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Why Automation is Good for the Economy

When science fiction writers started to predict that robots would someday take over many of the jobs that human workers do, they probably didn’t realize that the time would come so quickly. In the last 10 years, engineers and computer scientists have made rapid advances in the design and production of robots. Computers and robots are everywhere, but especially in the manufacturing industry. Automation will certainly change the way people do work, but that doesn’t mean that the overall number of jobs will decrease or that the economy will suffer. We can tell you about some of the ways that automation will increase jobs and the overall growth of the economy.

The Saved and Re-Invested Company Money

If a manufacturer invests in automation, it can save the business money and create jobs for people who assemble, design, and maintain the automated machines. There’s always the risk that the jobs that have become automated will be lost, but when companies have more money, they can hire in other areas, increase their existing employees’ wages, or start new off-shoot companies. This creates more money flowing through the economy and provides opportunities.

The Nature of Technological Advancement

In terms of the people creating and maintaining the machines, their skills will be highly valued. More people will study engineering and robotics, and skilled jobs will steadily grow in demand. Even what could be considered unskilled jobs, or assembly of machines or routine maintenance, will need to be completed by humans. Over the course of history, humans and machines have always worked in tandem. When the first stone chisel was invented, it took fewer people and less work to cut things, but it created a whole new field of possibilities for what humans could do with the saved time and energy. If you think about the evolution of technology as this type of progress, saved and redistributed effort, then robots are just the next phase and the economy will continue to adapt and flourish as a result. Economies adapt to these types of shifts in each age, and preventing innovation isn’t really an option anyway.

Staying Competitive

The fact is, automation has been proven to save companies resources, so eventually any company that wants to be competitive is going to invest in it. If a country wants to stay at the top of their respective field, they’ll invest in this convenient and cutting-edge technology. Automation will not only create new types of jobs and increase liquid revenue in the economy, it will also pave the way for even more advances in the future that will be the foundation of economies then.