Posts Under: labor

McKinsey Global Institute Releases Report on Automation and Work

Yesterday, the McKinsey Global Institute released a new report called, “Harnessing Automation for a Future that Works.” This report comes after SIIA released its own report titled, “Artificial Intelligence and the Future of Work” which touches on many of the same issues.  Similar to the SIIA report, it found that the adoption of automation carries significant benefits that outweigh the costs. In 2013, two Oxford economists estimated that occupations accounting for 47% of all U.S. employment were at risk of automation.  The McKinsey report states that more accurate assessment of the impact of automation on work is by looking at the impact by activity rather than the entire occupation.  By its assessment, only less than 5% of occupations can be fully automated with today’s technology.  Though, looking at automation via activity instead of by occupation, roughly half of all activities worldwide could be automated, totaling roughly $16 t ...