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Robots creating a wages and employment 'death spiral' warns IMF
Stephen Letts, ABC News, Wednesday May 23 2018
According to an International Monetary Fund research paper, the future of automated work appears to be a dystopian march to rising inequality, falling wages and higher unemployment. The research looked at a range of scenarios, from modest substitution of labour by robots and AI to a world where they take over all traditional technologies. In call cases, “automation is good for growth and bad for equality,” the study found. “In scenarios where the traditional technology disappears and robots take over the automatable sector, the economy either ascends to a virtuous circle of ongoing endogenous growth or descends into a death spiral of perpetual contraction," the IMF report said. "Unfortunately, the odds strongly favour the death spiral."
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