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  • Technological advancements are changing

  • the prospects for employment

  • at an unprecedented speed.

  • Things that just 5 years ago were done by humans,

  • are now done by machines and code.

  • The long-term benefits are probably positive

  • as things will likely become cheaper

  • and we'll have more time for leisure.

  • Until then individuals not prepared for the changes

  • may be replaced by machines,

  • get laid off or take pay cuts.

  • To figure out if your job will be affected,

  • MIT economist David Autor

  • defined three questions you should ask yourself.

  • First, will technology compliment

  • or replace the job you provide?

  • Computers can't think for themselves.

  • But they can and will do jobs that follow clear rules

  • so programmers can tell them what to do.

  • Therefore, people employed in jobs

  • that can be programmed away

  • will be driven out of work

  • or find themselves in less paying positions.

  • On the other hand,

  • people that use technology to become more productive,

  • will hold onto their positions

  • and even see a raise in income.

  • Second, is the demand for the product

  • or service you help provide elastic?

  • If you run a cleaning service in a city where most people

  • still mop their own floors,

  • technology might help you to offer

  • your services more efficiently.

  • The resulting lower prices,

  • makes your service suddenly more attractive

  • to low-income households

  • and the additional demand creates new jobs.

  • However,

  • if you work in the kitchen of a noodle shop empire

  • there will be a point at which no matter

  • how efficient you make the noodles,

  • people won't buy an additional bowl

  • - they are full.

  • Therefore, the quantity demanded for food

  • is not very elastic

  • and more efficiency will not create more jobs,

  • but rather the opposite.

  • Third, can you easily be replaced by other people?

  • If your job is easy to learn and can be done by others,

  • then you will feel pressure on your wages.

  • But if you are highly skilled or you possess unique character strengths,

  • then there will be less competition for your position.

  • Thus offering you job security and a stable income.

  • Until societies implement good models

  • to share the wealth and the leisure time

  • that technological advances will bring us,

  • the most creative problem solvers

  • and adaptive team players

  • will reap the fruits of an uncertain future.

  • Children that start school today,

  • will look for a job in 20 years.

  • What do you think?

  • What jobs will most likely disappear in your community

  • and how should schools and parents

  • prepare their kids to do meaningful work then?

Technological advancements are changing

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A2 income leisure job elastic technological technology

The Future Of Work: An Economic Theory

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    Summer posted on 2020/04/28
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