Bill Gates Fears That Robots Will Take Over Human Jobs Soon
It’s not long before the labour market is dominated by bots. That isn’t just street talk; Microsoft co-founder Bill Gates is confident that software substitution will replace the labour force in a span of 20 years. According to reports, Gates expressed his concerns over the ill preparation of most people including governments during his talk at the American Enterprise Institute think tank, Washington D.C.
Considering the rapid development in technology the demand for human labour in the industry will decrease. This is particularly true for sectors that demand a narrow skill set, “whether it’s for drivers or waiters or nurses.”
Gates strongly believes that employees and employers both need to be encouraged at the national level in order to combat the scare. For this reason relaxation in tax rules, especially income tax could prove crucial. Plus, minimum wage policies must be discouraged so that employers are not hesitant to employ more human labour.
It’s not just Gates who considers software substitution inevitable in the labour market; various analysts are of the same view. Only earlier this year, The Economist revealed results from a study that highlighted jobs that could be affected by software substitution. Interestingly, this covered accountants, telemarketers as well as retail workers. Funnily enough, it begs the question: being out of work, who would have the finances to avail these services? Food for thought.