These technologies will rewrite global competition, wealth generation and employment. This imbalance is flooding research in AI and robotics with money. This amounts to a 16x drop from the unit cost of labour. The unit cost of capital has dropped to less than 0.6 times the unit cost of labour. interestingly, one of the key drivers of these spends is the falling cost of capital.
Will this machine technology make human workers obsolete? If so what is the solution? Investments in automation are pouring and Mckinsey estimates that tech giants worldwide spent anywhere between $20 - 30 billion on AI in 2016.
What we had seen in science fiction films and serials a few years back are no more exciting fantasies of a child but are going to be a part of the present-day output from robots, artificial intelligence, and driverless cars. NEW SKILLS REQUIRED BY HUMANS DUE TO AUTOMATION
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