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The changes in technology have had a lot of impacts on economics and daily operations in the current world. The advancement in technology has both positive and negative repercussions that need to be clearly understood before implementing any technology (Mas, 2005). Numerous machines and equipments have been made as a result of technology advancement. Various disciplines like robotics have emerged due to technology change. Robotics is the technology and engineering science of robots, their manufacture, design, application, and structural disposition (Alli, 2005). Robotics is associated with mechanics, electronics and software. With technology change and robotics, signs of robotic world all surround us. Robotics has led to development and increment in the number of robots in both developed and non-developed countries. Technology has to take its own course. However, we should also be keen to explore the consequences that the robots have and will bring to our lives and economy suppose robotics is emphasized. Many robots with various functions have been made since their innovation. In other words, other human beings have been created. Major automakers like Toyota and Honda are presently emphasizing on the humanoid robots development (Hoft, 1996). Toyota has had long history of robot development since 1970s. They (Toyota) have further recommended introducing robots to the Companies to provide cheap labor. With increase in technology, it is likely that many more robots will be made in the future. Robots introduction has a lot of impact on the economic performance in countries which are using them (Mas, 2005). Living standards and economies are affected directly due to changes that occur in workforce in the affected countries/states where robots provide manpower. One is left wondering about not only their future (robots) but ours and the effects of robots on the dynamic economy. With the threats of robots in the economy and society, the paper discusses the effects that robotics has brought and will to the economy especially the introduction of robots in the workforce. Very special attention has been given to America.
How robotics helps increase economy
Intelligent robots development is disruptive, socially and economically. Robotics has led to making of many robots that have displaced many employees from their jobs. With this rate, many people are to be affected in future. As long as the employees will lose their jobs, the production cost will also drop (Dawes, 1999). Humans are expensive however. The high production cost has been as a result of expensive labor charged by the human workers. The introduction of robots has decreased the cost of production as they provide cheap labor. Companies are looking for all means to reduce the workforce so as to decrease production cost. They have overlooked their workforce and preferred robots (especially in America). They consider robots better, faster, dedicated, not supervised, and conveniently to work with (Dawes, 1999). For example, when referring to supply and demand, one cannot sell something for less than its cost of manufacture. Robots can make other robots, and the chain can continue in an exponential succession, and soon the supply exceeds demand. When such happens, the robot price will drop and also the labor cost (Mas, 2005). With humans, the production entails raw material cost, labor cost, facility and machinery usage cost, and intellectual property cost. When robots are used, the cost of labor drops to zero, and cost for robot usage is transferred into facilities and machinery usage costs. When robots are used, the production cost is the cost of producing other products. What is the implication? The more manufacturing capability, the lower the production cost. When .............
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