Robonomics - Principles, Benefits, Challenges, Solutions

Abstract

The next 15-20 years will witness the massive introduction of robots – both as consumer robots (including companion robots) and industrial robots as result of the advances in robotics, artificial intelligence and automation. Economists expect this with mixed feelings. While some extort the benefits artificial intelligence and robotics will bring to societies, others predict a darker scenario. The massive introduction of robots and the transition of the economic system to robonomics (robot-based economy) will cause many people to lose their jobs, new jobs would be created, production facilities will scale down and change their geographic location, and the sources of employees’, companies’ and countries’ competitive advantages will change drastically. This will have profound implications on the nature of work, level and sources of incomes, leisure time, politics, international trade and relations, ownership rights, etc., hence leading to major social, economic and political challenges and tension. Societies will be forced to find unconventional solutions to these challenges – birth right patents, universal basic income, constant and fluid free life-long education of population, robot-based tax system, redefinition of human rights, etc. This paper elaborates on the economic principles of robonomics, pinpoints its benefits and challenges, and sketches some of the solutions to its challenges.

Keywords: Robots, Robonomics, Robotisation, Robot-Based Economy, Artificial Intelligence, Automation, Fourth Industrial Revolution, Industry 4.0, Workless Society, Technological Unemployment