If finding a job wasn't hard enough already, innovations in automation may quickly cause human employees to be replaced with robots, says Fast Company Co.Exist staffer Ben Schiller. Forrester Research predicts that 9.1 million jobs will be lost in 10 years, and McKinsey says 45% of paid activities could be automated using "currently demonstrated technologies."
While computers often make our lives easier and tend to cost less that humans, what will happen when there are more robots doing work than humans?
Andrew Haldene, chief economist of the Bank of England, suggests we "relax, retrain, and redistribute." By relaxing, he means getting used to having less work to do. By retraining, he means changing what we teach in schools to reflect what robots can and can't do. Robots are great at reading, writing, and math, so we should develop kids' non-cognitive skills: for example, their ability to make friends and to empathize. And by redistributing, he means finding ways to "reallocate income from rich to poor, from owners to workers." That could include ideas like a universal basic income where every citizen is guaranteed a minimum living level (though Haldene doesn't endorse it explicitly). If the job market can no longer provide for people, society and government may need to step in and help in other ways.