Technological Unemployment
Technological unemployment arises when technological advancements lead to job losses. This phenomenon is increasingly prominent, cited in numerous media outlets and discussions on platforms like Reddit and Wikipedia.
Historical Context
- Early Industrial Revolution: Between 1811 and 1817, textile workers, known as Luddites, opposed automated looms, fearing job loss. This movement is an early example of automation impacting employment and wages.
- Keynes' Prediction: John Maynard Keynes, in his 1930 essay, coined the term "Technological Unemployment," suggesting that labor economization could outpace the creation of new jobs.
Indian Context
- Mahatma Gandhi: Gandhi led peasants against British indigo plantation owners, allegedly due to exploitation, but actually due to synthetic indigo production by companies like Bayer.
- Bank Computerization Strike (1978): Over half a million bank employees protested computerization, fearing job losses. However, the shift led to significant banking efficiency and increased population access.
- Mumbai Mill Strike (1982): A massive strike due to low wages and poor conditions was overshadowed by the introduction of synthetic fabrics, leading to a collapse in the cotton textile industry.
Current and Future Implications
- AI and Job Loss Concerns: Protests in London and San Francisco reflect fears of AI-induced job losses and human extinction, advocating for government regulation.
- Web Creator's Stance: Tim Berners-Lee champions a human-centric web amidst threats like misinformation and data control loss.
- Regulatory Challenges: Governments, including India’s, face the dilemma of over-regulation hindering AI benefits, or under-regulation posing risks to society.
The author, Ajit, aims to explore the intricate relationship between technology and society. These views are personal and not reflective of Business Standard's stance.