
independent role in society and take jobs in the world economy. Now, in 2014,
robots have obtained a growing role in the United States economy. Some economists
in the U.S. are worried about the potential for a robot economics “takeover”.
At the same time, analysts and critics are laughing at the notion of a robotic coup
in the labor market. So how should we actually feel about this? I would say,
somewhere in between.
In recent years, robots have increasingly
replaced unskilled jobs in factories and low-end manufacturing. As a result,
many factories have been able to increase their production numbers, and therefore
profit at levels that had never been possible before robotic use. At the same
time, robotic usage takes away jobs in these sectors, and is even starting to
sneak into the middle-class job sector.
A recent study estimated that there
are 10 million robots used worldwide. Their use makes sense for large factory
owners in manufacturing industries. Robots do not have sick days. They do not
require or need employment benefits. And they are consistent in production. To
further the argument for their use, many economists point to the Internet and
digital technology revolution as a similar way in which human jobs were phased
out, and then reinvented in some way using the innovations. Essentially, today,
email and smartphone apps have expedited tasks that used to require human
management. At the same time, the baby boom generation is reaching retirement
age. Robots, although not in all cases, may have the ability to replace many
diminishing jobs.
The overall argument made is that
the increase in efficiency from robots will lead to an increase in income and
wages for employees. The increased income will lead to increased spending which
will in turn boost the economy. At the same time, not everyone will be able to
profit from robotic manufacturing. Regardless, the question as to how robots
should be used in manufacturing has yet to be determined. It is likely a
question that will never have an exact answer, but instead will work itself out
through the coming years.
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