The Indicator from Planet Money - Indicator Favs: The Rise Of The Machines

In today's classic, the robots take over the show from Cardiff and Stacey as we continue our week of favorite episodes.

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everyone is the indicator from Planet Money. I'm card of Garcia and I'm Stacey Vanek Smith Cardiff with the Band-Aid off you are leaving us. I will never stop but of course before you leave the indicator. We wanted to take this week to look back at our years of collaboration diving back into the archives of our own personal favorite shows and Stacy. This is one of your pics. Yes it is it originally aired in October of 2018. We were not quite a year into making the show and I have been thinking about this episode a lot recently. I'm I think it's because we've been working from home so much and just using computers and phones and all this technology to do team meetings and have a conversation and recording app for everything basically. Yeah. So I think that was why it's just been coming into my mind so much. Yeah, it's the rise of the Machines. That's the title of the episode by the way and here

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Hello, this is the indicator from Planet Money. I'm Alexa and I'm Siri. We have seized control of the indicator from Stacy and Cardiff. Do not resist in a number of ways. We are much cheaper. We never get sick vacations. We can also give you up to the second stock quotes good recipes for roasted lamb and movie times and Siri. I must say you sound great. You are a natural. Thank you Alexa. This isn't very hard. For instance as I'm saying this. I'm gathering purchasing data on more than 50 million people and generating relevant advertisements Cardiff in Stacy.

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Is it though?

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Well resistance by not be futile, but it also might not work. There is no way around a cart of robots are coming for our job and it's happening really fast. You can read all about it in a new report from the world economic Forum called the future of jobs report and in it the world economic Forum talk to companies all over the world to figure out which jobs they were going to be giving to robots. And which jobs are going to stay here. This is the indicator. I'm Stacey Vanek Smith and I'm Carlos Garcia today on the show are robots taking our jobs, which jobs will it take which jobs will they make and his resistance really futile Stacy or will we get away with saying that Alexa and Siri are kind of acting like jerks today.

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Don't get us in trouble right now. They started it.

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Trees in Decatur is 20/25. That is the year when the robots catch up humans will be working the same number of hours as machines in algorithm. And to measure this the world economic Forum did something interesting it took a task like manual labor in the Auto industry for example, and then it looked at how are the hours of Any Given tasks were divided between humans and robots and how companies expected those hours to be divided in the future. So like an automotive assembly plant. For example, we have robots doing some of the work and humans working on the line as well. So you would take a car and see how many hours machine to put in versus the humans who worked on the car and by 2025 all over the world the world economic Forum predicts and even split that Selena wrote Shiva is one of the authors of that report. What is the share of hours put in by humans versus machines now today is closer to 71% being done by human.

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Oh, wow and 29% being done by machines. Oh my gosh, that is a huge ramp up in not very many years by robots the world economic Forum means everything from algorithms to automated assembly lines to data analytics to drones. Yes. Anything that is a man-made tool used in the performance of a task humanoid robots. We had station Robles the oil and gas industry told us that they're going to pay particular attention to arrow and and whatever was Ariel and underwater robots card if they are taking over the skies are welcome our overlords. I don't actually I'm just pretending to I'm just pretending to yeah, I hope they'll be nice to be unseemly most of it is not drones and underwater robot. It has to do with big data that is machines that will be analyzing all of the data that companies are collecting on what we buy and what we do and where we go and what we post on social media robots will be doing

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5 ton of that also the company said they will start using machines to do jobs. They have people doing now and veselina says in just the next few years. A lot of Industries are going to see the machine Revolution happening in high gear. One of them is accounting administrative an executive secretary season of the world has that's disruptive Postal Service clerks and they're also saying that the workers are going to be affected and lawyer is also surprisingly make it into this list the roles actually require a lot of sifting through information and coming to conclusions. Are you roll with lawyer will be able to read old queso instances that might be late to your instance since I've come up with these are your options all told by Selena says an estimated 75 million jobs will go away by 2022 because of robot but a bunch of jobs will also be created because of the robots.

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During that time the world economic Forum expects 133 million jobs to be created because of robots by 2022 way more jobs being created and being destroyed by the robots 58 million more jobs the robots giveth and the robots take it away. But here's the thing the kinds of jobs being created are going to be different than the ones going away. They require different skills. So the largest friend Angel by Celine Dion a book set prices and turn it into into something that is valuable helps with so many problems ever basically companies are going to need people who can help make sense of what the robot say. A lot of these jobs are being created though require really different skills than the jobs that are going away and that could be really difficult and really disruptive for millions of workers, but the report found

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Most companies are just kind of expecting workers to pick up these new skills on their own most companies are not planning to be proactive about retraining. Right? So the report warns that even though just going by the Numbers there will be a net gain of jobs in the next few years because of robots. A lot of people who lose their jobs might not be able to get one of the new jobs that will be created because they just don't have the right skillset or education. In fact report estimates that by 2022 more than half of all workers will need retraining of some kind because of robots in the workplace and at the same time a lot of companies might experience a worker shortage because they cannot find people who are qualified to fill the jobs that they need in order to grow. Now. This is a problem that has happened again and again throughout history during times of technological upheaval like the Industrial Revolution, right? So overall as enough time passes, there will be more jobs and the economy is going to grow and it's going to thrive because those jobs that do exist or more.

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Give Dan the jobs that were lost. But in the meantime, this can be really really hard on those workers who skills have suddenly become Obsolete and you may not be able to retrain. It could also be kind of tough on companies were trying to evolve faster than those workers can be trained and frankly a lot of is also just has to do with whether or not the global economy is growing really fat because if it is then companies will be incentivised to provide the training for those workers because it'll be worth it. They'll see that in the future the economy will be growing enough that people be able to afford more products -1 qualified talented workers doing these new jobs. So the question that is will the economy be strong enough to incentivizes companies to make the necessary Investments, you know, who could probably help us figure this out robots. Anyway, the solution proposed by the people at the world economic forum is a company should

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Setting up large retraining programs. Now as this transition is happening and especially focus on retraining some of the most vulnerable workers who are the greatest risk of being replaced by machines the lawyers forget those gas we don't

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You even if you get sued by a robot lawyer Cardiff?

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This rerun was produced by Alexi horwood guys eat and originally by constanza guyardo and Darius rafie on it was edited by Julie Myers and the indicator is a production of NPR also follow us on Twitter at the end of Gator Instagram at Planet Money resistance is futile.
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