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Economic Developmentopinion

It's all change as robots threaten to take over the world of work

We are into the next wave of technological change that will involve increased use of artificial intelligence and "clever" machines.

A robot tutor at the University of Birmingham

Artificial Intelligence and robots: how will they change the nature of work?

There’s been much analysis recently of what is referred to as the º£½ÇÊÓÆµ’s “productivity puzzle” whereby, despite employment increasing, the output per worker remains largely the same. The solution to this problem, according to economic and business commentators, is simple; increased investment in better equipment. Such investment, it’s typically argued, enables companies to operate at higher rates of efficiency.

Further, they assert, such investment correspondingly reduces the unit costs in production of goods allowing companies to be more competitive.

We are into the next wave of technological change that will involve increased use of artificial intelligence and “clever” machines.

This raises important questions as to the this change.

As history demonstrates, there are frequently negative consequences for workers whose skills are displaced by the introduction of new technology.

Some suggest that the consequence of increased use of the latest technology will be profound in the loss of large swathes of “white collar” professional workers.

Henry Ford is remembered as the person who allowed mass production to flourish. Influenced by the 1911 book Principles of Scientific Management, he believed that it was possible to produce more effectively.