Will Robots Create Economic Utopia Summary

The writer Chris Farrell takes a keen approach to shed light on the new future economic scene. Starting off, Farrell says "The deepening gloom over jobs runs deeper than robots." Claiming that the US economy is at a critical point in remeniscent to the 18th century and Second Industrial Revolution, but now, with Robots. The wealth that can be generated from machines, bits and bytes, algorithms, and artificial intelligence will fundamentally shift our society. Rapid increase in workplace efficiency due to the robotic replacements. Farrell agrees, with change, jobs will be lost, but as with all previous techonological changes, adaptation created new jobs. Belief that the economy will run smoother due to high automated - efficiency and less human errors. The economy is already in flux due to the extended current redistribution of wealth plans, pay supplemented through union pressure, child labor laws, pensions, and other share-the-wealth strategies. The idea of a new implementation of redistributing wealth created by the robotic and digital economy, focus on ways to expand jobs and boost workers compensation can be set in motion.The biggest challenge is how to take our high-tech economy, and offer ordinary people the reality of jobs with decent wages and compensation ushering in progress.

A Robotic Futures Pros and Cons

Through the years, techonology has created and destroyed jobs for blue collar employees, the creation of new manufacturing process in the 18th century developed new jobs but also required less employees to operate its new technological advances, leaving a hand select group, unemployed. You can argue the type writer or the Personal Computer (PC) created jobs, and revolutionized efficiency, but over time, the PC took...

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...placing of hundreds to thousands of citizens at times. A solution of tax credits to families, Earned Income Tax Credit (EITC) is not a solution to the real problem, it's only a patch job on a sinking ship. This is why Ferrall states " The challenge of our high-tech economy is how to take a hefty slice of wealth from the machines and offer ordinary people the reality of jobs with decent wages and compensation. That would be progress." The real question is, how can you find an answer to that question, as the new high-tech economy is automizing everything? Currently, the majority of Wall Streets trades are automated by computers and software communicating with other computers and softwarre, only being supervised and monitroed by a handful of highly compensated workers. How can you give a slice of wealth to ordinary people with a high-tech system in place such as this.