People have been worrying about machines taking away our jobs since the dawn machines.Those fears have always proven unfounded but it doesn’t mean there haven’t been disruptive times in history where economies faced significant pain.
The Economist looks at the phenomenon this week and it’s worthwhile pondering on the weekend.
For instance, closing the income gap will be a focus of policymakers in the coming years and some places will hike minimum wages. What happens if fast food companies respond by investing heavily in automation? I don’t think we’re far away from building machines that can cook and prepare hamburgers. Even if half the jobs were eliminated from the fast food industry, it would be incredibly painful until the economy adjusts.
