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The Almighty Buck

Submission + - Is Technology Eroding Employment? (andrewmcafee.org)

Idontpostmuch writes: The idea that technology cannot cause unemployment has long been taken as a simple fact of economics. Lately, some economists have been changing their tune. "MIT research scientist Andrew Mcaffee writes, "As computers and robots get more and more powerful while simultaneously getting cheaper and more widespread this phenomenon spreads, to the point where economically rational employers prefer buying more technology over hiring more workers. In other words, they prefer capital over labor. This preference affects both wages and job volumes. And the situation will only accelerate as robots and computers learn to do more and more, and to take over jobs that we currently think of not as ‘routine,’ but as requiring a lot of skill and/or education."
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Is Technology Eroding Employment?

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Time sharing: The use of many people by the computer.

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