In ten to fifteen years, Robots are likely to become more pervasive in the Ameri

Question

In ten to fifteen years, Robots are likely to become more pervasive in the American economy in both the manufacturing as well as service sectors. Most of you will be either entrepreneurs or mid-level/upper-level managers/decision makers in the future. Write an essay on the role of robots from both a micro as well as macro-economics perspective.

Evaluate:

(a) how robots will influence production and cost decisions from an efficiency perspective and the benefits/challenges robots will bring to the workplace.

From a macro-perspective:

(b) evaluate the role of robots as they either substitute or complement the workforce, and implications for preparing a workforce to adapt/adjust to the new environment

(c) the distribution of income between labor and capital as Robots become more integrated in the American economy.

Explanation / Answer

The production will definitely increase with labours as they have much more capacity and strength than human and never gets tired. Robots will be more expensive than that of labours but that would be a one time investment.

The challenges would be just of proper maintenance of robots.

B) robots will both complement and supplement to the labours as it can't work solely on its on it will need operators but at the same time will do jobs of many others.

C) capital will be getter much bigger share of it as number of labours would become less.

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