Futurology

“There is a perception that the economy is changing, and workers have to make a drastic decision: to undergo training or to go into retirement because the investment in their own human capital is not worth it,” Giuntella says.

As the world's leading manufacturing nation, it is no surprise that Chinese people are feeling the headwinds of robotic automation first. Mainstream neoliberal economics says AI & robotics will provide more jobs than they take away. Yet, here we see evidence of the contrary.

As goes China today, the rest of the world will soon follow. If robot and AI employees are so cheap to employ, who will buy the expensive goods and services from human-employee businesses?

The recent US election seems more evidence that the neoliberal model of capitalism is crumbling and in decay everywhere. Maybe whatever replaces it will have to honestly face up to the economic realities of AI & robots.

Research Paper

Financial Times article