Nighttime Must-Read: Nouriel Roubini: Where Will All the Workers Go?
...capital-intensive... skill-intensive... labor-saving.... The factory of the future may be 1,000 robots and one worker manning them... no guarantee... [of] gains in service-sector employment.... Foxconn... plans to replace much of its Chinese workforce of more than 1.2 million with robots.... Voice recognition software will replace the call centers of Bangalore.... And, of course technological innovation... together with the related winner-take-all effects [are] driving the rise in income and wealth inequality.... The gains from technology must be channeled to a broader base... a major educational component... permanent income support to those whose jobs are displaced by software and machines...
