Technology Replace Labor

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Fundamental to technological advancements are a transition from manual labor to automation. While automation has been a buzzword over the past 5 years, this concept has been streamlining manual processes as early as the steam engine in the 1800s. Yet, this new era of automation and artificial intelligence has invoked fear of a society in which computers replace both blue collar and white collar jobs. Despite what it may seem, technology has not replaced labor but improved task efficiency and provided workers the time to focus on other tasks. Over the course of history, the adoption of new technology has created jobs, increased productivity, raised earnings, and increased the demand for skilled labor. History of Automation Over the course…show more content…
However, based on a historical perspective, technology has displaced routine work into highly skilled labor. Needless to say, technology enables workers to produce more goods and services and thus creating higher wages and living standards amongst the middle class. The increases in wages is a result of competitive labor markets compelling employers to pay workers a wage proportionate to their productivity. With that said, virtually all Americans today enjoy material living standards vastly better than those in the 1900. By comparison the GDP per capita in 1913 was $5,301, while in 2014 it was…show more content…
Technology from the steam engine to the internet have not only improved our lives but created new business models and driven economic growth. Only until recently, technology has begun to disrupt traditional skilled labor. The emergence of financial technology has made strides in automating investing which traditionally required a financial advisor. Despite what it may seem, this transition was not intended to replace traditional financial services but create more accessible platforms to the middle class However as technology continues to unfold, machines will soon be composed of artificial intelligence and deep learning. This encompasses a set complex of algorithms mimicking the neural networks and decision making in humans. In this situation, the demand for technical professions such as software developers and engineers will become more prominent. Ultimately, technology will free us up even more from our day to day toil and allow us to create positive and socially beneficial work
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