Clik here to view.
The technology is here. But the jobs are nowhere to be found.
Thanks to the efficiency of the internet and automated systems, productivity and GDP have grown during the last few decades, but the middle class and jobs are disappearing.
In fact, we have reached a tipping point where technology is now destroying more jobs than it creates. And if the trend continues we could face a serious crisis in the US and abroad, said Wendell Wallach, a consultant, ethicist, and scholar at the Yale University Interdisciplinary Center for Bioethics.
Robots, 3D printing, and other emerging technologies are all fueling technological unemployment and global wealth disparity, Wallach said.
Technological unemployment is the concept of technology killing more jobs than it produces. While that fear has been considered a Luddite fallacy for the past 200 years, it is now becoming a stark reality, he said.
“This is an unparalleled situation and one that I think could actually lead to all sorts of disruptions once the public starts to catch on that we are truly in the midst of technological unemployment," Wallach said during a presentation at the Carnegie Council for Ethics and International Affairs on Tuesday.
Clik here to view.
