Freakonomics Radio 461. How to Stop Worrying and Love the Robot Apocalypse
May 6, 2021
In this engaging discussion, MIT labor economist David Otter, CEO James Rosenman, and Stanford economist Karen Eggleston explore the complex interplay between robots and the labor market. They dive into how collaborative robots are transforming patient care in nursing homes, particularly in Japan. The conversation highlights both the potential for automation to improve efficiency and the risks of job displacement. They also consider the societal implications of a future where human roles evolve alongside technology, emphasizing the necessity for adaptive education and policies.
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Technology's Double-Edged Sword
- Technology democratizes access to services like Amazon, acting as a modern butler.
- However, technology-driven wealth often concentrates at the top, exacerbating inequality.
Productivity vs. Wages
- The US economy has seen rising productivity but stagnant median wages.
- Productivity gains primarily benefit the top earners, worsening income inequality.
Low-Wage Job Abundance
- The U.S. labor market generates many low-wage jobs.
- While not ideal, an abundance of low-wage jobs creates competition for workers.