For most people, the thought of Artificial Intelligence and the continuing development of technology is an exciting prospect to look forward to. Of course, things like high-speed wireless internet connection, at home Virtual Reality goggles, and other similar devices as fun. However, there is a darker side to AI and technological advancement that most people don’t consider: job loss.
There is already a huge problem with income inequality today and one must look at income inequality outside the box if we want to solve it. The argument of the gender wage gap, raising the current minimum wage, and other issues are hot topics. If these income issues aren’t solved, society will remain at a standstill which is bad for development. It is a fact that there are different types of economic inequality, addressing these issues will help move society forward.
The distribution of wealth across the world’s population is very uneven. It is no secret that the top 1% own more than half of the entire world’s wealth which leaves the other 99% to split the rest. At this rate, it is very unfair because the lower a person ranks on the scale, the less access they have to money, jobs, and other opportunities. Without serious thought and help from the government, the gap will widen and more people will live below the poverty line.
The shift of balance will not happen overnight, nor will it be easy. The richest among the population will fight to keep their wealth and it will be nearly impossible to fully equalize distribution of income, but there are ways to do this. One great example of how the rich can help those in need is through bypassing the use of robots, machines, and artificial intelligence to do the job of humans.
How Robots And Machines Ruin The Economy
It is no secret that machines and robots are more efficient at their jobs than humans. Production lines run faster and create more product when robots take over, but this leaves a large number of the population jobless.
Big businesses only think of their personal gain, which is why they prefer to eliminate the chances of human error and replace workers with machines instead. It is also advantageous for companies to invest in machines because in the long run, they are cheaper than paying the salary of human workers.
What many fail to see is how these machines and robots impact income inequality further. Not only will more people find themselves jobless, they will also possess skills considered obsolete and make it harder to find employment in the future. When the average person can no longer afford to purchase the goods robots make, this will also hurt the companies who replaced the people.
Place Value In Humans Not Robots
Solving income inequality will be a long process. It cannot be done in a snap but the economy can be balanced through new ideas such as those described in “Optimizing America.” You can also read more and join the discussion about this on Jarl Jansen’s blog at https://medium.com/@jarljensensocial_76795.
Learn more about income inequality outside the box from Jarl Jensen, author of Optimizing America — a book that covers solutions to our problems today.