Rise of the Robots summary

The discovery of electricity, the invention of the automobile – these kinds of breakthroughs radically change society forever. Information technology is another such development, though the changes it brings are even bigger.

Computers and computer programs can perform a wide variety of tasks, develop quickly and are easy to replicate. But each step in advancement, like creating a program that calculates the economic risks of a given decision, leaves workers without jobs.

What will the future look like when robots are doing the jobs people normally do? Will there be any jobs left?

People have worried about the effects of automation for a long time. Even though many of these worries eventually prove to be unfounded, that doesn’t mean there’s nothing to worry about in the future.

We’ve known for a while that increased automation cuts back on the need for low-skilled jobs. But today, even high-skilled jobs that require higher education are in danger.

Though high-skilled work may be more complex than work on an assembly line, it’s still largely comprised of routines. For example, a copywriter learns to write by reading good copywriting and assimilating that into her work. A computer can do the same thing. If you give it enough to learn, it can figure out how to do it just as well, or better, than the copywriter.

While computers seem ubiquitous in our modern world, there are still two job sectors that remain relatively unaffected by the advancement of information technology.

The most important of these is health care. Costs associated with health care have steadily increased over the years, partly because hospitals and medical providers are hesitant to embrace automation.

By now, you’ve learned how automation will result in a loss of jobs for many people. But what kind of effect will widespread automation have on the economy in general?

For starters, there will be fewer workers. That means fewer consumers and lower demand for goods and services.

Money for nothing in exchange. You don’t have to work or trade. Sounds too good to be true, doesn’t it? It isn’t. In fact, it could be the solution to the problems automation may cause.

In previous blinks, you saw how automation negatively affects demand. The masses need money to spend to increase demand. Basic income, that is, an income you receive independent of work, could make that happen.