By Eulalie Lacroix. Manufacturing Robot. Published at Friday, November 09th, 2018 - 17:40:24 PM.
First, when you raise the cost of labor for small entry level jobs, there will be fewer of them as businesses raise their prices and clientele evaporates, some businesses will close, fewer jobs. The businesses and business models that survive will absorb those costs with rate and price increases to customers - this results in inflation therefore your dollar will be worth a little less, how much is hard to say; 10%, maybe 20%, which is about how much the minimum wage increase would be from what it is now if it went up to let's say $10.00.
Analysts say that the use of robots has moved away from the large, expensive machines used for the most recent years in industries such as the automotive sector, to much more complicated robots that are more capable of completing more complex tasks. This enhances the competition inside the economy, basically providing a staple to go off of. Without scaling up to competition, companies can have severe, negative impacts as a result of not competing with industry innovation. According to Boston Consulting Group, investment into robots will rise 2-to-3 percent annually. Taking away one of the major staples to the manufacturing industry, and having blue-collar working people, would stop this annual growth and have an impact on the economy and competition.
"Re-inventing manufacturing" almost sounds like the mission statement of a Technocrat or Futurist looking to capture the utopian dream. Indeed, but why can't we? After all, Henry Ford's assembly line is a pretty old concept. Yes, certainly we have made incremental advances and yet, what about the proverbial "OMG" revolutionary innovations, and "leap-frogging" type paradigms shifts in the manufacturing sector? I guess we are still waiting for those aren't we? We don't have Star Trek assimilation machines yet, I suppose someday we will, and I hope the US is the nation to bring such dreams to fruition.
You see, there was an interesting article in Business Insider Tech News titled "Foreign robotics companies find success in China," written by Jonathan Camhi published on September 22, 2015 which stated:
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