How Tech Can Hurt Employment Growth

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July 2 (Bloomberg) -- Co-Authors of "Rage Against the Machine" Erik Brynjolfsson and Andrew McAfee discuss the negative impact of technology on the jobs with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)

Management -- management and another from mcafee.

Thank you for joining us.

Alfred sloan of general motors, that was an age when technology influence everything from the assembly line to what people spend their money on.

What is different about the technology revolution now compared to 100 years ago?

There are many similarities and some important differences as well.

Technology has been always creating jobs and destroying jobs.

It through must -- most of history those were roughly in balance, in fact, more jobs were created and destroyed.

But in the past 15 years or so, the pace of technological change has accelerated and our organizations and institutions and skills have not been keeping up and job creation has flattened or even fallen as more jobs are automated away.

And at andrew mcafee, is there a way to remedy this situation?

There is absolutely way to remedy this.

The robots will not take our jobs and the next three to five years.

The economic playbook has been the same for a while, a double down on infrastructure, invest in education, encourage entrepreneurship, let the immigrants who want to come to this country in and invest in basic research.

It will spur the economy and create jobs.

The fundamental phenomena that erik and i are talking about is not going to go away.

It will only accelerate.

Cracks in the latest issue of the mit review, you talk about polarization of the work force and its relationship to technology.

It can do it -- can you expand on that?

Technology can affect society in a number of different ways.

Economists call its skilled- biased technical change.

It and there's also a superstar - biased technical change.

Technology is hitting people in the middle of the skill distribution of artists, people like bookkeepers, accountants, people who do routine information processing work.

Those jobs are being automated.

That is leaving fewer jobs in that part of the income spectrum.

There are still some good jobs at the high end.

And there are a number of jobs for those who do physical work.

Those have not been automated as rapidly either.

Andrew, given the book and the research that you've done, how would you advise individuals that are either trying to remake their careers or start a career?

What should they be doing?

I give two pieces of advice.

The first is to someone entering college, this is the time to fill up your tool kit, a double down, and work hard to prepare yourself for a career.

I encourage college kids to do a double major and learn out -- and hang out on one end of the campus with the nerds and also walk to the other end and hang out with the pilots and the drama geeks and immersed herself in the humanities.

No matter who you are, you better get good at learning and learning how to be flexible.

The idea that you are going to do one thing for an entire career in the economy that we're heading into just is not make much sense any more.

Eric, who are baxter, watson, and cuba?

Those are people we will get to know better.

Baxter was developed by one of my colleagues at mit.

He is a robot that can do a lot of tasks that people can do, but also can work alongside people.

It is not meant to be one of those robots that is kept away from humans, but interacts with people in a way that does not hurt them and can learn tasks easily.

This text has been automatically generated. It may not be 100% accurate.

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