The Rise of the Robots

Automation and technology, along with a do-it-yourself culture, contribute to greater productivity and fewer jobs, with some developments more disruptive for labor and select industries than others. Countries, particularly the most developed, must consider the prospect of running out of jobs, and not just for the low-skilled, writes political economist Robert Skidelsky for Project Syndicate. Technology has gradually decreased the need for high-skilled positions in manufacturing and the same is happening for education, health care, law, data analysis and research. Structural unemployment is on the rise, with countries accepting an 8 percent unemployment rate as normal rather than the 2 or 5 percent levels of just a few decades ago. Individuals should appreciate the extra leisure time rather than pursue high incomes, and governments should organize policies around part-time jobs and work-sharing agreements, Skidelsky argues. A revolution in social thinking could counter the technology revolution, he maintains, if gains from automation were distributed fairly in society rather than pocketed from a few. – YaleGlobal