30 Dec '17, 2pm

Racing the Machine

Racing the Machine

The MGI report rejects such a gloomy conclusion. In the long run, the economy can adjust to provide satisfying work for everyone who wants it. “For society as a whole, machines can take on work that is routine, dangerous, or dirty, and may allow us to use our intrinsically human talents more fully and enjoy more leisure.” This is about as good as it gets in business economics. Yet there are some serious gaps in the argument. The first concerns the length and scope of the transition from the human to the automated economy. Here, the past may be a less reliable guide than we think, because the slower pace of technological change meant that job replacement kept up with job displacement. Today, displacement – and thus disruption – will be much faster, because technology is being invented and diffused much faster. “In advanced economies, all scenarios,” McKinsey writes, “result...

Full article: https://dinmerican.wordpress.com/2017/12/30/139853/

Tweets

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