Tag: inequality

How to Get the AI-powered Economy We Want

How to Get the AI-powered Economy We Want

The American economy accelerated nicely in the middle of last year. A Two Percent Economy no more! Well, at least for a bit. Economic growth now seems to be reverting to the humdrum pace seen over most of the post-Financial Crisis recovery. (The Trump White House, it should be noted, sees things more optimistically .) The combo of slower labor force growth and productivity growth means the economy’s growth potential isn’t what it once was.

But maybe artificial intelligence can accelerate economic growth on a sustained basis by boosting productivity growth. In their 2018 paper, “ AI and the Economy […]

How to get the AI-powered American economy that we want

The American economy accelerated nicely in the middle of last year. A Two Percent Economy no more! Well, at least for a bit. Economic growth now seems to be reverting to the humdrum pace seen over most of the post-Financial Crisis recovery. (The Trump White House, it should be noted, sees things more optimistically .) The combo of slower labor force growth and productivity growth means the economy’s growth potential isn’t what it once was. I.P. Park, president and chief technical officer for LG Electronics, speaks on artificial intelligence during a keynote address at the 2019 CES in Las […]

The revolution need not be automated

The revolution need not be automated

BOSTON – Artificial intelligence is transforming every aspect of our lives, not least the economy. As a general-purpose technology, AI’s applications are potentially endless. While it can be used to automate tasks previously performed by people, it can also make human labor more productive, thereby increasing labor demand. Unfortunately, the current trend in commercial AI development is toward more and more automation, with potentially disastrous consequences for society. To be sure, automation has been an engine of productivity growth since the beginning of the Industrial Revolution, when, starting in the late eighteenth century, weaving and spinning were mechanised. But […]

The Revolution Need Not Be Automated

The Revolution Need Not Be Automated

For centuries after the Industrial Revolution, automation did not hinder wage and employment growth, because it was accompanied by new technologies geared toward maintaining the role of human labor in value creation. But in the era of artificial intelligence, it will be up to policymakers to ensure that the pattern continues.

BOSTON – Artificial intelligence is transforming every aspect of our lives, not least the economy. As a general-purpose technology, AI’s applications are potentially endless. While it can be used to automate tasks previously performed by people, it can also make human labor more productive, thereby increasing labor demand. Unfortunately, […]

Al Gore Did Not Invent the Green New Deal, but He Likes It

Al Gore Did Not Invent the Green New Deal, but He Likes It

I met Al Gore when I interviewed him for Red Herring magazine during his run for the presidency 20 years ago. I remember thinking I’d never met a politician so intellectually curious and so uncomfortable with campaigning. ( Red Herring ’s archives are long gone, but The Weekly Standard’s derisive summary of our conversation still exists.) The then-vice president was genuinely interested in technology: At one point, he spun an elaborate metaphor, likening American democracy to a microprocessor. Gore helpfully sketched the idea on a napkin, drawing the executive branch as the control logic section. We kept the napkin, […]

Professors from MIT and Boston University discuss why you need to worry about the ‘wrong kind of AI’

Professors from MIT and Boston University discuss why you need to worry about the ‘wrong kind of AI’

Daron Acemoglu, a professor from MIT (Massachusettes Institute of Technology) and Pascual Restrepo, a professor from Boston University published a paper earlier this month, titled, “The Wrong Kind of AI? Artificial Intelligence and the future of Labor Demand”.

In the paper, professors talk about how recent technological advancements have been biased towards automation, thereby, changing the focus from creating new tasks to productively employ labor. They argue that the consequences of this choice have been ceasing the labor demand, decreasing labor share in national income, increasing equality, and low productivity growth. Automation technologies do not increase labor’s productivity

Professors […]

Inequality warning over increasing automation in the workplace

Inequality warning over increasing automation in the workplace

Ministers must ensure that the rewards of automation are fairly distributed, a report says.

Ministers are being urged to intervene to ensure the spreading use of robots in the workplace does not result in rising levels of inequality.

A report by the Institute for Public Policy Research (IPPR) think tank said increasing automation had the potential to deliver a powerful boost to the productivity of UK business, bringing a future of “economic plenty”.However it warned that unless the change was properly managed by government, there was a danger that the benefits would be “narrowly” concentrated in the hands of investors and […]

Robotics and jobs: Where do we stand?

Robotics and jobs: Where do we stand?

With the AI-powered workplace of tomorrow arriving sooner than expected, what does this mean for us?

The debate about robotics on the future economy and job market is one divided squarely between transformationalists and sceptics, but that debate has in fact been increasingly undermined by the dynamics of AI and its relentless acceleration. Recent evidence indicates that robotics and AI are heavily impacting the economy, destroying low-wage jobs and increasingly eating away at higher-skill occupations as people are increasingly replaced by intelligent algorithms. There is evidence that the workplace of tomorrow, powered by AI and accelerating digital technology, is about […]

Science: Our misplaced concern of job-stealing robots [Report]

Some good news: The robots aren’t coming for your job. Experts say fears that rapid advances in artificial intelligence, machine learning, and automation will leave all of us unemployed are vastly overstated.

But concerns over growing inequality and the lack of opportunity for many in the labor force—serious matters linked to a variety of structural changes in the economy—are well-founded and need to be addressed, four scholars on artificial intelligence and the economy recently told an audience at Stanford Graduate School of Business.

That’s not to say that artificial intelligence isn’t having a profound effect on many areas of the economy. […]

Robot Revolution? 10 Jobs That Won’t Be Lost To Robots

Robot Revolution? 10 Jobs That Won’t Be Lost To Robots

Jobs Lost To Robots And Automation – Automation seems to be advancing faster than ever with robotics, computer science, and artificial intelligence.

Many white collar positions, such as accountants, receptionists and even attorneys find their jobs threatened by the ‘Robot Revolution’. What Is The Robot Revolution?

You probably didn’t think “Robot Revolution” when McDonald’s instituted their kiosk ordering system, or when Amazon’s drone delivered your mail.Instead, we thought “how convenient.”Today, we read about tens of thousands of driverless automobiles descending on the Interstate near your house.What do the above advancements in technology have in common?They are all Robot Revolution, and […]