The Rich and Their Robots Are About to Make Half the World's Jobs Disappear
Two hugely important statistics concerning the future of employment as we know it made waves recently: 1. 85 people alone command as much wealth as the poorest half of the world. 2. 47 percent of the world's currently existing jobs are likely to be automated over the next two decades. Combined, those two stats portend a quickly-exacerbating dystopia. As more and more automated machinery (robots, if you like) are brought in to generate efficiency gains for companies, more and more jobs will be displaced, and more and more income will accumulate higher up the corporate ladder. The inequality gulf will widen as jobs grow permanently scarce—there are only so many service sector jobs to replace manufacturing ones as it is—and the latest wave of automation will hijack not just factory workers but accountants, telemarketers, and real estate agents. That's according to a 2013 Oxford study, which was highlighted in this week's Economist cover story.
Related: automation & job loss
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• Automation & Technological Unemployment