Question

Let’s think about the future. Self driving cars are already here; robotics proliferate in manufacturing. Artificial intelligence is coming. As each of these things is perfected and injected into society, the long-run aggregate supply curve will shift left. That’s fantastic because it means our potential is great.

But the downside of the efficiencies is employment. But will employment move with it. If a firm can replace 1,000 employees with artificial intelligence it has increased its efficiency. Will we need truck drives, when self-driving trucks are available? What about the employees. What do we do?

So our questions is identify whether you believe it is a concern and why (using economic concepts in your answer). Then Identify 3 things that society or the government could do to address this situation.

Answer 1

Question - Let’s think about the future. Self driving cars are already here; robotics proliferate in manufacturing. Artificial intelligence is coming. As each of these things is perfected and injected into society, the long-run aggregate supply curve will shift left. That’s fantastic because it means our potential is great.But the downside of the efficiencies is employment. But will employment move with it. If a firm can replace 1,000 employees with artificial intelligence it has increased its efficiency. Will we need truck drives, when self-driving trucks are available? What about the employees. What do we do?So our questions is identify whether you believe it is a concern and why (using economic concepts in your answer). Then Identify 3 things that society or the government could do to address this situation.

Answer - Yes , This a fact that with the advancement in the technological era with the wide and rapid application of science , engineering and technology , we are moving a rapid pace day by day . Be it Manufacturing industry ,transportation , Assembly , even home cleaning , everything is getting artifical and more efficient with highest possible accuracy . we can do the work or get the output more accurately with the robotic, artificial intelligence ( marketing ) , self driving robotic, etc and a lot more which is beyond this answer. So I believe that no doubt the efficiency will increase in term of production , profit, revenue etc . As mentioned also the aggregate supply curve will shift towards left indicating the potentional increment . But The downside is that it will create unemployemnt . And Yes, this is a issue of concern for the whole humans as thhe human workforce is only the one who is doing all the work which will be replaced and result in vaccum space . This is actually a concern from our point of view because in todays world also there is huge unemployemnt and with the coming of these artificial things more unemployemnt will be created But according to the time the human skil changes and here only the fittest will survive . Applying here the concept of darwin will suit my Justification that Labourers and worker need to upgrade their skill to operate those advanced machineries and robotic .They shhould create self employemnt for themselves which is the only solution to avoid unemployment . The demand in the labour market will be reduced as the supply increase with the help of robotic and other advanced intelligence .

The government or the society can do folowing things to avoid this issue according to my point of view

• They should create a chain or learning process of self employement their enterpreneurship
• They should provide self asses thier potential and abilities or technical understanding with the advancnemnt in the technological era .
• The govt. should make policies upgrade in labour market for skilled and unskilled workers .

HAVE A GOOD DAY !