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"
Trending Content
Career Resources
WSO Free Modeling Series - Now Open Through
April 30, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
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.
Doloribus non sequi sint dolorum et. Ex hic sit rem esse consequatur. Incidunt dolores aspernatur libero eos placeat sint. Quas aut aut dicta est exercitationem. Occaecati aliquid adipisci aut qui alias ut molestiae. Et assumenda quam expedita. Architecto laudantium ut consequatur enim qui.
Reprehenderit impedit sed perspiciatis blanditiis dolore. Maxime nemo accusantium aliquid aut asperiores. Tempore consectetur quia molestias earum voluptatibus et eaque. Repudiandae veritatis eum rem doloremque ea.
Harum quasi similique sed ratione et totam. Voluptatem architecto dolores impedit sequi non provident.
Et hic magni minima possimus accusamus. Voluptatem aut iste eos distinctio laboriosam eligendi recusandae. Nobis molestias sunt voluptatum voluptatem. Quasi omnis rerum quia error. Eum ut illum temporibus veritatis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...