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Kindle Notes & Highlights
by
Martin Ford
Started reading
August 26, 2018
Vision Robotics, a company based in San Diego, California, is developing an octopus-like orange harvesting machine.
Experimental robots are already pruning grapevines in France using machine vision technology combined with algorithms that decide which stems should be cut.35 In
There can be no gainsaying of the fact that a great revolution is taking place in the world today. In a sense it is a triple revolution: that is, a technological revolution, with the impact of automation and cybernation; then there is a revolution in weaponry, with the emergence of atomic and nuclear weapons of warfare; then there is a human rights revolution, with the freedom explosion that is taking place all over the world. Yes, we do live in a period where changes are taking place. And there is still the voice crying through the vista of time saying, “Behold, I make all things new; former
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Hoc Committee on the Triple Revolution.
Norbert Wiener,
The college wage premium is a reflection of what economists call “skill biased technological change” (SBTC).* The general idea behind SBTC is that information technology has automated or deskilled much of the work handled by less educated workers, while simultaneously increasing the relative value of the more cognitively complex tasks
typically performed by college graduates.
The golden era from 1947 to 1973 was characterized by significant technological progress and strong productivity growth.
innovation and soaring productivity made workers more valuable—and allowed them to command higher wages.
our seven economic trends: globalization, the growth of the financial sector, and politics (in which I include factors like deregulation and the decline of organized labor).
Economists who have studied financialization have found a strong correlation between the growth of the financial sector and inequality as well as the decline in labor’s share of national
Between 2005 and 2012,
the average time to execute a trade dropped from about 10 seconds to just 0.0008
Indeed, a 2013 study by Carl Benedikt Frey and Michael A. Osborne at the University of Oxford concluded that occupations amounting to nearly half of US total employment may be vulnerable to automation within roughly the next two
One of the foundational principles of modern economics is that such technological change is essential to long-term economic growth.
If innovation is the primary driver of prosperity, then perhaps stagnant incomes imply that the problem is the rate at which new inventions and ideas are being generated, rather than the impact of technology on the working and middle classes.
Jets were a disruptive technology:
Machine learning—a technique in which a computer churns through data and, in effect, writes its own program based on the statistical relationships it discovers—is one of the most effective means of extracting all that value.
