Robonomics: benefits, challenges and solutions

The next 15-20 years will witness the massive introduction of robots – both as consumer robots (including companion robots) and industrial robots as result of the advances in robotics, artificial intelligence and automation. Economists expect this with mixed feelings. While some extort the benefits artificial intelligence and robotics will bring to societies, others predict a darker scenario. The massive introduction of robots and the transition of the economic system to robonomics (robot-based economy) will cause many people to lose their jobs, new jobs would be created, production facilities will scale down and change their geographic location, and the sources of employees', companies' and countries' competitive advantages will change drastically. This will have profound implications on the nature of work, level and sources of incomes, leisure time, politics, international trade and relations, ownership rights, etc., hence leading to major social, economic and political challenges and tension. Societies will be forced to find unconventional solutions to these challenges – birth right patents, universal basic income, constant and fluid free lifelong education of population, robot-based tax system, redefinition of human rights, etc. This paper elaborates on the economic principles of robonomics, pinpoints its benefits and challenges, and sketches some of the solutions to its challenges.

ROBONOMICS: The Journal of the Automated Economy, 2021

The technological advances in the last decades are transforming the global economy and society paving the way for the automated economic system, aka robonomics. This editorial provides a brief overview of automation technologies, their application in various sectors of the economy and society, and elaborates on robonomics as an economic system and a scientific field. Robonomics is introduced as an economic system that relies almost entirely upon automation as a production factor rather than human labour. As a new scientific field, robonomics goes beyond the economic aspects of the automated economy and focuses on the social, cultural, demographic, political, environmental, legal, geographic, psychological and other issues raised by automation technologies as well. Finally, the editorial introduces ROBONOMICS: The Journal of the Automated Economy, and the publications in the inaugural issue.

Manisa Celal Bayar Üniversitesi İ.İ.B.F, 2022

There is no doubt that modern technologies have greatly influenced the business world in recent years. All technological applications brought by Industry 4.0 have provided more mechanization and started processes that do not involve people. This revolution is at the initial stage of changing the world order. People can now imagine a world dominated by robots at work. In the 18th century, many people could not have imagined that such a thing would happen. Over the years, humans have perfected the technologies that robots tend to work on. In this article, the effects of the economic system called robonomics as a result of widespread use of robotics, artificial intelligence and automation are discussed. The positive and negative aspects of the effects of the increase in the use of robots on productivity, cost and labor, which are economic indicators, are examined in this article. With the widespread use of robots, it is predicted that more technicians, economists, and mechanical engineers will be needed in the workplaces, as well as unemployment concerns due to the spread of robots to work areas. The mentioned process will not take place in the short term, positions and roles will change gradually. The study has a conceptual aspect, and it reveals the effect of robots on the industrial use from different perspectives.

ROBONOMICS: The Journal of the Automated Economy is an open-access peer-reviewed journal in the emerging field of robonomics – the automated economic system that relies on automation technologies, robotics and artificial intelligence as production factors, while the use of human labour is minimised. The journal addresses the economic, social, political, legal, ethical, technological, and environmental aspects of the future automated economic system and aims to develop the theoretical foundations of robonomics. The journal adopts a social science perspective to the issues of robonomics. The engineering aspects of automation technologies fall within the scope of the journal as long as they are discussed from a social science perspective. ROBONOMICS is a real open-access journal - there are no publication charges for authors and no fees for readers! For full scope of the journal and submissions please visit: https://journal.robonomics.science/index.php/rj/about

Service Robotics

There are concerns over the present and possible future impact of new advancements like robots and artificial intelligence on welfare. Experts from different fields including science and business have been concentrating on how new developments may affect the job market, and more broadly how new advancements will influence the society. It would be easy to get support for the use of robots for the tasks which are too difficult or too dangerous for humans. What is the capital owners’ focus at that point? What are the economic and social consequences of robotization? In this chapter, literature review including the recent thoughts on how developments in robotics may cause major changes in welfare distribution and revolutionary economic changes is presented.

Journal of Global Strategic Management

This article analyzes the overwhelming changes that robotics and Artificial Intelligence will bring to our lives, many of which are already with us. It explains how robots were born, and the difficulties of assessing the productivity of new technologies are underlined. Next, a distinction is made between the effects of robots when used as human aids and as a substitute for human labor. In the second case, the threatening question arises of how to solve the problem of mass unemployment, which will surely be caused, as there will no longer be any kind of work, as demanding as it may be, that cannot be executed by robots. The answer is that, in fact, the real problem is the way wealth is distributed, not unemployment. Given that new technologies are the legacy of the long-term development of the whole of mankind, it is unacceptable for their beneficial consequences to be monopolized by a small group of people owning the robots. Therefore, in the next few years state intervention will prove absolutely necessary in order to impose an adequate mode of income distribution. Finally, the article highlights the unknown risks associated with Artificial Intelligence and refers to measures that could mitigate them.

2018

Financial services jobs could be relatively vulnerable to automation in the shorter term, while transport jobs are more vulnerable to automation in the longer term 4.1. Total automation rates across industries 4.2. Impact on industries over time 4.3. Drivers of differences between industries 4.4. Which sectors are likely to see the largest jobs gains? 5. Which occupations could see the highest rates of automation? 5.1. Total automation risk across occupation categories 5.2. Impact over time by occupation 5.3. Drivers of differences between occupations 5.4. Composition of industries by occupational category 6. Why does the potential rate of job automation vary by type of worker? 6.1. Total automation risk across workers 6.2. Potential automation rates by education level 7. What are the public policy implications? 7.1. Education and skills 7.2. Job creation through increased public and private investment 7.3. Enhancing social safety nets 8. Implications for business: constraints, opportunities and responsibilities 8.1. What constraints will need to be overcome to realise benefits for business? 8.2. AI's impact on company value chains 8.3. AI and healthcare provision 8.4. Businesses need to help workers retrain and adapt to new technologies 8.5. Conclusion Annex-technical methodology

How autonomous robots affect economic sectors, 2022

Within the Mechanical Age that humankind has entered exceptionally whereas prior with steam arrangement has caused to primitive mechanization in generation. With the occasion of web and portable advances, gadgets, nano innovation, progresses in pharmaceutical, wellbeing and computerized applications at that point on speed up mechatronics thinks about these days. Critical put on the motivation of Mechanical technology and connected science and so the financial specialists like Roubini, Stiglitz too entered inside the talk of mechanical autonomy and fake in insights impacts on financial matters and commerce. The dangers amid this respect, on a day by day premise we are seeing colossal news and articles in trade pages, with respect to on these points and clearly corporate life and experts cannot stand up to to those changes. Changing assortment of the commerce terms and work strengths, the way of doing commerce by utilizing unused advances will have genuine impacts on the everyday calling and determining from these on nations and on world financial matters. Numerous things and feature Keywords: Robots, Robotics, Artificial Intelligence, Business, Economics.

George, B., & Paul, J. (Eds.). Business Transformation in Data Driven Societies, Palgrave-MacMillan, 2019

Most people in the future will not need to work, at least in the ways in which we continue to think about work/human labour. In this chapter, we discuss the role of humans in the future economy. We begin with a discussion of the evolution of the integration of robots into the economy. Then, we turn out attention to the economics of robotics and AI, showing how these technological changes alter the economy and how markets and political responses may unfold. Then we discuss how humans can remain competitive in the new economy, developing skills that are needed and how educational institutions will have to change to address the new economic reality. Finally, we conclude, showing that humans will have to see their relationship to the job market differently and there will have to be an appropriate political response to the new economic landscape with changes in taxation and new ways of ensuring economic and political stability.

International Journal of Economics, Business and Management Studies

This paper speculates about the impact of robotisation on the world economy in the next 20 years. It is argued that though robotisation of sectors destroys jobs and thereby unleashes recessionary tendencies, Artificial Intelligence (AI) enables entrepreneurs, managers and workers to make more efficient use of their time and thereby leads to an increase in time available for consumption. We highlight that in any given sector, robotisation spreads because of its greater cost efficiency as compared to conventional production. But this development by itself would lead to a decline in relative prices of products supplied by a sector and through income effects stimulate consumption. Thus, in the wake of robotisation, the recessionary tendencies emerging from the destruction of jobs are pitted against the expansionary tendencies emerging from AI facilitated increase in consumption time and the mentioned fall in relative prices. Therefore, both increased and decreased economic activity are ...