09 November, 2014
The Next Technology Revolution Will Drive Abundance And Income Disparity
The Next Technology Revolution Will Drive Abundance And Income Disparity: As Karl Marx said, “when the train of history hits a curve, the intellectuals fall off”. Extrapolation of our past experiences, a favorite technique of economists, may not be a valid predictor of the future—the historical correlation may be broken by a new causality. Efforts at estimating the number of jobs that are susceptible to computerization underestimate how technology may evolve and make assumptions that seem very likely to be false, similar to past “truths” (like the waning correlation between productivity and income growth for labor). Even with this underestimate, researchers concluded that of the 702 job functions studied, 47-percent are at risk of being automated.