Subtitles section Play video Print subtitles Technological advancements are changing the prospects for employment at an unprecedented speed. Things that just 5 years ago were done by humans, are now done by machines and code. The long-term benefits are probably positive as things will likely become cheaper and we'll have more time for leisure. Until then individuals not prepared for the changes may be replaced by machines, get laid off or take pay cuts. To figure out if your job will be affected, MIT economist David Autor defined three questions you should ask yourself. First, will technology compliment or replace the job you provide? Computers can't think for themselves. But they can and will do jobs that follow clear rules so programmers can tell them what to do. Therefore, people employed in jobs that can be programmed away will be driven out of work or find themselves in less paying positions. On the other hand, people that use technology to become more productive, will hold onto their positions and even see a raise in income. Second, is the demand for the product or service you help provide elastic? If you run a cleaning service in a city where most people still mop their own floors, technology might help you to offer your services more efficiently. The resulting lower prices, makes your service suddenly more attractive to low-income households and the additional demand creates new jobs. However, if you work in the kitchen of a noodle shop empire there will be a point at which no matter how efficient you make the noodles, people won't buy an additional bowl - they are full. Therefore, the quantity demanded for food is not very elastic and more efficiency will not create more jobs, but rather the opposite. Third, can you easily be replaced by other people? If your job is easy to learn and can be done by others, then you will feel pressure on your wages. But if you are highly skilled or you possess unique character strengths, then there will be less competition for your position. Thus offering you job security and a stable income. Until societies implement good models to share the wealth and the leisure time that technological advances will bring us, the most creative problem solvers and adaptive team players will reap the fruits of an uncertain future. Children that start school today, will look for a job in 20 years. What do you think? What jobs will most likely disappear in your community and how should schools and parents prepare their kids to do meaningful work then?
A2 income job leisure elastic technological service The Future Of Work: An Economic Theory 45 1 Summer posted on 2020/04/28 More Share Save Report Video vocabulary