In the News
How robots are taking over warehouse work
24th April 2024
Here is an article that highlights innovation in retail, with the increased automation highlighting that capital and labour are substitutes in some senses, but also complements in others, in that more highly-skilled workers are required to programme and maintain them.
From the firm's perspective, investing in automation incurs higher fixed costs but may drive down variable costs, and this has implications for a firm's profit-maximising output, and, of course, it's profit levels.
- Economics
- Blog
- In the News
- Robotics
- Automation
- Cost Reducing Innovations
- Capital Intensive Production
Graham Watson
Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.
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