Robots are not on the verge of rendering humans redundant by taking their jobs, according to a new report.
The new study compares today’s hysteria – largely promoted by headline writers and clickbait hunters – to the widespread fears that existed in the 1950s and 1960s, when tech was also seen as a threat to employment.
The When Robots Do It All and Leisure Is Mandatory: Not for Another 100 Years report was carried out by Shushanik Papanyan, an economist at American financial institution BBVA Compass.
“The fear of technological unemployment has not materialized in the past and likely will not in the foreseeable future because the jobs lost to automation will be matched by the new jobs created by the growth-boosting effect of technological advancement,” she said.
And a recent report from PwC backed up this view, saying robots are going to remove the “monotony from our day jobs” as AI-related tech will “boost productivity and generate additional jobs elsewhere in the economy”.