How will Hong Kong fare in the new wave of automation?

With revolutionary developments in robotics, artificial intelligence and machine learning, the concept of automation replacing human jobs is quickly becoming a reality. But there is serious debate about the consequences of automation on labour and economic markets, with a clear division between optimists and pessimists. Optimists believe that new forms of technology will lead to higher labour productivity, which in turn, will lead to economic growth and new employment opportunities, a view shared by the McKinsey Global Institute in its report "A Future that Works". The pessimists, including Silicon Valley entrepreneur Martin Ford in the book The Rise of the Robots and The Economist's Ryan Avent in The Wealth of Humans, predict that gains from productivity growth will only go to a small group, those who own the data, algorithms, and intellectual rights. The majority of working people will see their wages fall and jobs lost, according to the pessimists, leading to an oversupply of labour and decreased consumption overall.