Key Messages
The Inevitable Arrival Of Automation And The New Digital Economy
We’re living in the midst of an economic revolution, and it’s important to know what’s in store for us.
Automation has already impacted the workforce today, and more developments are expected in the future.
Companies are taking advantage of advancements in technology to save money by replacing people with robots that can do jobs four times as fast without making mistakes.
When McDonald’s announced their plan to replace cashiers with AI-powered menus, their stock skyrocketed.
However, machine automation also brings potential chaos and disarray if we don’t thoroughly prepare for the future of work.
Thankfully, author Darrell M.
West explains how we need to rethink our approach to job training and how we receive benefits such as health insurance and pensions, so that we can make the transition into a digital economy seamless.
You’ll learn many insightful details such as which 1888 book portrayed a future workforce quite accurately, which CEO sees artificial intelligence as one of the greatest dangers facing humanity, and why something called a citizen account might be a key factor in shaping our future workplace when you pick up The Future of Work Book Summary.
Don’t miss out!
Automation Is Replacing Human Jobs And Transforming The Economy
Automation is already having an impact on the American workforce as we transition to a digital economy.
As part of the shift from an industrial economy to a more automated one, many blue-collar jobs are being taken over by robots and artificial intelligence (AI) technologies.
For instance, restaurants across the country are using tablets instead of waitstaff, retail stores are offering self-checkout in place of cashiers, and Amazon has introduced an app that allows customers to pay for items with their Amazon accounts.
Even those making a living driving trucks – which offer a relatively high average yearly income of $43,590 – may soon be replaced by automated vehicles.
This transition makes sense business wise as well because automated solutions can often save companies money in various ways – from the cost of running them to cutting down on human error.
For example, at Dynamic manufacturer of metal parts went from 4 employees doing one job just fine to using 1 robot for the same job at a one-time cost of $35,000 – plus no need for health insurance or breaks!
Similarly Precision Tech saw mistakes reduced from 25% with 660 employees to 5% with just 60 robots and doubled their production rate at the same time.
All these cases clearly demonstrate that automation is already displacing workers in our digital economy.
The Disruptive And Ethical Implications Of Ai And Machine Learning
Artificial Intelligence (AI) is quickly becoming a major part of the digital economy, with AI-driven technology already being used to make decisions about finances, defense systems and safety.
However, this doesn’t come without its ethical concerns.
For one, AI can scan through massive amounts of data and identify patterns that may not be obvious to the human eye.
In some cases, these automated possibilities can have far reaching consequences.
In Chicago, AI is being used by law enforcement to determine which areas are more likely to have criminal activity.
Although this helps police target areas where crime is more likely to occur, there have been reports of innocent people in those areas facing unfair harassment from officers due to the lack of accurate input data for the algorithm to process.
This shows just how important it is for everyone involved in developing such technologies to take into consideration all possible implications of their choices when designing AI systems.
Another area where ethical concerns come into play surrounds issues like automation taking away jobs from workers and increasing inequality in society.
With many experts predicting that bank branches could soon let go of as many as half their staff due to AI investments becoming increasingly efficient and accurate in comparison with humans, it’s clear that economic effects need to be taken into account when implementing such technologies.
In conclusion, artificial intelligence is an important element of our modern digital economy – but its implementation comes with ethical challenges that must be thoughtfully addressed by those involved before they gain widespread use in all parts of society.
How The Internet Of Things Is Transforming Everyday Life In Unexpected Ways
The Internet of Things (IoT) is revolutionizing entire industries.
This includes healthcare, public works, and more!
Through the use of sensors, monitors, and connection to 5G networks, the IoT has enabled us to do things that were previously only imaginable in science fiction books.
For example, your smartwatch could be used to track vital health statistics that are monitored by a physician.
This means the doctor or medical professionals can provide faster treatment advice or even respond quicker to potential warning signs of cardiovascular disease.
Additional implementations of the IoT have already been put in place in cities like Taipei with Citizen Telecare Service System monitoring elderly citizens’ health through free wi-fi as well as water utilization sensors for reducing water waste in drier areas such as California by up to 20%.
These efforts are also benefiting infrastructure that’s being improved by systems like Shot Spotter which instantly notify the police after it registers the sound of a gun being fired.
In addition, Smart City initiatives lead to real-time monitoring of traffic lights, energy management and public safety while cutting down on noise and pollution due to fewer cars idling at intersections.
Overall, the Internet of Things will continue to change entire industries including healthcare and public works so they are able to better serve their communities both quickly and efficiently.
Retooling Our Definition Of Worthwhile Pursuits For The Automated Economy
In order to prepare for the new economy, it’s essential that we re-evaluate our current definitions of what tasks and jobs should be considered worthy of receiving a wage and benefits.
Currently, there are many activities that serve to benefit society but are seen as “volunteer” work and therefore, aren’t paid.
From parenting, to mentoring and other types of community service – this kind of work should also be recognized as an important part of society.
The United Kingdom has already taken steps in this direction by considering volunteer work as “looking for work” so it is eligible for social insurance if required.
This shows us the importance of viewing these valuable tasks not only from a social point of view but also from an economical one.
Perhaps instead of dismissing them all together we could implement a system that pays those who carry out meaningful, societal contributions?
Lawrence Katz believes that the new economy could very well include categories related to self expression; art being at its heart and forefront.
Art is something that not only brings us joy but ultimately serves as a great benefit to society overall, yet so often goes unpaid or unrecognized.
We believe it’s time for this to change in an effort to build a future economy that better reflects the importance of these activities and treats them with respect by rewarding their creators with wages and recognition they deserve.
Preparing For The Future Economy: Exploring Ways To Protect Workers And Prepare For A Changing Workforce
As our workforce continues to change, it is important that we develop methods of support to ensure everyone is able to profit from the new job opportunities available.
To do this, we must look to portable benefits and lifelong education as solutions.
Portable benefits, such as health and life insurance, retirement funding, unemployment compensation and even credit toward further education are necessary to prevent an increase in people without access to healthcare coverage.
To make these possible, economists suggest flexible citizen accounts that would provide a safety net for those who work freelance or on contract jobs.
To really prepare for the changing economy, society also needs to consider lifetime learning.
Remote learning gives everyone access to take classes anytime and anywhere to gain skills needed for certain jobs.
Therefore, job training should not be seen as something you do only once in your life but rather something that is imperative throughout each person’s career.
We must recognize education as a continual process so employers can stay up-to-date with market demands and employees can remain competitive in the changing job climate.
Unless Politicians Address Automation And Job Displacement, Inequality And Insecurity Will Continue To Worsen For The American Workforce
The current political climate in Washington isn’t conducive to creating the kind of changes that many economists predict we need in order prepare for job displacement due to automation.
Despite former President Obama’s warnings to take note and act swiftly on adapting to the changes required by a 40-hour work week and minimum wage standards, there has been little action from Capitol Hill, largely due to its highly partisan nature.
President Trump’s rhetoric around job displacement appears to blame bad trade agreements and lost manufacturing jobs for recent negative impacts on the workforce; however, this does not cover all possible facets of potential job losses and fails to fully address how technological advancements are affecting nearly every sector of work.
If nothing is done about this transitional period, it is likely that the rising tensions in workers and increasing insecurity will only get worse.
Researchers have pinpointed signals measurable through suicide and overdose rates among marginalized groups like those with only high school education or less who tend bear most of the brunt when it comes to being displaced from a job they’ve had for years.
The same Princeton University study suggests that without decisive steps taken at governmental level, it will only get worse as time goes on.
It seems clear that President Trump needs recognize the reality of these new digital economies if he wants help ease in transition for American workers, otherwise more people may feel their jobs (and even identities) are at risk of disappearing completely.
Strengthening Democracy Is Key To Preparing The Us For Automation-Induced Inequality And Unrest
As advancements in automation are transforming the way the economy works, it is becoming increasingly important that we take action to protect those most likely to be affected by these changes.
We need to enact both social and political reforms in order to ensure that our population is able to adapt to this changing economy.
To begin with, social reforms should include initiatives such as citizen accounts that separate health insurance and retirement pensions from being linked to one job, and permanent job training programs for those who need additional help.
This will provide much needed protection and support for workers who are currently struggling in an unstable labor market.
On the other hand, political reforms must work towards reducing inequality and strengthening democracy.
This can be achieved through meaningful campaign finance reform which makes it easier for citizens to trust their elected officials and the electoral process, as well as abolishing the electoral college so that all votes count equally regardless of where they come from.
By focusing on these initiatives, we will be better prepared to face a future with an ever-changing economic landscape.
Wrap Up
The final takeaway of The Future of Work is that the digital economy, based on robots and AI, is changing the way we do our jobs and it’s imperative that we anticipate this development and be proactive.
We need to think about how the jobs of the future are going to look by redefining those which deserve wages and benefits.
This will allow us to become more competitive in our marketplace and better prepare for what lies ahead.
