Don't believe the World Bank – robots will steal our wages

Automation will bring growth, but history tells us labour's share of national income will decline

The World Bank has a reassuring message for those fearful of being made obsolete by automation. The robot age is nothing to be worried about. Just like all previous waves of technological advance, the fourth industrial revolution will create rather than destroy jobs, so fears of mass unemployment are largely unfounded.

Nor should we be concerned that the arrival of the new machine age is going to widen the gap between rich and poor, because the idea that the world is becoming a less equal place is more perception than reality.

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