PPI In the News

L.A. Times: Don’t stress over robots; a bright new economy is being born

Good news: The robots may not destroy us after all.

A few weeks ago, I wrote a column that outlined the worries of big thinkers such as Stephen Hawking and Andrew Yang who are predicting a wave of job destruction caused by automation, robots and artificial intelligence.

Michael Mandel begs to differ. Mandel is chief economic strategist at the Progressive Policy Institute. He and Bret Swanson, president of Entropy Economics LLC, just completed a study for the Tech CEO Council that foresees a rather bright economic future brought about by technological innovation.

I recently interviewed Mandel and he made a compelling argument that the application of technology to the physical economy will, in time, produce more jobs, higher wages, greater productivity and all kinds of as-yet-unimagined business activity. The two doomsday narratives that are currently circulating — that robots will steal jobs and that productivity will lag more or less permanently — are as wrong as the 19th century fears that electrification would put people out of work, Mandel said.

Continue reading at L.A. Times.