NEW YORK (FOX 5 NEWS) - The technology of the 21st Century keeps changing industries. Erik Engquist of Crain's New York Business says technology has been changing the business world for centuries. Jobs are lost in certain fields and move to others.
We have seen ATMs replace bank tellers, electronic tolling replace toll booth collectors, and more. He says that robots and machines will continue to take jobs away from humans. So the new jobs are going to go people who can code, program, design, and service robots and related software.
He says minimum wage increases are accelerating some of these changes, but they would happen regardless of the minimum wage.
Previously, robots were only able to do mechanical tasks but now they're learning to think and replacing a lot of high-paying jobs, including stock traders, Engquist says. He points out that computer programs can be better at trading options, for example.
There is no question the technology industry will cause great disruption for workers. And the problem is that if a robot or other type of machine takes your job, you won't be immediately trained to fix or code that robot, Engquist says. So you will have to fine some other line of work.
Even police officers' jobs aren't safe. Engquist says facial recognition software is so good that cameras can scan thousands of people at once and the software will pick out wanted suspects.
Now it's not all bad. Engquist says that robots will make goods and services cheaper for everyone so you might not need as many workers to sustain a household.
Engquist also says robots won't be able to take over jobs in creative fields. He says computers will never be that creative. they won't make art or music or comedy. Therefore, truly creative jobs will still belong to humans.