Disruptive technology has two effects; a displacement effect and a corresponding compensation effect. IBM Watson powers Softbank robots called Pepper to be first line customer services for Mizuho bank and Nestle's coffee stores. Being a luxury product would clients want to buy from a robot? Emotional intelligence is needed but certain markets will dictate what is wanted and needed. Are we starting our own extinction?
According to a new report by Deloitte, the robotics industry is expected to grow to be worth £35 billion by 2025, and by the 2030s robots will allegedly have taken more than 11 million jobs. However, don’t start stockpiling machine guns against the AI apocalypse (or more accurately, start worrying about your jobs) just yet. Although robots are often seen as devices that could replace us all, this is a gross misjudgement thanks to a combination of economics, processing power and simple biology. Put into historical economic context, every labour-saving technology since the Spinning Jenny of the 1760s has met with misplaced public anxiety.