Economists May Be Underestimating How Fast the Robots Are Coming
- BOE blog says technological change may be quicker than thought
- Developed economies in danger of not adapting quickly enough
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Economists may be underestimating the impact on labor markets of increasing automation and the rise of artificial intelligence, according to a post published on the Bank of England’s staff blog on Wednesday.
“The potential for simultaneous and rapid disruption, coupled with the breadth of human functions that AI might replicate, may have profound implications for labor markets,” BOE regional agents Mauricio Armellini and Tim Pike wrote in the Bank Underground post. “Economists should seriously consider the possibility that millions of people may be at risk of unemployment, should these technologies be widely adopted.”