- Don't fear an AI-induced jobs apocalypse just yet, West suffers from too little automation, not too much.
- $25bn spent on industrial robots in 2020, less than 1% of global capital expenditure.
- Robot usage historically centred on car industry, electronics industry, now widening.
- Industrial robot price fell from $69,000 in 2005 to $27,000 in 2017.
- Global stock of industrial robots grew from 1m in 2011 to nearly 3.5m in 2021.
- AI technology used for Chatgpt, generative AI, automating office work, process automation.
The Economist — Business — Automation — Robots — AI — Technology
Don’t fear an AI-induced jobs apocalypse just yet
Don't fear an AI-induced jobs apocalypse yet: the West suffers from too little automation. The global stock of industrial robots has grown from 1m to 3.5m from 2011-2021, and AI technology is used for automating office work and process automation.