ROBOT ECONOMY

Artificial Intelligence (AI) and Robots will lead to “Robot Economy” and change the we way we perceive the world today and have profound impact by improving the standards of living, increase in literacy rates, lengthening of average life span among others. On the other hand as the AI capabilities accelerate a lot of tasks that required human labor will be automated with the potential to disrupt the current livelihood of millions of workers. As we have seen historically with automation for e.g. automated gas pumps, some jobs got destroyed but new and better jobs were created.

Robot Economy

FABRIZIO BENSCH/REUTERS

Driverless vehicle is a technology that has been taunting and tantalizing us for a while now. We are now told that the driverless tractor and farm equipment is ready. The machines don’t take breaks and can work all night. Isn’t that wonderful! Or is it? The term ‘dual-use technology’ is used to refer to technologies that can serve peaceful and military purposes. We need to extend that term to also cover technologies that on the one hand can enhance a human’s safety and convenience and, on the other, replace the human.

Automation has weakened the ability of workers to secure jobs. At the same time, its boosting productivity growth as a structural challenge facing America. The other silent revolution taking place across the manufacturing and distribution sectors is in the use of robots. Automotive companies introduced robots decades ago in their assembly lines. Now, warehouses are using robots. Slowly, companies are beginning to use robots as night watchmen (they don’t take breaks, sleep on the job or want benefits).

AI is coming and in a big way. Read this fascinating article by Kevin Maney on how robots will transform the economy!

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