Sunday, January 4, 2015

Robots to threaten Blue Collar Workers

in a recent article for Project Syndicate Roubini writes :
"New manufacturing technologies have generated feverish excitement about what some see as a third industrial revolution,"

"In the years ahead, technological improvements in robotics and automation will boost productivity and efficiency, implying significant economic gains for companies.""Unless the proper policies to nurture job growth are put in place, it remains uncertain whether demand for labor will continue to grow as technology marches forward," Roubini says."capital-intensive, thus favoring those who already have financial resources; skill-intensive, thus favoring those who already have a high level of technical proficiency; and labor-saving, thus reducing the total number of unskilled and semi-skilled jobs in the economy.""the risk is that robotics and automation will displace workers in blue-collar manufacturing jobs before the dust of the third industrial revolution settles," Roubini writes.

"The gains from technology must be channeled to a broader base of the population than has benefited so far. That requires a major educational component. In order to create broad-based prosperity, workers need the skills to participate in the brave new world implied by a digital economy."

 Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics
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