David Autor on the past and future of workplace automation

David Autor from the Massachusetts Institute of Technology (MIT) closed the 2016 Forum for Economic Dialogue by addressing the contradiction that there are now more bank tellers in the US than ever before, despite the invention of the automatic cash dispenser (ATM) 40 years ago. Labor participation in the US and the developed world has risen steadily over the last 125 years. The US has added 14 million new jobs since 2010 alone. His explanation is that new technology always expands the possibilities and creates new ideas for products and services and these require people to develop, refine and sell them, which drives further consumption. Modern bank tellers don’t just dispense cash or hand out forms, but also provide advice and assistance to customers bewildered by the growing numbers of products and services available.

However, automation and technology is polarizing the workforce with growing numbers of poorly paid, low-skilled jobs on one side, and highly paid, highskilled work on the other, while middle income, medium-skilled work disappears. This creates major challenges not least in perpetuating inequality and poverty and restricting equality of opportunity. These are not problems that can be solved by the market, says Autor, but by governments and social institutions.

https://www.ubscenter.uzh.ch/en/news_events/insights/2016-12-the_rise_of_the_machines.html

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Видео David Autor on the past and future of workplace automation канала UBS Center