Automation and How It Affects Our Jobs General Finances
By JingCheng Woo, 25th June 2018
In the 1760s, the use of coal for power generation kick-started the Industrial Revolution. Manufacturing methods transited from hand tools to machine tools. Since then, there has been a constant fear that automation might spawn mass unemployment.
Economists have divided opinions on the debate about the future of the labour market and the economy. In this article, we will illustrate why you shouldn’t be worried about automation.
Neoclassical economists predicted that the labour market would balance out as people would find other jobs. Looking at the past 200 years of labour statistics, they were right.
We are no strangers to automation anxiety. Automation was ranked first as the major job challenge in the 1950s and media reports suggested that automation would cause mass unemployment in the labour market and social unrest. Heck, even President Obama has …