Fear of ‘Automation Anxiety’ on the rise
With a significant amount of job displacement likely to be caused by artificial intelligence and automation, “automation anxiety”, or a fear of machines causing substantial job losses, has arisen.
However, at the macroeconomic level, the job losses from automation are likely to be broadly offset by job gains arising from new technologies, such as robotics and AI. This will include some completely new jobs in areas relating to these technologies which will be highly-skilled and require significant remuneration. Bespoke, non-routine jobs will remain in the human domain due to the low cost-value payoff of automating them, and significant growth in such jobs is also forecast.