An Executive Summary of 'The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies' by Erik Brynjolfsson

[Aaron]

Just finished reading the new book by Erik Brynjolfsson called The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. The book charts the rise of digital technology and how it contributes greatly to economic productivity (but also how it contributes to the growing gap between the rich and the rest). Brynjolfsson also offers up some recommendations on how the increasing inequality of the second machine age may be mitigated. It's a very insightful look into digital technology and its consequences. I've written a full executive summary available here: http://newbooksinbrief.com/2014/01/28...

[Humberto]

My book 'The History of the 21st Century' describes the same future scenarios. I wrote it in 2010. Instead of negative income tax I favor Universal Basic Income. An equal generous stipend given to all residents without considering their income or wealth.

If nothing is done the economy will contract as 80% don't buy enough of the abundant goods produced by the increases in productivity. It is already happening in the rich countries.

My favorite quote is that if a person is hungry in the US, and in many other countries, it is because they have no money, not because there is no food.