An unsettling specter haunts the world economy: a future of ubiquitous robots that destroy millions of jobs. Sometimes this is called "artificial intelligence"; sometimes it isn't. Either way, it threatens the social stability of the United States and other advanced countries, which depend on most people working most of the time. Well, don't believe it, says a massive new report.
"We are not heading for a jobless future anytime soon," argues the OECD, a group of 36 major countries with a combined population, including the U.S., of about 1.3 billion. Most of its conclusions apply to the entire OECD.
It matters who's right. With many advanced economies facing challenges from populist parties, economic performance will be crucial in determining the political outcome. Job loss or low wages "may contribute to the growing sense of frustration and discontent among the middle class," says the report, which was released last week.
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