Economies of the future: Robots and Artificial Intelligence, the new economic motor or downfall of the working class?

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Technological progress and innovation have significantly contributed to global economic growth, societal advancement, and higher living standards. However, there is growing concern over the future that lies ahead because of increasing robotisation and progress in artificial intelligence (AI), which are feared to cause significant loss of labour demand. The body of posterior economic scientific work addressing this topic mostly concludes on a positive note. Namely, recent technological advancements have resulted in a net increase in labour demand, but this demand is redistributed to different tasks and occupations. Yet, future oriented research, most notably by Frey and Osborne (2017), has sparked a debate on the future of work due to estimations that indicate that over 40% of jobs will become automatable in the next 20 years. Therefore, the societal question remains: Robots and Artificial Intelligence, the new economic motor or downfall of the working class?