ECON 255 Lecture Notes - Andrew Mcafee, Technological Unemployment
Document Summary
More interaction with technology and less with human. Robot: technology that can perform the job of a human. Fritz lang: robot portrayed as doing the household chores. Andrew mcafee and partner: the presence of robot is causing people to increasingly becoming jobless as technology and information are becoming a factor of production. Routine, middle-skilled jobs are increasingly being replaced by machines. Two types: 1) software robots, 2) physical robots. Example: highly automated warehouse that has little or no human in charge: orange-moving robot. Example: in hospital, robot and humans working together. Job destruction: jobs created and jobs destroyed occur at different rate. Prevailing trend: jobs destroyed > jobs created the problem of unemployment because: It occurs too quickly that it"s hard workers to retrain. It"s too fast that entrepreneurs are having a hard time determining where the next opportunity will be. The progress of technology is creating: 1) new jobs, 2) new industries, 3) new companies.
