In a decade, robots will take over 45% of manufacturing jobs and cut labor costs by $9 trillion, leaving a large part of today's society dumped into historical garbage.
According to the British "Daily Telegraph" website reported on November 6, the Bank of America predicted in a 300-page report that as early as 2025, robots and other forms of artificial intelligence would change the world to something that people almost could not recognize. To the point, they will break the old business model with a whirlwind of “creative destructionâ€, and the impact of this transformation will eventually reach $30 trillion or more per year.
The report said: "The speed of destructive technological innovation will change from linear to parabolic." If any country cannot take advantage of this robot revolution, its competitiveness ranking will rapidly decline and be left behind. South Korea is currently a leader in this area, with 440 industrial robots per 10,000 employees, followed by Japan and Germany. The UK ranks 75th and is among the lowest in the developed world.
The report says that as the world's population ages and Asia's endless supply of cheap labor begins to dry up, demand for automation will "swell".
According to the report, since 2000, China’s manufacturing wages have increased eightfold, and the country’s labor force is decreasing. China is already the world's largest buyer of robots, accounting for a quarter of the global market.
Over the past decade, the cost of caring for the elderly “care robotsâ€, “agricultural robots†for sowing and picking fruits, commercial drones and artificial intelligence has fallen by an average of 27% and is expected to fall another 22% by 2025.
According to the report, the price of an advanced robot welder has dropped from 182,000 US dollars in 2005 to 133,000 US dollars last year, and its precision has been increasing. The Baxter collaborative robots that work with people in the factory are now available for only $22,000.
We are approaching a key "turning point" - the cost of using a robot is 15% lower than the cost of hiring a worker.
This threshold has been crossed in the automotive industry in the United States, Europe, and Japan, with an hourly cost of $8 for robotic spot welding and $25 for labor.
According to the report, the social consequence of this is that people at the bottom of the job market will be eliminated, and if they do not accept re-education, these people will no longer be able to find a job. Bank of America said it was "a replacement of manpower" and estimated that nearly half of the jobs in the United States would be at risk.
Productivity will increase dramatically, but wages will not increase simultaneously. Capital owners will receive a larger portion of global income, making inequality even more extreme.
The workforce will be further divided into the most educated “rich†and the “poor†with only high school diplomas, not to mention the 800 million illiterate people in the world. If governments fail to take action to mitigate this impact, it is not difficult to imagine the explosive political consequences.
The report said that the middle class is not restless. Bank of America says the "robot consultant" using computing systems will ruin the jobs of 25 million workers in the financial and legal services sector. Now the "millennials" of 18 to 34 years old will be the first group to be transferred to this post-human service era.
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