| Title | Study: Slowing Down Automation May Have Economic Benefits | |
| Date | Wednesday June 29 2022, @10:02AM | |
| Author | janrinok | |
| Topic | ||
| from the slow-and-steady-wins-the-race dept. | ||
Robots, artificial intelligence, and other automation technologies enable companies to produce more. They also displace workers from their jobs, wreaking havoc on those who have no other training and are financially vulnerable.
Research by Dartmouth and Massachusetts Institute of Technology economists featured in this week's National Bureau of Economic Research (NBER) Working Papers says the speed of automation is excessive and should be cut in half.
"Firms do not necessarily take into account the consequences that automation has for their workers. Instead, they tend to focus on the value that automation will bring to the firm and its shareholders," says co-author Nathan Zorzi, an assistant professor of economics.
"Automation can benefit society as a whole. But it also comes at a cost in the short run. It displaces workers who can be financially vulnerable," says Zorzi. "The government should tax automation to slow down its adoption while these workers retrain and transition to new jobs."
[Also Covered By]: Phys.Org
[Journal Reference]: Inefficient Automation [PDF (732Kb)]
While the race is on for more automation and cost reduction, this paper suggests exactly the opposite. What do you think ?
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