Robotics are now everywhere, except in productivity data: Financial expert

Robots are now all over, other than in performance data: Financial expert

Sectors that stand to gain from robotics, AI, maker learning and other ‘hot’ technologies are the wholesale sector, retail trade and leisure services

Bloomberg Financial experts, political leaders and magnate are all singing the praise of computers, synthetic intelligence and robotics. Are these really revolutionising the economy? There does n’t seem to be much evidence of that up until now, according to Roger

Josefsson, a financial expert with the Swedish information firm Macrobond. It’s”the modern-day efficiency paradox,”he composed just recently in his blog. The lack of performance development over the previous 10 to 15 years has actually been a hot topic of discussion. Investment development has actually been strongly focused in a couple of locations, while labor productivity-the essential motorist of earnings and wages-hasn’t grown much at all. As one of the founders of development theory, Robert Solow, put it: “You can see the computer age all over however in the performance data.”Josefsson asks: Shouldn’t at least financial investments in technologies or workers in appropriate sectors be increasing? Digging into the Conference Board’s Total Economy Database and the EU’s KLEMS database, he found numerous paradoxes. The number of commercial robots is increasing rapidly, however shipment statistics, a good sign of financial investments, are revealing only small enhancements. Labor’s contribution to output growth is also basically the like before the financial crisis. Another cause for issue is that the contribution from Info and Interaction Technology-assets to GDP-growth and– even worse– overall aspect productivity( i.e. from innovation), is falling back.”To be honest, the majority of the improvements in value-added development seem to be simply cyclical,” he said. Josefsson nonetheless found some cause for optimism.

Sectors that stand to gain from robots, AI, artificial intelligence and other’hot’technologies are the wholesale sector, retail trade and leisure services. Here, overall aspect productivity is in fact developing rather well. But those are exceptions in an otherwise quite dismaying set of numbers.

“So next time you hear economists talk about the performance boost the robotics are going to provide us, make them reveal you the data. Then call me, because I wish to know as well,” Josefsson said in a video released by EFN.se, a Swedish financial news website.

Source

http://www.business-standard.com/article/companies/robots-are-now-everywhere-except-in-productivity-statistics-economist-118041001305_1.html