With unemployment rates so high for so long, one explanation making the rounds is that "the robots are taking our jobs." This neo-Luddite, anti-technology narrative argues that high productivity driven by increasingly powerful IT-enabled "machines" is the main cause of U.S. labor market problems, and accelerating technological change will only make those problems worse.

If technology enables the same amount of work to be done with fewer people, the argument goes, then it must be bad for employment. More sophisticated variants of this thesis further claim that accelerating technological change has created too much churn in labor markets, and robots are now storming the last few bastions of scarce human abilities.

This tale is not new. The original British Luddites rose up in the early 1800s to oppose mechanization of the textile industry and went so far as to destroy looms that were replacing workers. In the two centuries since, whenever unemployment rates have risen there have been some who blamed the machines. Many even argued that we were heading toward mass permanent unemployment.

What is different today is how widespread the neo-Luddite view has become and how well-received it is in Western society. When the leading proponents of this view get an amiable hearing on the TV news magazine 60 Minutes, you know that something has changed.

... Read full story on Wall Street & Technology


Post a comment to the original version of this story on Wall Street & Technology