Bloomberg Business reported on February 18 2015:
"Robots Could Make Even High-Tech Workers Worse Off...Have you ever worried that robots would one day be the ruin of humanity? According to a newly published paper, you might not be too far off base...
While there can be several of these so-called “boom-bust” tech cycles, over time robots “can leave all future high-tech workers and, potentially, all future low-tech workers worse off,” the paper states. “In short, when smart machines replace people, they eventually bite the hands of those that finance them.”
The model also predicts a long-run decline in labor’s share of income, which has been underway in the U.S. since the 2000s, as well as “a growing dependency of current output on past software investment.”..."
Artist: Charles Addams (1912-1988), The New Yorker, 9 February 1946
Robots making more robots?
Almost seventy years ago, Mr. Addams was onto something
"Robots Could Make Even High-Tech Workers Worse Off...Have you ever worried that robots would one day be the ruin of humanity? According to a newly published paper, you might not be too far off base...
While there can be several of these so-called “boom-bust” tech cycles, over time robots “can leave all future high-tech workers and, potentially, all future low-tech workers worse off,” the paper states. “In short, when smart machines replace people, they eventually bite the hands of those that finance them.”
The model also predicts a long-run decline in labor’s share of income, which has been underway in the U.S. since the 2000s, as well as “a growing dependency of current output on past software investment.”..."
Robots making more robots?
Almost seventy years ago, Mr. Addams was onto something