Robotics, AI Revolution to Benefit the Rich, Increase Inequality – UBS

Research from Swiss bank UBS, published to coincide with the 2016 Davos summit, has warned that while the increase in prevalence of AI and robotics will lead to a number of opportunities, it will also result in a number of global challenges. UBS warned the fourth industrial revolution, which comes after historical developments in steam power, electricity and electronics, will have a greater effect on emerging markets in places like South America and India, as the increased use of robots and AI will undercut the competitive advantage of cheap labor. However, the bank’s chairman Alex Weber said impacts will still be felt in developed nations as demand for certain types of jobs decreases. “Inequality increases not just between developed and developing and emerging countries. It’s also within our society. It will have an impact not only between the rich and the poor but also the young and the old.” Robots Could Take Over Low-Skilled Jobs…


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