Automated tools make more money than human workers, new study finds
Posted On June 17, 2021
Automated machinery makes more money in America than all human workers combined, a new study found.
That’s because of the higher price of fuel, equipment, and materials, said Thomas Eich, a senior fellow at the Urban Institute who conducted the study with fellow researcher David Minsky.
It’s true that machines aren’t cheap to build and use, and it’s true they’re not easy to replace.
But automation and technological change is making a big difference.
Here’s what we know about automation and how it’s transforming jobs in the U.S. Automation and automation of other occupations are also taking a bite out of jobs in other industries, such as retail and restaurants.
The number of people employed in retail and restaurant work has declined, for instance, since the late 1970s, according to the US.
Bureau of Labor Statistics.
Some economists believe that automation has helped reduce wages and help keep wages down.
The study also looked at how automation has affected jobs in some other industries that aren’t directly related to manufacturing.
For example, the cost of the cost-of-living adjustment in the 1980s helped to reduce the demand for office furniture.
The cost of renting office furniture has also dropped over time, according.
And a new wave of home improvements has helped to increase the value of a home.
Some studies suggest that some of these changes could help explain the drop in manufacturing jobs.
But there’s no evidence that automation is responsible for all of the decline in manufacturing employment.
We think the economic impact of these shifts is likely to be quite large, Eich said.
And if we take into account the cost savings and other benefits that automation brings, the impact of automation in manufacturing would likely be quite positive.