We are approaching the age of automation, a time in which machines, robots, and software will dominate the labour market. But, unlike the industrial age, which brought with it a plethora of jobs, automation will render many human workers obsolete, and we’re not ready to deal with this consequence, according to Microsoft impresario Bill Gates.
Speaking at economic think tank The American Enterprise Institute on Thursday, Gates said, “Software substitution, whether it’s for drivers or waiters or nurses […] it’s progressing […] Technology over time will reduce demand for jobs, particularly at the lower end of skill set […] 20 years from now, labor demand for lots of skill sets will be substantially lower. I don’t think people have that in their mental model.”
In terms of solutions, Gates posits that tax codes could be changed to encourage companies to employ people over machines, even suggesting scrapping income and payroll taxes entirely.
Source: Business Insider
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