• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Robots set to displace millions of more US jobs: US economist

    By Ians
    |

    Washington, July 11: Robots are about to take millions of more jobs from human hands in the next decade after industrial robots have already displaced hundreds of thousands of jobs in the US since 1990, said a renowned American economist Daron Acemoglu.

    "There's a real mismatch between our institutions and the technologies coming on board," Daron Acemoglu, an economist at Massachusetts Institute of Technology (MIT), told Axios Media, an American news website, in an interview published on Sunday night.

    Robots set to displace millions of US jobs: US economist

    Industrial robots have been replacing a range of low-skill and medium-skill occupations, reports Xinhua news agency.

    A paper published in March by Acemoglu and Pascual Restrepo, another MIT economist, estimates that the US has already lost between 360,000 and 670,000 jobs to robots since 1990.

    In an aggressive scenario, Acemoglu estimates in the paper that industrial robots will lead to a 0.94-1.76 percentage points lower employment to population ratio and 1.3-2.6 per cent lower wage growth between 2015 and 2025, indicating millions of workers could lose their jobs in the next decade.

    Technological advancements have long-term social and political implications, as low-end blue collars are more vulnerable to robots.

    To relieve the pain inflicted on working class by new technology education reforms are necessary, said Acemoglu.

    IANS

    For Daily Alerts

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    Notification Settings X
    Time Settings
    Done
    Clear Notification X
    Do you want to clear all the notifications from your inbox?
    Settings X
    X
    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more