Economic Impact of Automation
Disagreement of magnitude of economic stressors, ensuing bias.
Automation will bring about more good to the economy than not, and also that our economy is structured to be able to handle whatever impact automation may bring.
The rise of automation and AI will inevitably impact everyone, and thus is incredibly relevant.
The particular components that the “economy” consists of for this specific paper, or the scope under which we will scrutinize broader economic impacts.
The economy will be impacted to a large degree.
While conducting research for this project, I noticed that "research" was often infused with opinion pieces that selectively chose data to bolster certain views.
My plan is to contribute an unbiased take on automation by compiling data to support both sides of the argument.
Also, by remaining unbiased, others will be able to reach their own conclusions instead of reading an opinion piece and developing an opinion without sufficient evidence.
Before, I only focused on the negatives of automation but I was able to take note of the silver lining as well, and thus change my overall opinion.
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I thought that many workers would lose their jobs, the economy would take a sizable hit in the short run, but like always, recover in the long run.
Some claimed that millions and millions would be out of a job
it is important to examine these viewpoints as well to understand why our economy has faltered in the past, and why automation may cause such an economic downturn.
by examining the risks of automation, we should be able to mitigate these negatives and ensure that everyone is better off!
I will be personally affected in the years to come by automation. Thus, I have a vested interest in learning about automation and the economy as my livelihood will be affected and that my job will most likely be closely linked to this issue.
I can then advise other economists (and people in general) to either do more or less preparation in anticipation of this shift, all in the hopes that there is minimal job loss, maximum efficiency, and an overall progressive push towards an equitably wealthy society.
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This topic should matter to others because the rise of automation will affect everyone, no matter what sector one is working in. Some may be potentially jobless due to this topic, others may be only slightly affected, and still others may stand to gain (a lot) from such a drastic shift.
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By working to understand this issue in a comprehensive manner, others will be able to identify which of the aforementioned groups they will fall into, and thus better prepare themselves for what will inevitably come
I learned that the type of job that would be impacted the most is also important, as well as recognizing that the economy doesn't only consist of jobs, but a variety of facets such as wages, organizations of firms, market makeup, and so on.
I plan on exploring these four aspects under the scope of a few important components of our economy (wages, employment, etc.) to create the most comprehensive analysis possible.
We will be adequately prepared to accept an influx of automation, those that think we will be ill prepared, those that believe automation's benefits outweigh the negatives.
As for the benefits of automation, we know that automation is fairly inevitable, so it is important to understand how we can use these benefits to our advantage.
By examining the viewpoints of those that think our economy will be just fine, we are able to gain insight into how our economy has been equipped to handle outside stressors.
The United States, while suffering through several economic downturns, has always bounced back at least to some degree. By understanding exactly why the economy was able to recover and why our economy has remained strong during volatile times, we are able to apply this knowledge to the given issue of automation