Will Robots Create Economic Utopia Summary

966 words - 4 pages

The writer Chris Farrell takes a keen approach to shed light on the new future economic scene. Starting off, Farrell says "The deepening gloom over jobs runs deeper than robots." Claiming that the US economy is at a critical point in remeniscent to the 18th century and Second Industrial Revolution, but now, with Robots. The wealth that can be generated from machines, bits and bytes, algorithms, and artificial intelligence will fundamentally shift our society. Rapid increase in workplace efficiency due to the robotic replacements. Farrell agrees, with change, jobs will be lost, but as with all previous techonological changes, adaptation created new jobs. Belief that the economy will run ...view middle of the document...

7 according to the Beurue of Labor Statistics. An even larger problem is the aging of our baby boomers, as pointed out in Chris Farrell's articile, "demographers estimate that more than 19 percent of the population will be 65 and over in 2030, up from 13 percent in 2010. They're going to need a lot of care, and much of it will be located in the home." The current unemployement status for 55 and over is 4.7 percent. Boomers have felt the effects of the industrial change since early 2000. "If I break my wrist, I lose my house" said Susan Zimmerman, a freelance writer, recorded in the NY times by Catherine Rampell, further writes, "the average duration of unemployment for older people was 53 weeks...The lengthy process is partly because older workers are more likely to have been laid off from industries that are downsizing, like manufacturing."
The economy has seen great rises in the stock market lately, the billion dollar company buyouts have been remarkable. Realestate in San Francisco, Seattle, and New York continues to rise, creating financial utopias for a few. But, if you don't own a house in these neighbor hoods, and you are of the unfortunate that rent, then you will more than likely see a rise in your rent. "According to RealFacts' data, in the fourth quarter of last year, the average monthly asking rent for a San Francisco apartment was $2,741." (Huffington Post) Whole families are being displaced, due to the expansion of city condos, and the rising cost of living, this in turn has created gentrification in many parts of San Francisco.

Some of the huge pros that are attached to the new high-tech economy are astonishing, jobs will be less hectic, more efficient, fewer human-errors globally. Manufacturers will be able to produce more, governments can send out aid releif with the simple push of a button, employees health will...

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