Automation & Recent Jobless Discoveries – Business Insider
The past three economic recoveries have been “jobless” ones. Job growth has lagged far behind GDP growth. In “Jobless recoveries and the disappearance of routine occupations,” economists Henry Siu and Nir Jaimovich point out that since the end of the Great Recession in June 2009, U.S. real GDP per capita has grown by 3.6% but per capita employment has fallen by 1.8%.
Popular explanations include lack of demand and policy uncertainty. But Siu and Jaimovich offer another explanations.
They argue that jobless recoveries “can be traced to a lack of recovery in a subset of occupations; those that focus on “routine” or repetitive tasks that are increasingly being performed by machines.”