In 1980, unemployment was at 6%, and pundits were warning us that robots were about to take millions of jobs.
Since then, robots have nearly fully automated the manufacturing sector, which has shrunk by ~10M human jobs. Unemployment is now at 5%.
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Today, pundits are warning us that AI is about to destroy millions of jobs. I fully expect that in 2050 unemployment will be 5-8%
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and that we will *still* be hearing the same warnings in 2050. Beware! Productivity increases are about to ruin the economy!
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@Asher_Wolf keep in mind the constant redefinitions of 'unemployment' during the 1980s -
Hmm: http://www.abs.gov.au/AUSSTATS/abs@.nsf/0/FBE517ECA9B07F63CA257D0E001AC7D4?OpenDocument … “the key indicators have been measured in a consistent way since 1966”
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@Asher_Wolf And in the same period, increasing inequality has redistributed wealth to the owners of robots. Yay for automation. -
hello industrial revolution
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@piecritic So automate another 50M jobs or so and we should be about rightThanks. Twitter will use this to make your timeline better. UndoUndo
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@Asher_Wolf But what about income distribution since 1980.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@Asher_Wolf this true on global scale or did much manufacturing move 1st to 3rd world countries? Garments still v labor intensiveThanks. Twitter will use this to make your timeline better. UndoUndo
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