Publisher's Synopsis
The relationship between robotic invention and economic growth
Can robotic invention bring social economic growth? If it is possible that why and how robotic invention can assist any countries social economic growth? First, we need to know whether what economic growth means in order to answer this question. In macro economic view, economic growth may mean that GDP growth, employment ratio growth, job creating growth, unemployment ratio reduces, consumption growth, productive industries growth, service provision and service needs increases. So, it seems that any countries' social development, when it can have positive impact growth for any one of these issue. It implies that the country's economic is growing.
To dicsuss AI and economic growth issue, it may being these two main questions. Whether robotic invention may have direct or indirect relationship to influence any countries' economic growth? What are the main factors to cause robotics invneiton to bring the country's economic growth in its society?
One one hand, some researchers believe that robotic invention may influence any countries' economic growth. However, otherwise, other many reseachers find large and robust negative effects robots on employment and wages. They estimate what are more robot per thousand workers reduces the employment -to-population rate by between 0.18 and 0.34 percentage points, and is associated with a wage decline of between 0.25 and 0.5 percentage. Because many jobs can be replaced by robotics. So, it seems that robotics invention can reduce workers number and increasing wage level, even robotic increasing number, it can influence unemployment ratio increases to the country. But, some lecturers estimate that it can impact economic growth. They estimate that AI may deliver an additional economic output of around US$13 trillion by 2030 year, increasing global GDP by about 1.2% annually. This will mainly come from substitution of labour by automation and increased innovation in products and services.
What is the impact of robots on society? They may include this spillover, one robot per thousand workers has slightly less of an impact on the population as a whole, leading to an overall 0.2% point reduction in the employment-to-population ratip, and reducing wages by 0.42%. Thus, adding one robot reduces employment nationwide by 3.3 workers. So, it seems that robotic number increases may influence global workers number increases many influence global workers number reduces as the same time. It can cause unemployment workers number increases in societies.
On the other side, robotic invention can increase productivity, because robots increase productivity, which means that fewer human hours are needed to produce a given output. But, higher productivity also reduces production costs and output prices. Consequently, robotic production anticipation, it can increase the qualitity demanded by consumers, and firms hire workers in this increased demand.
