3 ms·

Even if the decline in teller employment is not due to ATM's, the parable still suffers if another convenience innovation came along and did kill jobs.

VHRanger 7y ago
The problem isn't that automation kills jobs. Those jobs reallocate over time. We've seen automation act on the economy since the 1820s and nothing about deep learning or big data changes these dynamics. The problem is that those who do lose their jobs have their lives altered for the worse, and those who get the better parts of automation don't share the benefits with the ones losing from it.
VHRanger 7y ago
It didn't kill jobs in aggregate -- unemployment is at its lowest in decades. The bank teller jobs might be disappearing over time, but they'll get reallocated. The point of the article is that that reallocation process can be painful for those affected and increases inequality.
- chii 7y ago
  is unemployment really as low as the reported figures? i dont know what to think after looking at http://www.shadowstats.com/alternate_data/unemployment-charts http://www.shadowstats.com/alternate_data/unemployment-chart...
  - VHRanger 7y ago
    Shadowstats is garbage. Their inflation index is literally the official CPI index plus a constant (~2.8 last time I looked). He's that lazy about his scam. The maintainer of shadowstats isnt in the business of maintaining an honest set of metrics, he's in the business of selling misinformation around hard to measure things.
roenxi 7y ago
We don't know if innovation killed jobs here, we only have a graph showing there are less tellers. It is expected that specific job titles will be obsoleted by technology. That is not a major issue when talking about the net effects on jobs. Society is littered with job titles (like Smith, Turner, Cartwright, Ackerman, etc, etc) that used to be everywhere and are now specialist roles or extinct.

VHRanger 7y ago

The problem isn't that automation kills jobs. Those jobs reallocate over time. We've seen automation act on the economy since the 1820s and nothing about deep learning or big data changes these dynamics. The problem is that those who do lose their jobs have their lives altered for the worse, and those who get the better parts of automation don't share the benefits with the ones losing from it.

VHRanger 7y ago

It didn't kill jobs in aggregate -- unemployment is at its lowest in decades. The bank teller jobs might be disappearing over time, but they'll get reallocated. The point of the article is that that reallocation process can be painful for those affected and increases inequality.

chii 7y ago
is unemployment really as low as the reported figures? i dont know what to think after looking at http://www.shadowstats.com/alternate_data/unemployment-charts http://www.shadowstats.com/alternate_data/unemployment-chart...
- VHRanger 7y ago
  Shadowstats is garbage. Their inflation index is literally the official CPI index plus a constant (~2.8 last time I looked). He's that lazy about his scam. The maintainer of shadowstats isnt in the business of maintaining an honest set of metrics, he's in the business of selling misinformation around hard to measure things.

roenxi 7y ago

We don't know if innovation killed jobs here, we only have a graph showing there are less tellers. It is expected that specific job titles will be obsoleted by technology. That is not a major issue when talking about the net effects on jobs. Society is littered with job titles (like Smith, Turner, Cartwright, Ackerman, etc, etc) that used to be everywhere and are now specialist roles or extinct.