In this post, I discuss the future of work with automation and how we'll be working in the coming years. How Will Automation Transform the Way We Work?
First, what will automation mean for our jobs? To start, we'll see a massive increase in productivity in both the US and developing countries. For example, China's workforce increased by over 20 million between 2001 and 2016, while productivity in the country only grew by 7%. We'll also see massive job growth as more technology becomes available, which is why automation is currently only available to certain types of professions.
"We Are Losing Jobs to Robots," Says Noam Chomsky
In a new paper, Noam Chomsky says that we are losing jobs to automation. He predicts that by 2030, we will have replaced most of the workers currently employed in repetitive tasks. The paper also goes into how this will affect the global economy and how the world should deal with it.
Chomsky believes the solution lies in creating a Universal Basic Income so that everyone can spend less time at work. I believe that a UBI will ultimately lead to more inequality than ever before. But it's the only way that we can avoid the worst case scenarios.
How Can We Survive Automation?
What does this mean for us? In terms of the future of work, a lot of it depends on how fast the robots can progress. In a recent study, McKinsey found that over the next ten years, machines will be capable of performing 80% of the activities performed today by humans in manufacturing, transportation, logistics, and office work. It's important to note that this study focused primarily on factory and warehouse work, where automation has been successful.
However, machines are now making inroads into a number of other industries. The most notable ones include healthcare and insurance, which is one of the reasons that I wrote this article.
As automation progresses, it will continue to be harder and harder for humans to compete with robots. I believe this is why we'll start seeing the rise of gig labor. In fact, the percentage of full-time employment in the US fell by 5% since 1980, and it's expected to fall even further. Instead, we'll see more part-time, freelance, or "gig" jobs.
A number of experts say that we should expect this transition to begin within the next decade. So what will this look like? I believe we'll see more workers in management roles and fewer blue-collar jobs.
"Technology-Driven Change Will Continue," Says Mark Carney
Mark Carney, the former Governor of the Bank of England, recently discussed the future of work with CNBC. He also addressed the issue of inequality and the effects it may have on society. In his own words, he believed that automation was going to have an even greater impact on those with lower incomes, particularly if we don't do anything about it.
His solution was to establish a Universal Basic Income. He said that if the government provides a monthly stipend