ROBOPOCALYPSE NOW

People sometimes worry about the displacement of workers by rapid advances in technology, but seldom have numbers or charts to back up their worries.

Well, here’s a fairly grim chart.  It depicts labor’s share of US income (broadly, the % of GDP that goes to pay workers), which goes down as companies’ rely less on human workers, more on technology (an extreme example being Facebook, with an estimated market value of $85 billion, and only 2,000 employees).  Look at how steep the collapse is since 2001 — and maybe it’s just getting started.  See also my previous posts on this looming sociocultural problem (here and here).

ROBOPOCALYPSE NOW

THE OUROBOUROS ECONOMY (UPDATE)

New technologies have often displaced jobs, but historically, humans have adapted so that the long-term effect of those new technologies on employment has been positive.

But what if new technologies start to displace jobs faster than humans can adapt?  When that happens — and I’ve suggested that it may be happening already — economic growth and related technological investment will cause societies effectively to consume their own consumers. Now even the New York Times seems to be on board with this idea.  But will it matter at all?

Continue reading “THE OUROBOUROS ECONOMY (UPDATE)”

THE OUROBOUROS ECONOMY (UPDATE)