At the end of April, some of the most influential people in the world gathered for a conference at the Milken Institute in California. The meeting was dedicated to the urgent issues that affect humanity. One of the main conclusions drawn at the event was that we are entering the era of robots, writes the Daily Mail.
Machines are becoming more and more widespread in industry, which has already fundamentally changed a number of production and manufacturing fields, such as mining, the food and automobile industries and has especially reduced the number of jobs for humans.
"We see many benefits in the automation of industry. These involve higher quality and fewer mistakes. But this is not at all comforting when it comes to the subject of the future of humanity, " says Michael Chui from the McKinsey Global Institute. The scientist is also one of the organizers of the seminar. More than 3500 influential businessmen, politicians and public figures from around the world were invited.
One of the major findings that was made during the event is that advanced technology has made wages lower, while many qualified individuals have ended up unemployed.
In many Australian mines for example, they are now using the calculations of machines instead of geologists. Market research, which is needed for one to work as a trader on Wall Street, is also being done automatically, even though it was until recently done by experts with several doctorate degrees.
"Anyone who has a job that has anything to do with computers is at risk of soon being thrown out on the street, " says Daniel Nadler, CEO of Kensho, a company that does financial analysis and that is owned by Goldman Sachs Group. "Our data shows that more and more banks are automating their activities, resulting in hundreds of jobs openings being closed, " he adds.
Research reveals that due to the advancement in robotics, roughly 30% of job openings have been closed worldwide. At the same time, the world population is growing, i.e. there are ever more people and ever less jobs.
Another inference from the seminar notes that the development of robotic- and automation-related technologies has led to most of the financial disasters that have shaken the world in recent years.