Market Commentary

Automation is bad for business

Posted by Anton Murray Consulting on . Posted in Market Commentary

InvestorDaily

It is becoming increasingly apparent to business owners that human labour is too expensive, and they’re taking measures to alleviate that – for example, Uber’s efforts to replace their drivers with self-driving cars before their Silicon Valley war chest runs out. Amazon is increasingly automating processes throughout the business, from warehouses to delivery. And it’s not just unskilled jobs that are disappearing – machine learning and artificial intelligence will quash opportunities for plenty of STEM and finance graduates too.

You don’t have to be an IMF bigwig to know that unemployment is bad for the economy. And unemployment isn’t the only factor – long hours, low wages, and stressful conditions all have an impact on the economic activity of workers, who don’t so much consume as survive. “The countries that have been able to grow for the last two or three centuries are countries that have been able to create large middle-classes who have been able to consume and save,” Bailador CEO David Kirk told Investor Daily.

The rest of this article can be found at investordaily.com.au.

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