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Who owns the robots rules the world

Author

Listed:
  • Richard Freeman

    (Harvard University, USA, and IZA, Germany)

Abstract

Robots, that is any sort of machinery from computers to artificial intelligence programs that provides a good substitute for work currently performed by humans, can increasingly replace workers, even highly skilled professionals, and thus reduce opportunities for good jobs and pay. But, with appropriate policies, the higher productivity due to robots can improve worker well-being by raising incomes and creating greater leisure for workers. Consider the way Google reduces the need for reference librarians and research assistants, or the way massive open online courses reduce the need for professors and lecturers. How these new technologies affect worker well-being and inequality depends on who owns them.

Suggested Citation

  • Richard Freeman, 2015. "Who owns the robots rules the world," IZA World of Labor, Institute of Labor Economics (IZA), pages 1-5, May.
    • Handle: RePEc:iza:izawol:journl:y:2015:n:5
    as

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    References listed on IDEAS

    as
    1. Frey, Carl Benedikt & Osborne, Michael A., 2017. "The future of employment: How susceptible are jobs to computerisation?," Technological Forecasting and Social Change, Elsevier, vol. 114(C), pages 254-280.
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    More about this item

    Keywords

    robots; job displacement; lower pay; income inequality; employee ownership;
    All these keywords.

    JEL classification:

    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs
    • D3 - Microeconomics - - Distribution

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