The Rise of the Robots: How Will Machines Impact Your Practice?

Heather Stewart of The Guardian writes about how the rise of machines could result in the displacement of up to 35% of workers in the UK over the next 20 years. Her article begins as follows:

A “robot revolution” will transform the global economy over the next 20 years, cutting the costs of doing business but exacerbating social inequality, as machines take over everything from caring for the elderly to flipping burgers, according to a new study.

As well as robots performing manual jobs, such as hoovering the living room or assembling machine parts, the development of artificial intelligence means computers are increasingly able to “think”, performing analytical tasks once seen as requiring human judgment.

In a 300-page report, revealed exclusively to the Guardian, analysts from investment bank Bank of America Merrill Lynch draw on the latest research to outline the impact of what they regard as a fourth industrial revolution, after steam, mass production and electronics.

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Posted by Logan Davis, Associate Editor, Wealth Strategies Journal.