Thursday, January 8, 2015
Job-reducing Technological innovations will affect Education
Likewise, in the next decade, Foxconn, which produces iPhones and other consumer electronics, plans to replace much of its Chinese workforce of more than 1.2 million with robots. And soon enough voice recognition software will replace the call centers of Bangalore and Manila.
Job-reducing technological innovations will affect education, health care, government, and even transportation. For example, will we still need so many teachers in the decades to come if the cream of the profession can produce increasingly sophisticated online courses that millions of students can take? If not, how will all of those former teachers earn a living?
Governments, too, are shedding labor – particularly governments burdened by high deficits and debts. And, by transforming how services are provided to the public, the e-government trend can offset the employment losses with productivity gains.
Even transportation is being revolutionized by technology. In a matter of years, driverless cars – courtesy of Google and others – may render millions of jobs obsolete.
Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics