60 Minutes on Job Growth and Robotics

Two weeks ago, two MIT researchers spoke with 60 Minutes about where we’re going in terms of job growth and what that will change in the global economy. Since the Great Recession, these two researchers say, the economy has started to recover and corporations are making more money but there aren’t as many jobs as there were before. It’s because of automation, MIT concludes. Watch the video below:

Although American job growth is important, a manufacturer’s number one priority is likely cost-effective, quality production. Machines provide increased efficiency at a low cost, as well as a safer working environment and increased sustainability.

Baxter, the robot this segment suggests will replace Chinese workers, works at roughly $3.40 per hour. As Chinese wages grow and shipping costs soar, this will become a competitive advantage.

Even comparing on scales of hours isn’t quite correct because robots can produce more output more accurately than humans in the same amount of time. For instance, in the time it might take a human to do a task 100 times, a robot can do a task much more quickly without losing precision as humans might when they get tired. The cost per acceptable item produced is a much more accurate comparison.

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