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Countering Tech’s Damaging Effect on Jobs
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Galston points to the study in the Economist magazine by Ray Avent showing the hugely negative effect of Tech on jobs in the last 3 decades. He calls for using the full tools kit of solutions to tackle the problem. Society will face huge problems if nothing is done as divisions in society are likely to increase with a few people doing well with a large number of unemployed and the working class having stagnant wages. He points to BLS statistics showing worker wages increased annually by 0.3% after inflation for the period 1981-2014 in the U.S. This is not just a U.S. problem. It is a worldwide problem with particular relevance for U.S., Europe, India and China. Galston was deputy assistant to president Clinton for domestic policy, 1993-1995, and holds the Ezra Zilkha chair in governance studies at Brookings Institution.
Tech's hugely negative effect on Jobs- reports by the Economist magazine and other research showing severe effect on jobs and incomes
10/06/2014
One Oxford University study goes so far as to say 47% of U.S. jobs could be automated in the next 20 years. Clerical jobs are rapidly being automated and manufacturing can be done with a small number of workers.
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This research in the Economist on the world economy shows the effects of technology are benefitting fewer people, leaving less skilled workers poorer than before, and creating large income gaps, more inequality. How to address these problems are a challenge for just and effective governance. Technology even at Hon Hai in China is shifting work to robots, and the question is how the millions of people in India can find jobs when technology can enable manufacturing with fewer people.
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The Economist and William Galston writing in the WSJ, look at the hugely negative effect on jobs as technology makes it possible to produce the same output in goods with fewer workers. Galston offers solutions for the U.S., and the Economist offers solutions for EUrope, Asia, and other regions that need to create jobs.
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