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Countering the march of the robots narrative

I read a very interesting Report last week – False Alarmism: Technological Disruption and the U.S. Labor Market, 1850–2015 – published on May 8, 2017 by the Information Technology and Innovation Foundation (ITIF) and written by Robert Atkinson and John Wu. The title is indicative of the message. Somehow, contemporary commentators including many on the so-called progressive Left are stuck in the ‘robots are coming for your jobs’ narrative, which then somehow morphs into a resignation that there will never be enough jobs for all those who desire them, and then surrender, we need a basic income to keep people eating. Apparently, then human creativity will spring forth from the despair of unemployment because the pittance received from the basic income will allow people to engage their inner entrepreneurial spirit with businesses popping up all over the place, great works of art and music being pumped out and all the rest of the basic income camp’s vision of blithe happiness. Pigs might fly! Of course, if this was happening at the pace that some would have us believe then productivity growth would be booming and investment to GDP ratios high. The robots camp then say – well it is only a matter of time – business needs time to adapt to the new technologies available (for example, Artificial Intelligence and the Modern Productivity Paradox: A Clash of Expectations and Statistics). Technological change is on-going and there have been great leaps in techniques in history. But the ITIF research suggests that the current era does not signal it is one of these great leaps, and, in fact, the “US labor market is experiencing unprecedented calm” right now.

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