As automation makes more and more human jobs obsolete, one economist says ingenuity may still trump artificial intelligence in the long run.
That economist said:
“Since the dawn of the industrial age, a recurrent fear has been that technological change will spawn mass unemployment. Neoclassical economists predicted that this would not happen, because people would find other jobs, albeit possibly after a long period of painful adjustment. By and large, that prediction has proven to be correct.”
His colleague, Rice University computer science professor Moshe Vardi, wrote in op-ed for the United Kingdom’s Daily Mail newspaper that to properly learn from the lessons of the Industrial Revolution, however, it must be put into its proper context. The beginning of the industrial age was, he wrote, a tipping point:
For many thousands of years before it, economic growth was practically negligible, generally tracking with population growth: Farmers grew a bit more food and blacksmiths made a few more tools, but people from the early agrarian societies of Mesopotamia, Egypt, China and India would have recognized the world of 17th-century Europe.
But when steam power and industrial machinery came along in the 18th century, economic activity took off. The growth that happened in just a couple hundred years was on a vastly different scale than anything that had happened before.
He wrote the world may be at a similar tipping point now, referred to by some as the ‘Fourth Industrial Revolution,” where the advances of the last two centuries is seemingly minor compared to future productivity and profitability. That will come with problems, he added, but if we are willing to wake up to them, we can overcome them.
Full article: The Rise of Robots Continues in the Workplace (TruNews)
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