Industrial Insight

rise of the machines… | November 12, 2012

http://www.aei-ideas.org/2012/11/rise-of-the-machines-does-automation-explain-recent-jobless-recoveries/

Monday, November 12, 2012


Pethokoukis

Rise of the machines: Does automation explain recent jobless recoveries?

The past three economic recoveries have been “jobless” ones. Job growth has lagged far behind GDP growth.In “Jobless recoveries and the disappearance of routine occupations,” economists Henry Siu and Nir Jaimovich point out that since the end of the Great Recession in June 2009, U.S. real GDP per capita has grown by 3.6% but per capita employment has fallen by 1.8%. Popular explanations include lack of demand and policy uncertainty. But Siu and Jaimovich offer another explanations. They argue that jobless recoveries “can be traced to a lack of recovery in a subset of occupations; those that focus on “routine” or repetitive tasks that are increasingly being performed by machines.”

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I'm the executive vice president for a steel casting trade association, the Steel Founders' Society of America. I've got a crazy wife, five crazy children, three crazy people that married into the family, and two crazy fun little grandsons.

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