“Acemoglu and Restrepo pin the blame on automation:
Over the last three decades, robots have destroyed more jobs than they have created, they say in one paper.
A primary reason is that the automation technology has not been good enough to create sufficient new work. That has led to stagnating productivity growth, a declining share of the economic pie for labor, and more inequality, according to a second paper.
An aging population is a leading indicator of more automation to come. The shift to robots will pick up in industries relying more on middle-aged workers, they say in the third paper.
In an interview, Acemoglu said that while prior technological cycles have killed many jobs, businesses and government have taken other actions that have counter-balanced the loss. Primarily, towering new technologies have spawned a lot of new industries and jobs. …”
In the early 20th century, for instance, the spread of the assembly line created new jobs for line workers, engineers, machinists, financiers, and so on. These new tasks account for much of the rise in productivity at the time.
But automation in our age has been largely about killing jobs, and not about creating new tasks that would require lots of human labor.
Acemoglu and Restrepo call it “so-so automation.”
I really wish there was someone running for president in 2020 who would start talking about this massive, looming problem and the social and economic impact it is certainly going to have on Millennials in particular as well as the White working class and the White middle class.
Note: Blompf is trying to convince his supporters he is going to bring back the 1950s. LMAO!