Summary: One aspect of the industrial revolution now beginning is the coming wave of automation from the combination of semi-intelligent machines, better algorithms, improved cheap sensors, and more skilled manipulators. Most hope that the jobs lost will be replaced by new jobs, just as unemployed farmers got jobs in factories and unemployed factory workers got jobs in services. These hopes are right – and wrong. Here is why. “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.”
— Attributed to Roy Charles Amara as paraphrased by Robert […]
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