“These changes will likely mean a decline in job security and standards of living for many.”

We are not prepared for the upcoming wave of automation

#Future

Thu, Jul 5th, 2018 11:00 by capnasty NEWS

With AI set to do pretty much every job out there and increase wealth inequality as a result, it should come as no surprise that economists are warning us that we are not ready for the automation fallout and should be talking about what happens after they take over.

As earlier studies have also suggested, Schlogl and Sumner think the effects of automation on these and other nations is not likely to be mass unemployment, but the stagnation of wages and polarization of the labor market. In other words, there will still be work for most people, but it’ll be increasingly low-paid and unstable; without benefits such as paid vacation, health insurance, or pensions. On the other end of the employment spectrum, meanwhile, there will continue to be a small number of rich and super-rich individuals who reap the benefits of increased productivity created by technology.

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