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Will Robots Create Economic Utopia

In: Business and Management

Submitted By vyoung
Words 495
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Will Robots Create Economic Utopia?
The Globalization 3.0 that has brought us to the flattening world has intensified. In support of Thomas Friedman every day we have more robotics and automation attributing to the disappearance of middle class and menial jobs. Industries are transforming daily in every industry from customer service to driving trains. This will alter the job market greatly as robots increase and technology changes. Through automation we have high speed trading on Wall Street as well as day to day banking.
The digital economy is rapidly spreading and is transforming industries and replacing workers of all kinds and levels. The automation and digitization is amazing and intriguing to one when we think of the caliber of productivity and efficiency gains we will have from the global robotics industry and automation of the world, however we have to look at the impact this will have on the USA in the next century.
Over time Washington, D.C has discussed redistributing of wealth this reveals that the returns on ones employment or work is not just on wages, but in fact work is a major institution in society. The robots and automation has altered the job market requiring fewer workers or no workers to complete a task or a set of task from building cars to trading on Wall Street. Also with every new automation process one has to learn or become educated on new processes and many are being left behind due to the lack of knowledge in such mass growth of technology. It is safe to say that there will be jobs in the future, however the caliber will changes. An example given by Business week in the article was the Hilton Cincinnati Netherland Plaza in downtown Cincinnati in 1931, a premier example of French art deco in America once has a long line of women handling a bank of hotel phones and a group of working men in the basement running a printing press for the hotel’s daily newsletter and menus. These jobs are long gone and have been replaced by e-mail and desktop publishing creating the job of a webmaster and an app developer for smart phones.
No doubt the world has become more flat today and will continue to flatten as we move forward into the next century. At the rate of technological growth the political need to drive how to redistribute wealth should continue to be addressed in the robotic and digital economy by focusing on ways to expand the number of jobs even with the automation. Also motives to encourage corporation to add employers to their payroll through cross functional technological training to ensure wealth is not eliminated through job cuts but redistributed as robots, computers and algorithms expand.
Sources:
http://www.businessweek.com/articles/2013-02-11/will-robots-create-economic-utopia
Ehrhardt, Michael C. and Brigham, Eugene F. (2014) Corporate Finance: A Focused
Approach (5th Ed.). Mason, OH: South-Western, Cengage Learning.

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