Debate continues to rage, most certainly, about the extent, depth and specific implications of Automation and Artificial Intelligence on employment.
I tend to be more pessimistic than some, particularly given the extended decline in employment and wages trends in many ‘advanced’ economies. Research from Acemoglu and Restrepo at M.I.T state things fairly plainly:
On wages and employment
According to our estimates, one more robot per thousand workers reduces the employment to population ratio by about 0.18-0.34 percentage points and wages by 0.25-0.5 percent.
I think we tend to severely under-estimate the capabilities of developing A.I. and Automation systems ( yes, it is hard to perceive exponential change) on “high-prestige” employment (i.e Doctors/Lawyers/Bankers), so I think this is even more reason to pause and consider the chart below.