How many existing human jobs are actually “at risk” to robots? According to an invaluable report by the McKinsey Global Institute, about 50% of time spent on human work activities in the global economy could theoretically be automated today, though current trends suggest a maximum of 30% by 2030, depending mainly on the speed of adoption of new technology. The report’s midpoint predictions are: Germany, 24%; Japan, 26%; the United States, 23%; China, 16%; India, 9%; and Mexico, 13%. By 2030, MGI estimates, 400-800 million individuals will need to find new occupations, some of which don’t yet exist. [...]
The first concerns the length and scope of the transition from the human to the automated economy. Here, the past may be a less reliable guide than we think, because the slower pace of technological change meant that job replacement kept up with job displacement. Today, displacement – and thus disruption – will be much faster, because technology is being invented and diffused much faster. “In advanced economies, all scenarios,” McKinsey writes, “result in full employment by 2030, but transition may include periods of higher unemployment and [downward] wage adjustments,” depending on the speed of adaptation. [...]
The report also recognizes the need to ensure that “wages are linked to rising productivity, so that prosperity is shared with all.” But it ignores the fact that recent productivity gains have overwhelmingly benefited a small minority. Consequently, it pays scant attention to how the choice between work and leisure promised by economists can be made effective for all.
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