Tag Archives: robotics

If I was going to guess, and I do not have to do so, it appears the US is retooling to update capabilities. Maybe they will put forth a plan to minimize inventory too. The source of all this retooling? Probably using up the money made during the pandemic and also government funds invested in infrastructure. And maybe, they are creating minimal setups to handle a variety of product like we did for one supplier of hoods to Chrysler. Automotive still...

Chinese President Xi Jinping has called for a robot revolution in manufacturing to boost productivity. Wages in China are rising, and it's becoming harder to compete with cheap labor. An aging population in China also necessitates automation. The working-age population, people age 15 to 64, could drop to 800 million by 2050 from 998 million today. Chinese robotic growth is forecast to exceed 20 percent annually through 2020. Interesting article to read in full. China's socialist ideology...

Mass unemployment, wage stagnation and growth of communism could come from technological advances  Karl agrees: The mode of production of material life conditions the general process of social, political and intellectual life. It is not the consciousness of men that determines their existence, but their social existence that determines their consciousness. At a certain stage of development, the material productive forces of society come into conflict with the existing relations of...

Productivity growth (the rate at which technology is displacing workers) had slowed to roughly 1.0 percent annually in the years since 2005. This compares to a 3.0 percent growth rate in the decade from 1995 to 2005 and the long Golden Age from 1947 to 1973. Most economists expect the rate of productivity growth to remain near 1.0 percent as opposed to returning back to something close to its 3.0 percent rate in more prosperous times.…  It is also worth noting that the high productivity...

On August 19, 1964, the then US President Lyndon B. Johnson established the – National Commission on Technology, Automation, and Economic Progress. He established the Commission in response to growing concern during the deep 1960-61 recession that the unemployment had been created by the pace of technological change. Ring a bell! He wanted to an inquiry to explore this issue and come up with recommendations on how to deal with the possibility that automation was wiping out jobs and the...

Important.  Is global society and the global economy at a turning point and if so, what happens next? It's chiefly about the developing world, but similar challenges face the developed world.  Technological innovation results in emergence and emergence present fresh challenges along with new opportunities. How those involved in rapid change will react is uncertain. Will they be able to adapt, and, if so, how? While coordination increase the return from coordination, or will competition...

China bought 90,000 robots in 2016, accounting for almost a third of the global total, and the robot revolution may raise China's economic competitiveness, according to a report released this week by Bloomberg Intelligence. China.org.cnChina on rapid progress of robotization: study Xinhua

On multiple levels, in both the Third World and the developed world.[embedded content]It doesn’t have to be a catastrophe, however, since Western governments can implement a large-scale industrial policy to bring back manufacturing and reverse the trend of de-industrialisation.The mass unemployment that will result must be solved by government programs to create socially and economically useful work for decent wages, and maintenance of aggregate demand by fiscal policy.

What happens as the few workers we see in these videos below are no longer needed? And, even more importantly, when middle class and professional jobs get hit by the same trend through AI and more sophisticated software?Capitalism has both a supply-side and demand-side. As more and more work is done by machines or software, the relationship between aggregate demand growth and private sector employment growth will start to break down – or at the very least become very weak. Eventually, a...