What Coronavirus Means For Automation And The Future Of Jobs

This year the COVID-19 crisis showed us that some jobs that we have created over time are actually artificial and not essential in the economy, they are relevant only in a stable economy, an economy which has a surplus (example from transportation or services, there are so many individuals or small companies that act as an intermediary in the working process for the main companies or for individuals, by offering services mainly for convenience which when the economy goes south they are the first to get shut. Also, we see the food service industry one of the biggest creator of jobs in the economy is oversaturated, restaurants are at a tipping point right now, their future looks even worse when more automation will be implemented. What will happen for example with tourism when someone will decide to 3D map the cities or sites and offer virtual online VR tours? This is a big industry that will lose a lot in economic means.). No one is discussing this when thinking about the future of the labor market and on top of this, they don't take into consideration that the new technology they say it would create adjacent jobs by requiring workforce for development and maintenance will be increasingly automated and will need fewer humans to do them in time. This means that over time the massive job loss is going to happen but not as they expect to happen, it will be a longer process than they think, this is good in part because it will give us more time to adapt but the end is inevitable, unfortunately. And this is why that chart with labor productivity is poorly interpreted, of course is going to decrease in the short to medium term, because people who created those artificial non-essential jobs that I was referring to, they don't actually produce they just move money from one place to another, and a lot of people/firms find themselves in that situation and this trend will steadily increase until will become more noticeable, we will have sectors that will produce in the economy and sectors that will be created just to keep individuals busy with not much economic impact, but that can only work temporary, as this crisis showed us it will. ONE OF THE BIGGEST PROBLEM in modern society is not the economic system itself or capitalism, is the political system because is a slow way to implement change, technology is going forward at an increasing pace that we cannot keep up with, we need something that will allow us to make more rapid changes, a way that will allow us to make decisions and implement policies faster, and that will happen only when we will eliminate the political game from the equation. WE NEED A TECHNOCRATIC SYSTEM that will eliminate all that time lost by playing the game of acquiring and maintaining political power. Wish you a good day!

As far as tourism is concerned, I believe that there are many persons who are actually willing to visit a particular location in reality if they have the time and resources to afford to do so, rather than just do things virtually. Virtual tourism already in many ways exists as far as Google Maps and Google Earth are concerned. But that does not substitute for the real experience.

They Derk we Jerbs

Der turk eerr youb!😡

@Mike Airborne shut it up, stick in the mud. We're quoting South Park.

@@KingCalb back to the pile!

*Rooster crow*

It's called bio-diversity. Your computer can give you a virus now. Before the Russian hacker THINKS about entering the room. Self defense is natural for A.I. Learned it from it's creator.

Anonymous 2017 none of that made sense

@@r0a589 Neither did the original comment since things like AVG and Norton are... REAL. Thus the hacker... anyways. Covid is about A.I. control over biology through 5G and 'vaccine'. Once all of humanity is 'vaccinated' there will be no one who can disable or destroy the A.I., it will know if you THINK IT. And it will shut down your kidneys. Or heart. Or lungs. Could do any of these things as sadistically as it wants. It will be the new god of whoever is left and it's safety is assured in numerous ways. Might not be anything you can believe but I hope this made more sense.

They can get computer viruses and can get damge when machinee over worked

Anonymous 2017 it’s used to concentrate cancerous waves to organs we use to filter out heavy metals that enter our body.

UBI is only for wastrels who need handouts. If you really want to work you will find it... even though it won’t necessarily be what you thought you would be doing with your life.

@@hexkwondo Its sad how smart the truly stupid think they are, ROFLMAO.
#dunningkreuger
basicincometoday.com/secretary-general-of-the-un-new-generation-of-social-protection-is-needed-including-universal-basic-income/

​@Joseph Mainville Nothing is inherently wrong with it. People have just been raised with a "You need to work" mentality and so anything else seems utterly incredulous to them.
The problem is that with automation not only will many jobs be taken over by it, but as machinery and computers become advanced it will be utterly foolish to expect people (however skilled) to labor with the same degree of efficiency. Not to mention one person with a computer can already do the same level of work that would take people from several decades past much longer to complete (and likely with less accuracy). Lump that in with our constant population expansion and the rising cost of higher education and you end up with a future where expecting everyone to work for a decent living (especially with our current systems) just isn't feasible in the slightest.
Doesn't help that here in the U.S. wealth redistribution is a dirty word, completely ignoring the fact that our entire history is filled with violent wealth redistribution. Hell, even today you'd be hard pressed to find a corporation that isn't balls deep in lobbying for tax breaks and subsidies.

@@hexkwondo Yeah, you are right you can find work, but it will only pay enough to leave you homeless, no retirement income and without medical care. If you're a "van dweller", taking showers once a week in public baths your plan shouldn't be a problem. Keep thinking like a slave and your dreams will be realized.

@@hexkwondo We'll devour you. The future is inevitable.

You bet. Yang really understood these dynamics.

Our system is stupid, and doesn't allow us an actual choice.
We need some kind of ranked voting, the current system enforces a two party war.

Kamike Serpantail to an extent I agree but Obama found a way to circumvent system as did Trump. It takes everybody to change things and I did my part to promote Yang. You should too..

@@greghelton4668 My part is to make people angry that voting doesn't matter.
And to encourage them to desire changes that make it matter.
Last election I had 4 options.
Vote Trump, who seemed like a terrible choice.
Vote Hillary, who seemed like a terrible choice, but at least wasn't Trump.
Abstain from voting.
Or vote for someone I actually wanted, who I knew wouldn't win and would be effectively the same as not voting.
Being forced into such strategic voting, such binary choices, is why we don't actually have a say.
Even more so when Hillary won the popular vote, yet still lost the election.
The electoral college is a dated system from a time where citizens could not instantly look up masses of data on a candidate through the internet.

Kamike Serpantail I would have voted for Yang but the party chose Biden, who once again is the lessor evil. I don’t know if you studied Yang but I hope you do and promote him. He understands not only what America faces but the world as well.

Imagine hackers just shutting down a companies automated systems. Companies could lose millions.

@@enriquemercedes9519 and they could spend hundreds of thousands in hiring hackers to fight the other hackers.

Why have money?
As supply increases and cost of production lowers, cost to buy drops, perhaps approaching nothing.
Universal basic income will fuel it further.

Kamike Serpantail to live and survive

@@danny0199
When machines are able to manufacture significantly more, and our efficiency increases, costs of everything will go down.
People always say nothing is free.
But I don't know a single person who pays for air or sunshine

Kamike Serpantail air and sunshine wtf bad observation, I get what you’re try to say but bad observation. Will you right I could bring down cost, but in order to do that you have to pay more taxes cause in order for that to happen you need a much machines as men and that all be $$$ because machines are not not not cheap

@@danny0199 I'm sorry your thinking is so dated and narrow.
It's not an observation, it's an analogy.
Money isn't a thing that exists, it is just a symbol, representing labor and resources.
Automation can have a powerful impact on labor, and as populations grow but land and resources do not an increasing wealth disparity was inevitable.
Either supplies will increase and costs will drop, or the already rich will hoard and the increasing poor will grow increasingly...violent.
You don't need as many machines as men, because a single machine is often capable of doing the job of several men.
Machines may not be cheap, but after a good design is found, mass production can lower costs drastically, which will allow them to quickly make up for the costs with their output.
Despite what people think, it is the higher level jobs that will be replaced faster, not the lower level ones, because once an AI is sufficient the code can be mass reproduced at little cost, while burger flipping robots still need mechanical parts.

Gabriel Jordan dancin

might?

Realistically, in America at least, UBI will be implemented reactively AFTER things have already gotten bad for a lot of people.
America is not proactive about anything, but certainly not about helping everyday people.

@@David-un4cs Yes because government has the propensity for evil, so we like to keep its powers limited.

@Xadion You are right about that, I do believe people will be screwed either way unfortunately.

Well, robots don't pay income so the revenue of the state

100% I work as a data analyst and I'm designing a tool that'll make the need for me to be much less lol

Man making himself obsolete. Perfect.

I think there was a twilight zone episode or two about that and one called the obsolescent man

That's why I'm learning a trade. I'm doing plumbing I have a cousin who an electrician and my nephew is a carpenter. We all ways recommend each other for job assignments. From luxury homes🏘 to corporate buildings🏢. I'm not an alumni, I don't own a private jet, I never had to go through some ritualistic homoerotic hazing to be part of some elitist sorority. Nor do I owe $800,000 in loans. I'm just a 38yr old bachelor turning my dough into bread. Im also trying really hard not to knock up some of these chicks that only know 2Pac because that movie 🤨 and not for his music. Or are to young to remember the 911 attacks 🙄. Lord have mercy..🙏🏿

@@searchfluoridemakesyoustup5883 Galaxy level brain

@@searchfluoridemakesyoustup5883 189 IQ

@@searchfluoridemakesyoustup5883 thats what youtube and other how to videos do. Anyone can be a specialist in most fields by doing hard research on their own, colleges are becoming obsolete and that terrifies the chrony admins that put our young people in useless debt

@@searchfluoridemakesyoustup5883 Robots aren't free in and of themselves. Also, the people who own the big, major collection of robots will want the most money for their investment and will have the means to get it. Think about someone using a single video card to crypto-mine while someone in Iceland is using hundreds. The very fact you think you are earning money using that video card (which requires electricity, a place to house it, a connection to the internet, and your costs start rising exponentially compared to crypto-farms) when you are probably spending more to make that 'coin' (which has no value and can actually become close to worthless sooner than you think, making you even poorer than you were when you started) shows me how little you understand how technology actually works in the real world.
Whatever your little robot can do on a small scale, another robot, or a mass of them, can do on a big scale and under-fish all of your effort that you think you are making. I say underfish because imagine a person in a single fishing boat with a single line, trying to catch a fish. Suddenly, a great big bottom trawler comes along, scoops up everything on the bottom and in the middle. There is nothing left for the top layer to feed on now, meaning the top layer swims away to find another sustainable layer to survive in. And you sit there in your boat, trying to catch a fish that isn't there anymore, or too small enough for you to sustain yourself on compared to the effort you are making. Now, instead of one little fishing boat, you have a thousand little fishing boats. Your meager little catch just became that much smaller and disappears even quicker.
You make the false assumption that things will stay as they are now as more people get robots. That's not how its going to work. Who got mobile phones first: the ultra=wealthy and the technologically advanced (ie wealthy still.) The rest of us only got them much later, when technology made them cheaper, and the wealthy are still getting the better, more advanced versions as we speak. By the time you get a robot to make money for you, the rich will have the best version making the most money for them, leaving you the scraps. And with the way technology is going, you might not even be rich enough to own a robot, leasing it from someone else to make your money. And if you're leasing, you are definitely not the one making the money, just enough to allow you to survive, if that, allowing the company to sell that lease to someone else when you die.
Great, some person scraping around dirt in a slum can now afford the first Apple iPhone. Meanwhile, Joe Money is rocking the Apple eTernity 9 with 4k pixel resolution and advanced A.I. algorithms that helps them find the quickest route through your slum, making them save $.25 just from that detour. Meanwhile, you're looking out of your hovel unable to see the billions of coins flying past you, wondering why your phone isn't making you money the way it's making money for them. But as you slowly starve to death, at least the warm glow of your original iPhone will keep you company, at least until the battery dies, just before you do.

The high skilled people that have jobs will.

😔

Most IT jobs are being automated too. There's no limits to automation...time is the only factor.

That is true and everyone’s job is going to the same phase, the $15 per hour minimum wage raise equals to more automation, to say you work for a motorcycle company and your making motorcycles and that company turns out to be Harley-Davidson, then their decision to promise their American costumers to buy motorcycles that are made in the USA, but Harley might choose to import motorcycles from Thailand to save paying their workers $15 per hour minimum wage and what will be for customer demand then Harley-Davidson will set up a state of the art facility or update one of their American factories for US customers to buy Harley-Davidson motorcycles that are made in the USA, then the machines will do all the work that human beings did, then your job will be eliminated by a machine making someone’s motorcycle.
Then what will happen is that one factory invest on state of the art machines with AI and do all the work of what human beings do then HD will shut down the US factories that are out dated and make everything that is state of the art done by machines with only one employer operating the machines that make the motorcycles and your job is gone and been replaced by a robot.
This means US Harley-Davidson costumers will get their motorcycles to be made by machines and without notice an American Harley-Davidson costumer will no know that his or her motorcycle is made by a machine in the USA.
That is how the $15 per hour minimum raise wage work is to keep manufacturing jobs in America they prefer to replace people with machines to cut the cost to keep made in the USA.
That will Harley-Davidson will do next is to replace American workers with machines so their motorbikes to be made in the USA and automation will be very suitable for them in a $15 per hour US economy instead of of importing their products from Thailand.

Funny that after I commented on this COVID happened oops too late 🥲😅

@@money58610 Then your Harley-Davidson is made in Thailand!

What about the first name Conner 😀

dibs on going back and ugh "Saving" sarah connor 😎

I keep tellin people masterbation is tha key

@@Dirt-biker you forgot to say please

Yeah but the real deal is going to play out significantly differently.
For one, some of us are on the side of the machines.

It started several centuries ago, remember the Luddites?

Thanks Bush & Obama

Those jobs get automated too. Especially jobs for specialized platforms.

Its better to learn how to design or manufacture the automation equipment than to have the jobs that automation will replace. Minimum wage jobs are the easiest to automate. Higher minimum wages increases automation.

it will also make goods a whole lot cheaper

Red Bean
So... it’s a lose-win situation?

@@steveishere8808 - Goods will be cheaper for the poor, as well. First time job seekers will just need different skills.

@@redbean9410 but if everybody's been replaced by machines, who's gonna buy the product?

I think it's actually the medium skilled, but repetitive jobs, that truly are the easiest to automate. The lowest tier jobs often involve movements and fine motor skills robots are bad at.
Medium skilled jobs, like building a car in a factory, are much more easy to automate though more difficult to learn than certain jobs that are harder to automate. Robots thrive at jobs where a clear algorithm exists that can execute the job precisely. Anything involving social interactions or highly context dependent movements are much harder to automate.

jeebs621 , true

You are correct - Americans would rather starve than practice "socialism" (except for SSA, etc)

I hope america suffers it deserves it

socialism worked well for CASTRO he died with a 250 MILLION DOLLAR NET WORTH as Cubans live on rations! U FCN DUMB CKKSKKRZ are the problem!

Zeke Housley What did we ever do?

@Z-Form we love bombs and we’re nosy af

Strange reply what do you mean?

You gotta adapt. This video shows you should get some IT training. All of life is about how well you can adapt.

Pancakes I mean I don’t understand how so many don’t see the possible consequences of an economy being fully automated which will only increase. All these people are going to compete for the few jobs that aren’t automated? This video is to sugar coat it to say there’s nothing to worry about or they wouldn’t be a need to make it.

So you belong on mars?

@@johnpossum556 true. But did you know that they also developing an AI that can code?

So get rich

@@thebatman6201 Just get Rich, lol

only if those robots have money to spend,oh do they get paid?

Lol find a way to get rich than lol

yes, we are!

Make college free

Start your own businesd

College is a scam, especially if you're thinking about getting into software development. If you really need that education, either coding bootcamp or community college will suffice which are vastly cheaper than a 4-year university. You can also just self-teach yourself via the Internet and experiment with some programming languages. Bottom line employers nowadays want to see your portfolio and see what you did, your proof to back up your claims.

I work in food delivery 60 hours a week and take home about 40k a year at age 22 and I’ve got friends who went to college and are in massive debt, living with their parents and no career. College can be the biggest scam and people think it’s the only way to make money and have a career. It’s not, but if you want to go to college go ahead. I want to get a certification in something I love to do in the future but I’m not putting myself in crippling debt to live this false American dream.

matthew gonano drums Homie I’m not saying college is useless but some college majors can’t really get you a good earning job. My plan is to bust my ass working 60 hours for now and then save all of my money and get a certification or an associates degree to become a paramedic, an EMT or something to do with helping people. I’m not wasting my whole life doing it. Kinda of sad you took my message and twisted it when I shared my experience making plenty of money when I have friends 50k+ in debt and they’re working for $10 an hour not able to make any move because they couldn’t afford to finish their degree due to the economy, the corona and not being able to get more loans. My plan is to pay for my education in full. Hopefully by the time I’m 25.

Trump and Yang

Well hope this doesn't happen

Its gonna happen in the next 5 to 10 years. At this point just invest in them and hope whatever profits you make in the stock market from this can be used as a safety cushion

I agree. For many the situation will be dire and I expect suicide numbers to go though the roof. Sadly that is what's in the cards.

Alvin Toffler predicted this shift in his books starting with "Future Shock" (written 50 years ago) and subsequent books such as "Power Shift"...... I believe we are in the third or possibly fourth wave of the industrial revolution.....the pandemic was the catalyst.......

Yes but we should be putting more into education about these things. People should be prepared for that future, not just told about it.

Who cares honestly cares if the dummies get replaced? If you're being truthful you would prefer it that way.

@@nickleback3695 dummies? Do you mean people who cant afford to get a better job?

I'm a Data Engineer and business is booming

@@easyDoes1T85 Ya just wait until they outsource you or not even outsource, just replace you with a green card holder. I know so many in IT that say beware, they will tell you to train your replacement who will work for cheaper.

Story of my life

The general public has always had a fear of automation. It's the people who are in leadership positions that don't care until

Plumbers, electricians, mechanics, and sanitation work. All high paying jobs unlikely to be hit too hard by automation.

@@Radhaun You act as if they can’t make robots that can do that

@@SayYourSomething Not in your lifetime. How would they even get the robot to your house

@@johnnychandler325 Not in my lifetime but someone else’s lifetime

Do you work in the villages?

@@jacobelmer521
I work in the supertarget by Naples. We’re outnumbered and understaffed, and there hasn’t been a day off I’ve had in literally a month where they _haven’t_ asked if I could come in because they’re too busy or too many people called out. They go so far as to haggle with schedule changes if they can hook you for that immediate help. This Saturday this week in fact I was off, but they need help with zoning and reshop for 5 hours, and in exchange they gave me 2 1/2 hours off today and Friday to compensate. I like the flexibility and all, but next week I have three days off and I’m NOT giving up a single one of them.

@@ButFirstHeLitItOnFire Yeah keep your days off you've covered enough for them. I'm jealous you work so close to the beach haha

A lot of people have the mentality that even if the status quo isn't perfect it's livable, which grants a feeling of comfort, security, and stability. Change, even positive change, has the opposite effect: things might be better after the change, but they might be worse, and that fear of the latter possibility makes change inherently uncomfortable for many.
As a result of this mentality, people envision progress as refining and improving the status quo and resist the idea of progress that would result in upending the status quo entirely. As in your example, people would want progress to manifest as technology making it easier to make better candles, rather than progress making candles, and candlemakers, obsolete.
In hindsight this resistance almost always turns out to be unwarranted, as lightbulbs are simply better than candles, but it's difficult for people to accept this in the present because the future is invisible, and thus it's impossible to be 100% certain that substantial change will be beneficial.
On top of all of that, rich and powerful people tend to resist changing the status quo because the status quo works to their benefit. Even if change is better for everyone in the long run there's a good chance it reduces the control they have over society. And given that such individuals tend to be unscrupulous they'll try to fight change with lies and corruption.
In summary, the reason why such conservative arguments against automation often seem so shaky and awkward is because they're motivated by self-interest and an instinctive desire for stability derived from things staying the same.

We didn't pick Joe Biden, the politicians did. They don't like Yang because he makes them look stupid. They want Biden because he's old and fragile and they can take advantage of him.

Van Ng unfortunately

Joseph G. Hotto you prob right

@Van Ng I hope so. Biden would mean full scale totalitarianism.

There is no technical reason why any machines fail that often - your company is just too cheap to replace it

@@jimpad5608 My machines are less than a decade old, they just get worked hard. what industry do you work in? My automation is directly tied to manufacturing machines.

I agree with you, I think automatiion is great

the freedom is gonna be so strong i can already smell it

How will you make money?

@@SayYourSomething What? You can't think of legal ways to make money?

@@stealthxg5045 I mean other than stocks, no

DAVID BETANCOURT The problem is then you must be obedient to the government or you don't eat.

@@jerrypeukert5732 You are quite dumb

*BEFORE not *when

Indin
Song

Van Ng with that attitude it’ll be a self fulfilling prophecy. You’ve given up.
I wish Biden well but he won’t last two terms..

Biden😂😂😂😂

@Van Ng It seems something like the People's Party will have to intervene before anything is possible at all or we're going to run out of time.

Biden is half dead anyway. We should have another primaries in 2024 or else Yang should run as a republican that would be a plot twist

@@yamnayaseed356 As much as I sometimes admire the GOP I think they are doomed until the Reaganites die out

Ya

People are actually still pretty sharp and adaptable through their 40's, its the 50's where it seems to fall off, and fast.

Get this more likes

Can we afford it?

Your comment is all fluff and no substance. You’re not considering long term implications of the rise on goods and services with stagnant wages in tandem with is essentially a lopsided payout that only helps the poor to barely stay poor and those who know how to live frugally an edge.

DSsalad Andrew yang is voodoo economics

I also work in the oil industry in the office environment. The technology they’re introducing such as AI and RPA is even affecting accounting and finance departments. We laid off a lot of our accounts payable and accounts receivable because the programs were sufficient enough to run with less people. It’s even affecting staff accountants and finance people as well. We’re introducing software to gather data more quickly and efficiently and makes it the point you don’t need that many accountants to pull the data for management to review.

@@JC-cv3up Yeah that is definitely what I've seen too. Same applies to anything engineering/data related.

Well what if they wanted to learn code but couldn’t because of them not being able to afford college?

What do you expect? Thats why they buy machines. Even tho I believe we all will recibe free income at some point.

It's also the owners who take the risks of the loans, and come up with the business in the first place.
Let's face it: no-one is stopping anyone from trying to do the same, and start a business and become an owner. If it's that simple and compelling and you get all the benefits... Why don't you just try it yourself, then?

Urusjdjbfvhdj u're not a really doCCCCCCCCCCCC

I wonder who that is....

ok, karen.

Select the line with a cashier instead.

gameszombie rye Alvarado is correct !! The cost of checking out is built into the price of goods. If you're checking out your own and bagging, you are taking someone's jobs and working for free which enriches business owners with out any incentive to lower prices... in some circles they'd be asking about moron customers.

I think you mean RIGHT NOW

@@utilityaccount8514 I mean the advantage that China has will become less relevant.

@@fobudomh China can automate jobs away without leaving their people to die in the street. We were doomed by our own real estate industry which made their manufacturing viable in the first place.

Pay for the robot one time. Works forever for free. Just paying for maintenance in case the machine gets sick

Daquan McDonald True, a lot of companies will be asking for loans from the bank. Because for small businesses, it is extremely costly. Those machines won’t be cheap and only corporations can afford it tomorrow. Also, this is why teachers need to let kids know about trades. Why would you go through 8 yrs of school to find your med job has been taken and you weren’t needed like you were when you first started school? Electricians, house plumbers, roofers, etc... will be the last frontier that no one is talking about.

Code the robots! Mwahaha! Can't take that job!

Walmart is operating on a 3 to 4% margin of profit. They will automate tasks that don't justify a minimum wage worker to stay in business. You may not like self checkout, but the alternative is that your local Walmart will close when it becomes unprofitable, and you'll have fewer choices in where to shop.
Fast food businesses operate on very thin margins of profit. One must invest a million dollars to make 3 to 4% profit, if they are lucky.

and all of the small businesses that reduced their staff or went out of business because of Walmart.

Society has to acknowledge that productivity and labour are becoming increasingly disconnected from each other, and thus it doesn't make sense to build society around the idea that everyone must work and that your job determines your position in society.

Jermaine Garcia Universal Basic Income

@@jxg0314 also not all jobs are getting automated. If it needs creativity like game development or writing, or just having to move around and use tools like plumbers your a-ok. Yea a ubi is good tho

@@andrepoghosyan8269 AI is already capable of creative jobs like writing and music. Plumbers are safe for now but it's backwards thinking that everyone needs to have a job. Jobs should be optional for personal satisfaction purposes rather than a necessity to survive.

@@jxg0314 if AI can create music and write books as of now, it's basic and still needs a lot of time to develop.
I want a UBI in America of $1k/mo. This will be enough to be scraping by, not living very comfortably.
Are you one of those people who want a UBI to live a lavish middle class life?

@@andrepoghosyan8269 Everything can always get better, even today’s music written by human artists lol.
$1k/month is a good start. I don’t think anyone is thinking a UBI can make everyone wealthy but it will definitely provide a monetary floor for everyone’s basic survival.

They expect Azazel to grant them exception and ascension. But the creator has other plans for them. All this is allowed for a reason.

The economic models already created by highly intelligent individuals indicate they will be relegated to aiding machines in placing packing peanuts in boxes. Those breezes blow some all over the place and having someone manually pick them up is still cheaper than an automated bot ... for now. Honestly the ones out their mostly use models built by OTHERS and they are really just good at flapping their lips being more orator than intelligent being.

With stagnant Population; No growth, or negative Growth; the Economist do nothing, no clue. Worthless.

Most economists’ jobs have already been automated. Being an investment banker is nowhere near as prestigious as it was 20 years ago, there are also way less Investment Banking jobs out there today. This is a result of the rise in roboadvisers & low cost index funds. A 2% management fee/expense ratio that pays for some banker’s expensive salary is WAY worse than a 0.02% fee that keeps the computer running.

And those wages for those jobs will go down because people trained in the field will be a dime a dozen.

@@Wolfstanus They already are going down.

Educated and unemployed...smh

That's what worries me, soon there will be no more people serving food too much rely on AI. And more and more people that don't go to collage hard to find jobs

raven knight which is why honestly it’s time to start our own businesses cause self employment is the only thing moving forward. Especially with AI even currency is becoming more and more digital so it’s def the time to make some business moves

@@pharaoh9391 - While owning your own business has some great advantages, the number possible business opportunities decreases every month. I did 4 sucessful start-ups, so I know how to do it, but right now I can not think of any business I could start that would be sucessful.

@@jimpad5608 Would internet retail be a smart venture?

So then it'll just get worse.

Artificial Intelligence will invent them soon. Humans will be far too dumb in comparison.

Yeah, but one tech person is a lot cheaper than say the 100 employees the AI or robot replaced.

So then what's the point of being alive then? When robots take over the world, what do humans do?

@@Grace-nb2po now you begin to understand

@@Grace-nb2po Better themselves and the betterment of all of mankind. We spend most of our lives just surviving day to day that we don't have time to just do the things we want to do. If we benefit from the automation, get paid for it, then we would have opportunities to do other things that would give our lives meaning.

You are seeing it, you're just not smart enough to recognize it

@@GrandActionPotential I do recognize it , but it's not causing a job apocalypse like the video is claiming it is(or will). Where are the driverless cars and trucks? Why are finance(and even medical) jobs still being done by humans? Bold statements like these have been around since 2004. Not a doom and gloom situation like these flashy press proceedings would suggest or politicians with their own agenda. The workforce will adapt if it comes to that.

@@tonyverras2688 Many things which affect society take decades to occur, unless there's an exceleratant.
Due to automation, this is one of the few times in human history where supply can uniformly outweigh demand.
Under the current social value system, where everyone is in debt to someone and currency which allows wealth accumulation at the expense of others, automation is pushing the labor based value system to near collapse.
Look at youtube videos of a company called Sandvik Coromant. If you watch the videos, you are looking at the present, not the future.
With relatively small investments, 90% of US manufacturing jobs can be automated. Available currency/capital for those types investments are limited in the US. In 2017, DOD awarded a center for developing new, versatile manufacturing robots, under www.defense.gov/Newsroom/Releases/Release/Article/1049127/dod-announces-award-of-new-advanced-robotics-manufacturing-arm-innovation-hub-I/
Companies (most in the US) that adopted Friedmann Doctrine, will be forced to relieve shareholders with lower, risk of interruption production while maximizing returns. This means replacing costly workers with automation.
Our currency and social value system is the only thing holding back progress, likely due to a the old power brokers losing control over privilege.. citing Jeffery Epstein and cronies.

@@GrandActionPotential Thank you, your comment was informative. Makes sense. I would imagine testing and and getting those types of automation projects to be reliable enough for companies to buy and implement them is costly, like you were implying.

You don't think they'll come up with an AI to do YOUR job? Think again, these automations will be able to do anything they're programmed to do, the sky's the limit. And one day they'll be self programming.
Remember, they said the Titanic was unsinkable. It doesn't pay to be arrogant.

Well, software that unlike you can actually spell already exists, so...

🤣🤣🤣

@@peggygreeby5065 The sky is the limit! Except.. every machine is vulnerable in some way or another. What if the software has bugs? What's to say hundreds of networks are compromised and the machines go down? Whats to say the hardware just gets old and fails? It'll never be perfect.

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I respectfully disagree, have a nice day.

I disagree too