How the World Can Prepare for Automation in the Future

Saad Ullah, Tech Bullion

Robert Schiller is one of the most well-known economists in the world. In the past, he has made bold predictions about the economy. He has won a Nobel Prize for his work in the field. He made headlines recently by calling for some sort of government protection against artificial intelligence. Over the past few years, more business leaders have started to worry about the impact of artificial intelligence on the economy. As technology continues to progress, many people expect that more jobs will be lost to new technology.

Educating Workers

One of the biggest issues facing the economy today is a lack of education for workers. Even though more people than ever before are graduating from college, a college degree is no longer a guarantee of career success in the future. Instead, it is important to continuously educated workers as technology changes. Many years ago, a college degree provided workers knowledge that would carry them through the rest of their career. Many college degrees are becoming obsolete in some industries. For example, the marketing industry has changed tremendously in recent years. This industry will only continue to change with new technology.

Universal Income

Robert Schiller has joined with other economists in promoting a universal basic income for workers. There are several benefits of providing this type of income to all members of society. Not only does it protect people from increasing issues in automation, but it also allows people to start companies with a small financial cushion. There are some cities around the country that are already starting to look at different options with universal basic income.

The biggest problem with this proposal is the cost. Providing each adult in society with a free $1,000 check every month takes a lot of money. Some people propose taxing the wealthiest members of society more in order to pay for the program. However, other people are worried that this could cause additional friction between economic classes.

Robots and Jobs

There is already evidence that robots will continue to take the jobs of humans in the years ahead. For example, the trucking industry is now investing billions of dollars per year to automate driving trucks. There are various benefits to companies that invest in this area. Not only does it reduce the need for truck drivers, but automated driving will also reduce the amount of damage from accidents each year. Over a long period of time, these investments will yield a major financial return for transportation companies. Many trucking companies have had issues filling truck driving positions. People today simply do not want to have a career in the trucking industry.

Ideas for the Future

Few people believe that the economy is going to remain stagnant in the years ahead. As more companies invest in automation, workers have to be proactive in their career. There are many people who are worried about maintaining a job in the future. Any job that is repetitive can be automated by a robot.

There are many economists and politicians who have proposed ideas to help with this issue in the future. Now is a great time for workers to start spending both time and money to educate themselves in areas such as technology, coding, and automation. In the coming years, there will be skills that are in-demand from companies in numerous industries.

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