This is the year that jobs in China will be replaced by US Automation.

[william the wie]

So, said a McKinsey report several years ago. Judging by recent economic data from both countries this process is starting to hit afterburner. China could easily lose a thousand jobs to create one US job with the strong possibility that net US employment will also go down but at a much slower rate than China. That seems to be the way this is going.

 

[EdwardBaiamonte]

So, said a McKinsey report several years ago. Judging by recent economic data from both countries this process is starting to hit afterburner. China could easily lose a thousand jobs to create one US job with the strong possibility that net US employment will also go down but at a much slower rate than China. That seems to be the way this is going.

100% stupid of course. Electricity, the wheel, saw, hammer, and farm plow replaced billions of workers and had no impact on unemployment.

 

[Moonglow]

So, said a McKinsey report several years ago. Judging by recent economic data from both countries this process is starting to hit afterburner. China could easily lose a thousand jobs to create one US job with the strong possibility that net US employment will also go down but at a much slower rate than China. That seems to be the way this is going.

100% stupid of course. Electricity, the wheel, saw, hammer, and farm plow replaced billions of workers and had no impact on unemployment.

Just more bums downtown...

 

[barryqwalsh]

The falling cost of industrial robots will allow manufacturers to use them to replace more factory workers over the next decade while lowering labor costs, according to new research.

Robots now perform roughly 10 percent of manufacturing tasks that can be done by machines, according to the Boston Consulting Group.

The management consulting firm projected that to rise to about 25 percent of such 'automatable' tasks by 2025.

Study says machines will do 25 of US jobs that can be automated by 2025 Daily Mail Online

 

[EdwardBaiamonte]

The falling cost of industrial robots will allow manufacturers to use them to replace more factory workers over the next decade while lowering labor costs, according to new research.

Robots now perform roughly 10 percent of manufacturing tasks that can be done by machines, according to the Boston Consulting Group.

The management consulting firm projected that to rise to about 25 percent of such 'automatable' tasks by 2025.

Study says machines will do 25 of US jobs that can be automated by 2025 Daily Mail Online

lets not forget that the wheel replaced billions of jobs and we are all better off for it.

 

[william the wie]

The minimum skill level for employment increasing is one side of the equation but Moore's law or its equivalent in various industries is the reason for shrinking Labor Force Fraction worldwide. Also since productivity is deflationary so by definition the Marginal Efficiency of Capital also declines.

Financial repression is making a bad situation worse. The real returns on money borrowed for investment went negative @2000. Real returns to borrowers for consumer goods such as houses and post-secondary non-STEM education went negative in the 1970s. And those false flag inputs most certainly are causing unemployment.

 

[EdwardBaiamonte]

Also since productivity is deflationary.

dear, how can productivity be deflationary??

 

[william the wie]

read its definition of greater output and/or less input per unit.

 

[EdwardBaiamonte]

The real returns on money borrowed for investment went negative @2000..

too stupid!! Who are you fooling besides yourself with that gibberish?
If real returns are negative why are people investing??

 

[EdwardBaiamonte]

read its definition of greater output and/or less input per unit.

dear, thats gibberish not undestandable english

 

[CultureCitizen]

So, said a McKinsey report several years ago. Judging by recent economic data from both countries this process is starting to hit afterburner. China could easily lose a thousand jobs to create one US job with the strong possibility that net US employment will also go down but at a much slower rate than China. That seems to be the way this is going.

100% stupid of course. Electricity, the wheel, saw, hammer, and farm plow replaced billions of workers and had no impact on unemployment.

Ed , it is not that much about change but rather about the rate of change.
The wheel : it took hundreds of years to be adopted, so people could adapt easily.
Computers, the internet , AI's... that's a change that will be happening very very fast.
This will have huge impacts on society which are not necesarilly good "in the short run".

 

[william the wie]

Give it up. Ed thinks Mandelbrot and Brian Arthur got their equations wrong. Non-studious advocates of the von Mises model tend not to realize that his disagreement with Schumpeter was about the materiality rather than the existence of increasing returns in explaining the mechanisms of the product life cycle. Also all economists of all stripes tend to avoid non-economic causes of economic problem like the 1930-9 drought or the current CA drought.

However when lego decided to make lego robots for kids that was a giant leap forward in the rate of automation. When a grammar school kid can build a robot with very limited but at least some utility as an economic actor, that's a game changer.

 

[EdwardBaiamonte]

.
Computers, the internet , AI's... that's a change that will be happening very very fast.

100% stupid and liberal as always!!! the computer has gone from 1 unit used in WW2 to a few mainframes to billions of PC's, smartphones, desktops, laptops, etc etc and still we have only 5.5% unemployment!! And that is with 20 million liberal illegals, and other liberal policies, like highest corporate taxes in world, off shoring our jobs.

I know, as a typical liberal; you lack the IQ to understand so I won't ask if you understand.

 

[CultureCitizen]

100% stupid and liberal as always!!! the computer has gone from 1 unit used in WW2 to a few mainframes to billions of PC's, smartphones, desktops, laptops, etc etc and still we have only 5.5% unemployment!! And that is with 20 million liberal illegals, and other liberal policies, like highest corporate taxes in world, off shoring our jobs.

I know, as a typical liberal; you lack the IQ to understand so I won't ask if you understand.

Well Ed, US salaries have stagnated for the 60% of the population . Haven't they ?
The increase in productivity and automation hasn't had a net positive effect on the overall population in the US.

 

[CultureCitizen]

.
Computers, the internet , AI's... that's a change that will be happening very very fast.

100% stupid and liberal as always!!! the computer has gone from 1 unit used in WW2 to a few mainframes to billions of PC's, smartphones, desktops, laptops, etc etc and still we have only 5.5% unemployment!! And that is with 20 million liberal illegals, and other liberal policies, like highest corporate taxes in world, off shoring our jobs.

I know, as a typical liberal; you lack the IQ to understand so I won't ask if you understand.

And of course , a chart to demonstrate my previous argument :

 

[EdwardBaiamonte]

And of course , a chart to demonstrate my previous argument :

too stupid!! hourly compensation is way way up in China where people earn huge wages now and now buy more cars than we do. 35 years ago they bought 0 cars.

Do you understand?? See why we have to be positive that a liberal will be slow??

 

[EdwardBaiamonte]

Well Ed, US salaries have stagnated for the 60% of the population . Haven't they ?
The increase in productivity and automation hasn't had a net positive effect on the overall population in the US.

what would you expect after liberals ship the well paid industrial jobs to China and then invite in 20 million illegals to bid down the wages of the remaining jobs??

Time to change the subject like a good little liberal rather than
show the character necessary to admit your utter defeat?

 

[EdwardBaiamonte]

Well Ed, US salaries have stagnated.

and Chinese salaries have not. have you ever heard of international trade? Globalization?? See why we say slow.

 

[CultureCitizen]

And of course , a chart to demonstrate my previous argument :

too stupid!! hourly compensation is way way up in China where people earn huge wages now and now buy more cars than we do. 35 years ago they bought 0 cars.

Do you understand?? See why we have to be positive that a liberal will be slow??

Don't change the subject Ed. We were discussing the effects in the US , which is already an industrialized country, not in a third world country ( which admitedly is quickly becoming industrialized).

 

[william the wie]

And of course , a chart to demonstrate my previous argument :

too stupid!! hourly compensation is way way up in China where people earn huge wages now and now buy more cars than we do. 35 years ago they bought 0 cars.

Do you understand?? See why we have to be positive that a liberal will be slow??

Don't change the subject Ed. We were discussing the effects in the US , which is already an industrialized country, not in a third world country ( which admitedly is quickly becoming industrialized).

And also roboticized. lego robot kits are acailable on Amazon for $350 or less. Adult kits with the same blocks but better programming interface makes it possible to breadboard an entire assembly line before automating for real.

That plus simulation software means the cost of automation is going way down much faster than earlier predictions.