Gresham College Lectures The Economics of Work and Technology - Daniel Susskind
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Nov 11, 2025 Daniel Susskind, a research professor and economist from King's College London, delves into the intersection of technology, AI, and the workforce. He discusses the historical misconception of automation leading to mass unemployment and highlights how new tech can create more jobs by complementing human tasks. Using examples like ATMs and modern medical AI, Susskind argues that technology often increases demand for human roles. He raises critical questions about the balance between job substitution and complementarity in today's rapidly changing landscape.
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Capability ≠ Job Loss
- New AI systems can outperform experts at specific tasks like image analysis but that doesn't imply job losses.
- Economic impact depends on how technology changes tasks, not just capabilities.
The ATM Employment Puzzle
- ATMs were built to replace tellers for cash handling but US teller employment doubled after their spread.
- ATMs complemented tellers by shifting branch work toward customer service and sales.
Two Forces Of Technological Change
- Technology has two opposing effects: substitution reduces demand for automated tasks while complementarity raises demand for other tasks.
- Complementarity works via productivity, a bigger economic pie, and changing consumer demand.
