Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
Tech
News18 » Tech
1-min read

Millions of Jobs May be Lost to Robots: MIT Economist

Millions of low-skilled and medium-skilled may lose their job to automation, as per an American economist. It is estimated that the US has already lost 360,000 to 670,000 jobs to robots since 1990.

IANS

Updated:July 11, 2017, 11:02 AM IST
facebookTwitter Pocket whatsapp
Industrial RObots, Automation, Employment
Representative Image. (Image: AFP Relaxnews)

While industrial robots have already displaced hundreds of thousands of jobs in the US since 1990, they are about to take millions more from human hands in the next decade, 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 interview published on Sunday night. Industrial robots have been replacing a range of low-skill and medium-skill occupations, reports Xinhua news agency.

A paper published in March by Acemoglu and Pascual Restrepo, another MIT economist, estimates that the US has already lost between 360,000 and 670,000 jobs to robots since 1990. In an aggressive scenario, Acemoglu estimates in the paper that industrial robots will lead to a 0.94-1.76 percentage point lower employment to population ratio and 1.3-2.6 percent 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.

Watch Video: Karbonn Aura Note 2 Review

 

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Sarthak Dogra
Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results