The world is changing at dizzying speed. Blockchain, artificial intelligence, machine learning, the Internet-of-things, and 3D printing are disrupting the economy and the labor market. The changes are so epic that some say we are living in the Fourth Industrial Revolution.
It has been estimated that 73 million existing jobs will be eliminated by the year 2030 due to automation. At the same time, we are witnessing a worldwide rise of populists who offer reassuring words and economic nostalgia.
Since World War II, the U.S. has increased its manufacturing output with fewer workers thanks to automation. A famous Ball State study estimates that 88 percent of manufacturing job losses have been lost to automation (rather than global competition). Despite the decline of manufacturing jobs, productivity has grown, and millions of new jobs have been created.
Read more at the Washington Examiner.