The ATM was supposed to wipe out bank tellers.
And yet, here we are in 2023, with unemployment in the US at 3.8%, and an estimated 9.6 million jobs available.
Tech typically creates more jobs overallSimply put, technology creates more jobs than it takes away.
For example, there were fears that the advent of ATMs would put bank tellers out of work.
And sure enough, a few years after the adoption of the ATM, there were fewer bank tellers per branch.
Persons:
—, Morgan Stanley, David Autor, who's, Banks, James Bessen, Here's Morgan Stanley, Uber, Carl Benedikt Frey, Daron Acemoglu, Simon Johnson
Organizations:
Service, Tech, Microsoft, Microsoft Excel, National Association of Economic Research, London, Oxford Martin School
Locations:
London, Hollywood