Chapter 1: The Reality of Automation

It’s time to face the truth: the concept of “full employment” is increasingly unrealistic.

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In my former hometown in Denmark, a new convenience store has opened that operates without any staff, remaining accessible 24 hours a day. I won’t delve into the technical specifics, as they detract from my main argument. However, for those interested, further details can be found here.

What I truly want to address is a significant issue that remains largely unspoken. The rise of technologies such as this convenience store highlights a more pressing concern: we have long surpassed the point of achieving full employment. Various sectors, especially those that are productive, are experiencing drastic job losses.

Take agriculture as a prime example: despite 62% of Denmark being farmland, only about 2.5% of the workforce is engaged in agricultural roles. Similarly, staffless hotels are becoming the norm, and many gas stations operate without any personnel.

Moreover, the impact of advanced AI will extend beyond just productive sectors; service industries will also feel its effects. Imagine a future dominated by self-driving cars—what will that mean for jobs?

The necessity for parking attendants will diminish, as autonomous vehicles will spend only a fraction of their time parked. Traffic enforcement will also be transformed; AI systems will adhere to regulations far more effectively than humans can, eliminating issues like drunk driving or speeding.

While there will still be a need for legal professionals, the demand may significantly decrease.

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The overarching trend indicates that human labor is becoming less relevant, increasingly separated from the ability to generate profit. This raises a critical question: what implications does this have for society?

People require sustenance and income to survive. Fortunately, many European nations have established robust social systems designed to protect individuals from hunger in times of unemployment. However, these systems were developed in the aftermath of World War II based on the assumption that everyone could find work. This assumption is now outdated and has been for quite some time, leading to a potential crisis as costs soar in numerous countries.

It feels inevitable that we must engage in serious discussions to find solutions to this dilemma. Options could include implementing a Universal Basic Income, taxing companies on their production means instead of workers’ earnings, or reducing working hours to distribute available jobs more equitably.

These suggestions could be pursued individually or in combination, or perhaps there are other innovative solutions yet to be conceived. The critical point remains: if we do not proactively address these issues, our labor market may face an explosive crisis.

Additionally, we must acknowledge that many workers endure low wages and poor working conditions. This presents a unique political opportunity to break this cycle of exploitation.

As a side note, jobs that do not provide a living wage should not exist, a sentiment echoed by the International Labour Organization (ILO).

Technological advancements are irreversible once implemented.

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Chapter 2: Exploring Solutions

The first video, "Labor Market Downward Revision of 818,000 Jobs!" discusses the recent adjustments in labor statistics, highlighting the challenges faced in today’s job market.

The second video, "Econ 101 Wages Workers Discussion (Following Stevenson & Wolfers)" provides insights into the dynamics of wages and employment, further illustrating the need for a reevaluation of our current systems.