Epic fail: Gates thinks software will cause unemployment
I can't post links; Google this: "Bill Gates: People Don't Realize How Many Jobs Will Soon Be Replaced By Software Bots"
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Link: (Business Insider)
Do you disagree with him? Employing people is expensive.
Changes in legislation like the proposed minimum wage hike and PPACA will make labor more expensive while trends in technology serve to lower the cost of automation. Increased automation is an economic certainty.
The conversation is the same one we've been having for decades, just replace "outsourcing" with "automation".
The coverse would hold true: if mass unemployment were promoted, the funds available to pay for tech services would plummet, likely slowing innovation and causing massive deflation.
It's an either/or, but one will result in angry mobs and the other results in cooked books.
Pick your poison.
I agree with Bill Gates. Recently, Obama signed an executive order for increasing the minimum wage to $10.10/h in a 3 step program and then have it tied to a cost of inflation index. While I agree that the minimum wage needs to be changed, I can't help but wonder if it will simply accelerate automation. With that said, I believe CVS did try to carry out self-check out lines and that was generally a failure (massive costs with little return), but imagine 10 years from now.
Initial investment is high, sure, but $10.10 minimum wage might just be the catalyst needed to jump start the process. Hasn't McDonald's started rolling out a touch screen that replace cashiers? Didn't McD's also do a cost benefit analysis on a fully robotic kitchen that yielded a breakeven within the first year? These jobs require no skill or technique whatsoever and might as well be done by a machine.
ATMs, ticket kiosks at airports and movie theaters.. all replacing human labor. Expansion is inevitable.
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