On ACM, Moshe Y. Vardi, professor of Computer Science, Rice University, notes that much like the industrial revolution, the advent of artificial intelligence and automation may be a similar tipping point, rendering all the productivity and profitability that has happened in the past look negligible compared to what is coming — but the cost may be just as high.
They are definitely right about the long period of painful adjustment! The aftermath of the Industrial Revolution involved two major Communist revolutions, whose death toll approaches 100 million. The stabilizing influence of the modern social welfare state emerged only after World War II, nearly 200 years on from the 18th-century beginnings of the Industrial Revolution.
Today, as globalization and automation dramatically boost corporate productivity, many workers have seen their wages stagnate. The increasing power of automation and artificial intelligence technology means more pain may follow. Are these economists minimizing the historical record when projecting the future, essentially telling us not to worry because in a century or two things will get better?
|"This is the first time that Americans are going to be relatively worse off than their parents or grandparents in old age."|
|Facedeals: Facebook Check-Ins Using Just Your Face|
|Baby Boomers Have Destroyed the Economy|
|DRONENET: Using a Network of Drones to Deliver Packages|
|“During this phase of decline, the US was likely to go through a phase of reactionary 'fascism'.”|
|A Really Fast Electric Skateboard|
|“That's how different these results are becoming.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|“How to build a house.”|
|CaptchaTweet: Write Tweets in Captcha Form|
|Humans Need Not Apply|
|“Wouldn't it be nice if you were rewarded for all of the little good things you do.”|
|When the Wrong Hastag Can Get You Killed by an Assassination Drone|
|“For the first time in the world, AI will run in an election.”|
|Amateur-Built Electric Car Going After Record Set by Tesla|
|“Instead of consuming fossil fuels, it would then feed surplus electricity into the grid.”|