Question

In: Economics

Write no more than 300 words. To what extent do you agree or disagree with this...

Write no more than 300 words.
To what extent do you agree or disagree with this argument:
“Robots 'to replace up to 20 million factory jobs' by 2030

Solutions

Expert Solution

I totally agree with the statement robots to replace up to 20 million factory by 2030 . Around 1.6 manufacturing job will be lost by manufacturing of each new industrial robot and the regions with least skilled will be severely affected.Region where there are already low skilled workers leads to low Economic growth and high unemployment ratio and introducing robots in these regions will although boost the Economy but will lead to more unemployment. With increase in population, companies need to increase their production at great scale for which they are finding robots to be beneficial in form of Increase in production as well as time saving. On a average, as more additional robots will be installed more job losses will be there in comparison to high skilled regions. Even robots are there to put factory workers to journalist , out of those particular jobs giving rise to white collar work which getting vulnerable to automation. But the basic idea regarding replacing the job with robots is that companies eants to increase their profit and they don't care about the job losses they just want to increase their profit earning ratio which can be done only by increasing production and decreasing cost per unit . If we talk about Initial job losses, more than 1.7 million job have lost since year 2000 , and country which are mainly affected by this is china followed by Europe and then United states.


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