In 1980, unemployment was at 6%, and pundits were warning us that robots were about to take millions of jobs.
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Since then, robots have nearly fully automated the manufacturing sector, which has shrunk by ~10M human jobs. Unemployment is now at 5%.
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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Worth noting that we have now a larger middle class, lower prices on almost everything, higher life expectancy & more. Long live automation!
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