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Money Talks from The Economist

Money talks: Summer special

Money Talks from The Economist

The Economist

Finance & Economics, Business News, Economy, News, Business

4.41.2K Ratings

🗓️ 22 August 2017

⏱️ 18 minutes

🧾️ Download transcript

Summary

In this episode, we do summer stock-taking and highlight some popular items of the year so far. From amazing Amazon - and how it became one of the world's most valuable companies - to the burgeoning business of illegal sand mining.

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Transcript

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0:00.0

Hello, I'm Simon Long, the Economist's finance editor, and you're listening to a special edition of Money Talks,

0:12.0

where we've done some summer stock taking and

0:14.1

look back over some of our most popular items of the year so far and in case we've

0:18.9

missed anything please let us know you can find us on Twitter at economist radio or email us at radio at

0:25.0

radio at economist.com. Technology leaders have been calling on the

0:30.6

United Nations to ban the development and use of killer robots.

0:35.4

Back in April we had a cautionary tale of our own.

0:38.5

We discussed a working paper which concluded that between 1990 and 2007 each industrial robot added per thousand workers

0:46.1

reduced employment in the US by nearly six workers. Industrial robots are most commonly

0:52.2

used in the car industry.

0:54.0

Our free exchange columnist in Washington, Ryan Avant,

0:57.0

discussed this age-old problem with Philip Kogan.

1:00.0

I think the difficult question, and this was also an issue in the 19th century is how good a job are we going to be able to do

1:07.8

Preparing the workers who are displaced by robots to take the new employment opportunities that are created.

1:13.0

And so in the Industrial Revolution,

1:15.0

we were pretty effective in moving people to the cities

1:20.0

where new jobs were being created,

1:22.0

in giving them education, to help them fill those new jobs were being created in giving them education to help them fill those new jobs

1:25.6

and in smoothing the adjustment in that way.

1:28.8

And even so it was still a difficult adjustment and that's why the Luddites were smashing their machines. I think it's going to be a lot

1:33.7

harder now to do all those things. A lot of the cities where the jobs are being created are very

1:37.8

expensive and so people don't want to move there. And then also, you know, someone who's

...

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