Just As It Is Robert Pisani, Ph.D
"He who insists on seeing the world just as it should be or
just as he wants it to be, rather than just as it is, brings
down on his head all manner of woe."
Machiavelli, The Discourses (paraphrased)
just as he wants it to be, rather than just as it is, brings
down on his head all manner of woe."
Machiavelli, The Discourses (paraphrased)
OUTSOURCING AND AUTOMATION: A CALL TO REASON
How Large An Effect Will Outsourcing Have?
These structural changes in the world economy will certainly have an effect on the average income of
American workers, on US real estate prices, US tax revenues, and the US GDP. The question that must
be answered is: How large an effect? A simple economic calculation suggests that the average annual
income of an American worker will decline to considerably less than $10,000.
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- As many as 14 million jobs, or 11 percent of the workforce, will be exported from the US in the
next 10 years.
- If a job can be automated at low cost (for instance, using voice recognition or artificial intelligence
technology), it will be.
- In a sector affected by outsourcing, the cost of labor in the U.S. must decline to a level at which US
labor costs equal foreign labor costs in that sector.
- Thus it appears that not only must the averge US income suffere a possibly dramatic decline, but
also the US unemployment rate at all levels must increase.
How Large An Effect Will Outsourcing Have?
These structural changes in the world economy will certainly have an effect on the average income of
American workers, on US real estate prices, US tax revenues, and the US GDP. The question that must
be answered is: How large an effect? A simple economic calculation suggests that the average annual
income of an American worker will decline to considerably less than $10,000.
To read the full analysis and article, click here .
Please give us your feedback.
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