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Edge Capital Research Team

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The Best Way To Predict the Future Is To Invent It

Summary

Jobs in America are evolving before our eyes.  From 2005 through 2015, net employment in the US has increased by 9.1 million.  All of the net job growth during that time is attributable to growth in alternative work arrangements primarily through the use of independent contractors.[1]  Some of these contractor positions have been created by new technologies such as Uber.  The idea that one would stay 30 years at a single company in a traditional work arrangement may be a thing of the past as technology increasingly molds the skills needed for the 21^st century job market.   The Internet of Things (IoT) and advances within cognitive computing will drastically reshape our employment opportunities and educational system.  Advanced artificial intelligence is no longer the exclusive domain of sci-fi movies.  These technological changes are not as far into the future as one would expect.  Some researchers estimate that 47% of total US employment could be taken over by computers by 2033![2]

[1] Katz and Krueger (2015) Data from CPS and Princeton-RAND survey, Feb. 2005 and Nov. 2015.

[2] Carl Benedikt Frey and Michael Osborne: The Future of Employment: How susceptible are jobs to computerization? 9/2013

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