Automation is going to be the next big shaper of the world economy.
I mean, within a decade McDonald’s will be rolling out fully-automated kitchens. And much of the rest of the industry will follow.
We’re going to see self-driving cars, trucks and planes. Robot cleaners. Cashiers in supermarkets are already disappearing through self-checkouts - next will be automatic-checkouts.
In all of this disruption there will be 3 distinct groups, each affected very differently;
Business-owners. They will benefit massively from the lower costs of robots vs humans. Expect the rich to get much much richer.
Skilled/Knowledge workers. General gains in their own productivity will mean higher salaries.
Unskilled workers. Many of their jobs will be replaced by robots - salaries will fall, unemployment rise. It’ll be very tough at the bottom. Being unskilled will be the equivalent of being illiterate today.
Now, who will these business-owners sell to if many unskilled workers lose their jobs?
Well, the increased spending of business-owners and skilled workers will more than offset the reduction in spending of unskilled workers. Business-owners will be fine.
Ok, so what does this mean to you?
If you’re training for a job, make sure it’s technology or automation-proof. Don’t train now to become a commercial aviation pilot, for example.
Invest in yourself, invest in gaining skills.
Get into artificial intelligence, or, at least, head towards a technology-related job.
Consider becoming an entrepreneur. There has never been a better time.
