https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c Made with fortitude en-us 2022-01-24 09:38:39 UTC 2022-02-08 09:12:14 UTC hello@padlet.com unsworthcalum https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2029355164 2022-02-04 12:43:43 UTC https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2029355164 https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2029359404 Automation can create many positive but also negative effects to society and the economy. 

A negative effect of automation is that is can cause unemployment. This is a possible macroeconomics effect because extensive capital labour can be substituted for machines and automation. This acts as an incentive for firms and industries because it lowers the cost of production which means profit can be maximised ]]> 2022-02-04 12:47:02 UTC https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2029359404 https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2029538497 Automation describes the emmergence of capitol as a substitute for labour.
As Automation becomes more established, this will lead to more research and technological advancements into making machinery more efficient. At a certain point, it will become cheaper for firms to invest into capitol then to employ labourers as they do not require salaries as well as other non-wage factors such as working hours. At this point the demand for labour will decrease however the extent to which it does depends on the elasticity of the respective market.
This will lead to a general trend of increased unemployment which will in turn cause a downward pressure on the wage. This mitigates the effect of automation as it will in turn increase the cost-effectiveness of using labour over machinery as it will cause an extension in demand for labour in response to the change in wage rates.
Moreover, there is a lower risk factor in the employment of labour as this is cheaper than investing in machinery which may be unreliable or soon become outdated, reducing the ability of a firm to remain competitive. Therefore the extent to which labour may be replaced by automation will be reduced by consumer low-risk bias.
A rise in unemployment would also mean a reduction in inflation due to the income affect meaning that demand for non-vital goods and services will reduce. As demand for labour and automation are both derived goods, if there is less demand for goods and services there will also then be less demand for those. Low rates of inflation would encourage a higher number of imports from other countries as it would be cheaper. This would also greatly impact the government's income as the total revenue of income tax would be reduced meaning that there would be an oppertunity cost in regards to government spending on welfare. 
In conclusion, autonomy will impact employment however as the economy is reliant on the premise that a certain percentage of the population have a degree of disposable income it is likely that in the long term the demand for employment will not dramatically change although the jobs available may alter.]]> 2022-02-04 14:38:24 UTC https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2029538497 https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2035015026 Automation is the wide range of technology that reduces the need for human labour in certain professions. The microeconomic impact of this is that there will be a fall in the demand for human labour in,for example, Amazon or DHL. This is because automation is able to do the work of people who would have been employed in collection, delivering or packing. Installing this technology would be an example of capital labour substitution. As a result, rates of productivity will increase. The disadvantages of automation is that if capital replaces Labour then the demand curve for labour will shift to inward leading to a contraction of employment. It also might lead to a fall in wages. However, it can increase employment and wages for workers in other jobs such as software engineering and robot maintenance. ]]> 2022-02-08 09:12:14 UTC https://padlet.com/unsworthcalum/bcokz5wwjhpsmu2c/wish/2035015026