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Race Against the Machine_FED0503
Transcript of Race Against the Machine_FED0503
Technology’s Influence On
Employment and The Economy Looking Ahead This reflects an interesting fact about automation.
× Bookkeeper, bank taller, or semi-skilled factory worker
Vision, fine motor skills, and Iocomotion Race Against the Machine "Race Against the Machine:
How the Digital Revolution
Accelerates Innovation, Drives
Productivity and Irreversibly
Transforms Employment and
the Economy". Director of the MIT Center for Digital Business
Professor at the MIT Sloan School Andrew McAfee Principal research scientist
at MIT’s Center for Digital Business Bringing Technology Into
the Discussion Stagnation Cyclicality His research examines the effects of information technologies on business strategy, productivity and employment. His recent work studies data-driven decision-making, the pricing implications of Internet commerce and the role intangible assets. His research investigates how IT changes the way companies perform, organize themselves, and compete. Chapter2
Humanity and Technology On
The Second Half of the
What is to Be Done?
Prescriptions and Recommendations Chapter5
Conclusion: The Digital Frontier Past & Now Future “end of work” The cyclical explanation holds that there’s
nothing new or mysterious going on;
unemployment in America remains so high
simply because the economy is not growing
quickly enough to put people back to work. Stagnation in this context means a long-term decline in Americaʼs ability to innovate and increase productivity. Two concepts are
essential Moores Law The Second Half of
the Chessboard Disappearing Jobs High-Skilled vs.
Low-Skilled Works Superstars vs.
Everyone Else Chapter1
On Employment and
The Economy Chapter2
Humanity and Technology OnThe Second Half of theChessboard Chapter3
The Economics of Accelerating Technology and Disappearing Jobs Chapter3
Creative Destruction:The Economics of Accelerating Technologyand Disappearing Jobs × Great Recession
× Great Stagnation
GreatRestructuring The idea that computers might significantly disrupt human
labor markets – and thus further weaken the global economy
– so far remains on the fringes. As time goes by—as we move into the second half of the chessboard—
exponential growth confounds our intuition and expectations. It Moore noted that the number of transistors in a minimum-cost integrated circuit had
been doubling every 12 months. Exponential increases initially look a lot like standard linear ones, but theyʼre not. A lot of factory automation falls into this category, as routine drudgery is turned ober to machine. Many industries are winner-take-all or winner-take-most competitions, in which a few individuals get the lion's share of the rewards. Capital vs. Labor What is to Be Done? ........ Lack of hiring, rather than increases in layoffs, is what accounts for most of the current joblessness. Most types of production require both machinery and human labor.