In the 1930s, visionary thinkers coined the phrase “technological unemployment” to indicate the potential effect on jobs that ever-more capable technology could displace. This has never been truer than it is today. Not only do robots replace unskilled workers, like those on assembly lines, but also skilled employees such as welders, machinists, and even doctors.
According to The Economist, it’s estimated that within the next two decades, 47% of the American workforce could be threatened by robots and automation technologies. Quite surprisingly, the World Bank study puts this number at 57% within the next 20 years. And, for each robot in a commuting zone, 6.2 workers will lose their jobs and wages by 0.7%, according to studies by Acemoglu and Restrepo issued in March 2017. No matter where the actual number will lie, the fact is certain that robots and automation will dramatically affect the workforce and the ability of humans to compete for jobs at reasonable wages.
Of course, many could say that the menial jobs have always been disappearing as technology improved. This is true, as the needs for certain products become obsolete, such as a buggy whip or carburetor, for example. This is also true as the technology used to accomplish the task improves. For example, mining was much more labor-intensive in the past before drills and power tools, which allowed the same job to be done with fewer workers. Read more...
Reference: Electronic Products