(Original source Financial Times)
“In a world of rapid technological advancement and automation, what responsibility or role, if any, does the private sector have in job creation? The prevailing wisdom is that technology will materially disrupt global employment — a recent Oxford Martin School study estimates that 47 percent of jobs in the US will be lost to automation in less than 20 years. Such gloomy forecasts are a far cry from the expectations of the Washington consensus (and Reganomics and Thatcherism, for that matter) just 30 years ago when the private sector was cast as the primary engine of job creation and economic growth.
In the narrow focus of business, technological shifts hold the promise significantly to reduce the costs of labour (and thus increase margins and returns); enhance efficiencies that enable companies to process data and information faster and more cheaply; and deliver their products to their customers more quickly.”
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