Is Automation To Blame For Jobless Recoveries?

Over the last few months it has become trendy to jump on the neo-Luddite bandwagon and bemoan how machines are taking our jobs, and as automation gathers pace, they will take our jobs in never before seen numbers. It's led to a renewed emphasis on policies such as the Universal Basic Income. I'm inclined to think that much of this is simply bandwagon jumping, and have argued in the past that the notion that the current revolution is somehow different to all of those in the past is not born out by the evidence, whilst at the same time admitting that governments are largely failing to do the kind of things required to support citizens in their attempts to adapt. A recent paper provides a further element of evidence to add to the discussion. It looks at the role technology plays in economic recoveries, both in terms of economic growth and the number of jobs. The paper reveals that whilst economic recoveries in previous decades would usually involve average increases in employment of around 5% per year, this has slowed significantly since the 90s.