Will automation reduce workers' income?
However, history has proven that while automation can temporarily replace some workers, it also improves social living by reducing costs, improving quality, and allowing people to focus on higher-value work.
Recently, in an article in Fortune magazine, two economists were quoted as saying that automation is the main reason for the decline in workers' income share. It has been said that in the past decade, most automation has taken over the tasks that workers have done in the past, while relatively little automation has created new tasks that open up new, more efficient jobs for humans.
There are two problems with the argument that automation leads to a decline in workers' income. First, a large amount of economic evidence suggests that automated investment has increased national income in the medium term. While automation can replace workers, this impact can always lead to higher incomes and more social choices.
Will automation reduce workers' income?
In fact, if over-automation occurs, we should see greater productivity growth and higher unemployment, but not now.
Secondly, this view is only a hypothesis. As the share of labor income declines, automation is the culprit? However, the net income of workers does not represent total income. Due to the increase in the cost of housing, the net income of the guide is reduced. The increase in rental income is mainly due to local restrictions and other factors, not automation.
In short, automation has always brought huge benefits to society. Even during the recession, no one suggested abolishing existing automation to create jobs. We should also accept new technologies, rather than resisting the continued progress of other forms of automation, and should enrich future workers by encouraging automation.
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