For decades the US economy has suffered from stagnant wages and stifled productivity. While the economy has grown in GDP since 1970 growing from $1 trillion to $18.5 trillion in 2016 and $20.513 trillion in 2018, the American worker has not enjoyed commensurate benefits. Wages have remained flat for decades.
In the past, studies have shown that part of the reason for this was the development of the computer and its influence on businesses improving efficiency.
In a new study from London’s Center for Economic Research, the analysis offered by George Graetz and Guy Michaels of Uppsala University and the London School of Economics, respectively, offers some of the first rigorous macroeconomic research and finds that industrial robots have been a substantial driver of labor productivity and economic growth. (1)Continue reading “Productivity and Robots”