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Will Robots Ruin Our Jobs and Income?

“Will Machines Devour Man?” — New York Times
“The Automation Jobless” — Time magazine
“Automation Might End Most Unskilled Jobs in 10 Years” — U.S. News & World Report
All of the above stories raise the growing concern that robotics, artificial intelligence (AI) and technology will destroy jobs and our ability to earn enough income to live a comfortable life. Some pundits have even suggested we need a universal basic income (UBI) as a safety net against the fear of “automation.”
Time magazine warned, “How much has the rapid spread of technological change contributed to the current high of 5,400,000 out of work?”
Guess what? All of these scary headlines came out in the 1960s!
Since then, all the hand-wringing has been for naught. Technology, indeed, has destroyed jobs, but it has created far more jobs that are both new and better paying.
Machines have engaged in “creative disruption” since the beginning of the Industrial Revolution. The advent of the automobile destroyed thousands of jobs and acres

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