THE ECONOMIC ROLE OF ROBOTS
In line with the rise of modern technology nowadays, more and more human-like machines are emerging and becoming a part of our daily lives. Although many say it has several negative impacts especially in the workforce field, there are also tons of ways it can help in lifting a country's economy.
A number of innovations has made execution of jobs faster particularly in factories. Either the robots work alongside humans or they completely take over the task to save both time and money. Even prominent companies like Amazon are dependent on these devices as well, since it carries out daily activities such as stock inventory in a speedier and more efficient manner compared to a the manual style. The car industry is also shifting to electric vehicles, and are being used in therapy sessions for children. This has been threatening low-skilled workers over the years, hence many fail to see its positive effects.
Improved living standards is often the result of increased income, lower costs and an enhanced variety of products and services. The initiator of this is Labor productivity growth, which is measured based on output per hour. Development is usually the outcome of three things mixed together: good labor quality, capital boost, and total factory productivity. These will occur in the presence of better training for employees while capital fuels advancement through tech investments. Simply put, robots are a great contributor in terms of efficiency since even in the face of unchanging human performance level, it still leads to a faster completion of the task.
As expected the advancement is bound to fuel GDP. Two years ago, a study was conducted which assesses the effects of robots in the economy. The results have unveiled that 17 countries who have increased usage of the human-like machines over a certain period of time managed to raise their annual GDP by 0.37%. They also compared the outcome to the productivity hikes that occurred during the turn of the 20th century.
Contrary to popular belief, the popularity of robots over the years will not rob people of their jobs. While it is true that they are bound to replace some laborers, this will eventually push them to consider higher-value work. For example, in the manufacturing field, robots can perform menial activities such as stocking and sorting, while the bigger roles, which are more suitable to be handled by an individual can be completed by them.
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