Automation vs. Jobs
This article examines the impact of automation on jobs. Since the end of the Great Recession in June 2009, the GDP of the United States has grown 75% as fast as its average between 1948 and 2007. Ordinarily, such growth would spur companies to hire more workers. However, the fact is that overall unemployment has hovered above 9% for most of the past three years and remains stubbornly high. The percentage of working adults is at its lowest level since 1983, when women were still entering the workforce. Instead of hiring workers, companies are now investing in equipment and technology, which rebounded quickly after the recession. Some economists contend that advanced information and communications technology is transforming the economy by capturing jobs that only humans could have done before. They even consider digital technology when looking at the potential causes of unemployment. They also believe this is a sign of deeper structural changes in the economy.