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I was at an economic conference a few months ago - Larry fink, the head of black rock, the largest asset manager in the world, spoke. He said his biggest fear is that world wars of an unimaginable scale will be fought bc of efficiencies in technology like robots rendering the low skill class unemployable.
Panera Bread here already has about 10 kiosks where you can order. I'd bet they replaced 2 order takers easily.
As soon as the BIG BOX companies get wind of this, no more disgruntled Walmart workers either.... They already have self check-out. Pretty soon the whole store will be self-check-out... You put the item on the belt, you pay, you leave..... No human interaction at all (unless you count the one human standing there... making sure you are not putting unpaid items in your bag)....
So, all the workers demanding $15 an hour, are going to be kissing a machine instead of a paycheck. If you force employers to pay the wages, some will take short cuts, no doubt...
These people make $7/hr for a reason. Say ROI, and they probably think it's the slang term for Roy Roger's
Quote:
Originally Posted by BobNJ1960
Can't wait. Also glad Darden followed the lead of Chili's with tablets.
PS: $15 an hour speeds up installing robots, as capital is approved based on ROI years, and when labor costs more, as the denominator (cost/savings) ROI years decline. Higher ROI payback periods allow labor to stay, and automation not to be purchased.
I was at an economic conference a few months ago - Larry fink, the head of black rock, the largest asset manager in the world, spoke. He said his biggest fear is that world wars of an unimaginable scale will be fought bc of efficiencies in technology like robots rendering the low skill class unemployable.
Smart guy. And he is right. China will feel some serious pressure over it, as will many other countries.
The smart people know its a choice between world wars that might kill us all, and basic incomes that will carry us through.
Can't wait. Also glad Darden followed the lead of Chili's with tablets.
PS: $15 an hour speeds up installing robots, as capital is approved based on ROI years, and when labor costs more, as the denominator (cost/savings) ROI years decline. Higher ROI payback periods allow labor to stay, and automation not to be purchased.
The rate of price reduction really makes it irrelevant. Arguably we're better off bumping the pay to $20 in order to advance our technology, and allow economies of scale to more rapidly lower automation prices.
The idiots in the video ask about what happens to the fired cashiers and suggest perhaps they will become "robot repair workers." If they're only bright enough to be McD's cashiers in the first place, how the hell are they going to be smart enough to repair hi-tech equipment?
Plenty of bright students work at McDonalds. You don't have to be dumb to go out & get a job to work your way through college. What will happen is they will just have to go into greater debt or there will be fewer students.
As soon as the BIG BOX companies get wind of this, no more disgruntled Walmart workers either.... They already have self check-out. Pretty soon the whole store will be self-check-out... You put the item on the belt, you pay, you leave..... No human interaction at all (unless you count the one human standing there... making sure you are not putting unpaid items in your bag)....
actually the technology is available to where you can put your items in your coat, and walk through the scanners and everything will be charged to your credit card automatically, so all you need to is pick up your receipt.
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Just like the Jetson's...total automation...
