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How automation raises living standards and saves workplaces?
Many analysts today predict future changes in the labor market – in their opinion millions of people may lose their jobs in the coming years due to the introduction of new technologies and automation of many tasks.
The need for work is endless
Many economists agree that there is an almost limitless amount of work that can be done in an economy. The reason for this is the growing needs of people.
The average citizen of many countries (the most striking example is the United States and Europe) in general enjoys a standard of living that is many times higher than that of it’s citizens in the early twentieth century. But nevertheless, none of today’s people will give up additional goods and services if they get additional money (bonus or promotion).
Automation reduces the amount of work needed to produce certain goods and services and also lowers production costs.
Competition drives companies to exploit this advantage to ultimately attract consumers who can afford more for the same money.
Technology even increases the need for labor
The relationship between technical progress and work is more complex than simply transferring routine tasks to computers. Many professions involve both routine and more complex intellectual tasks. Accordingly, the automation of routine allows you to free more time for more complex work, and thus increases productivity.