Part 5/10:
The inevitability of labor substitution—where human roles are replaced with machines—is driven by various economic forces. When a machine achieves measurable superiority over human labor in terms of output quality, efficiency, cost-effectiveness, and safety, the transition to automation becomes not just merely possible, but economically rational.
Better, Faster, Cheaper, Safer
To understand this transformation, we focus on four pivotal criteria:
Better: Machines produce superior output compared to humans in numerous applications.
Faster: Automation completes tasks in significantly less time.
Cheaper: The overall financial investment required to employ machines may greatly undercut the costs associated with human labor.