Vanguard Wonders When Machines Take Over, Who Buys ETFs?

Citing an Oxford University study that predicted 67% of US jobs will be lost to computers – with job loss numbers climbing to 69% in India and 77% in China – the swarm of smart technology sweeping the job market doesn’t outwardly paint a bright picture, noted Joe Davis, Vanguard’s global chief economist. “Who will be left to buy ETFs?” he questioned at the Morningstar ETF Conference. “Wealthy machines?”

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But the computerized future isn’t that bleak, he said, pointing to the one trend that he said will shape human history more than any other. There are certain methods of thinking and uniquely human tasks that a computer will never eliminate. Recognizing how “jobs” and “tasks” will change in the...