Ever since the evolution of robots and machines, there have been hundreds and thousands of job layoffs in the US. The figures are still increasing and robots are about to take millions of more jobs, said a renowned American economist.
“There’s a real mismatch between our institutions and the technologies coming on board,” Daron Acemoglu, an economist at Massachusetts Institute of Technology (MIT), told Axios Media, an American news website, in an published interview.
Industrial robots have been replacing a range of low-skill and medium-skill occupations, reports Xinhua news agency.
In an aggressive scenario, Acemoglu estimates in the paper that industrial robots will lead to a 0.94-1.76 percentage points lower employment to population ratio and 1.3-2.6% lower wage growth between 2015 and 2025, indicating millions of workers could lose their jobs in the next decade.
Technological advancements have long-term social and political implications, as low-end blue collars are more vulnerable to robots.
Therefore, Acemoglu said education reforms are necessary to relieve the pain inflicted on working class by new technology.