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Category: economics – Page 178

ES Emerging Technology are delighted to invite you to the second event in our Exponential Series!

Nathan Waters is a futurist, decentralist and entrepreneur. He is the founder of the monthly Ethereum blockchain meetup (SydEthereum) and Australia’s largest independent hackathon (Hackagong).

In this discussion Nathan will be presenting a new project for a blockchain-based economic protocol intended to transition humanity to a post-Capitalist future. We’ll be covering topics such as: runaway automation, technological unemployment, future of work and education, wage slavery, wealth inequality, rising precariat, universal basic income, peer production, platform co-operatives, post-scarcity and decentralised autonomous organisations.

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The fear that automation in the form of robots or artificial intelligence is going to destroy jobs is widespread. But it can be difficult to gauge just how serious to take the threat. Different reports offer different estimations of how many jobs will be lost, while politicians and economists argue that technology creates as many jobs as it destroys, maintaining an equilibrium in employment over the long run.

But is this really true? A new study from the National Bureau of Economic Research aims to add some solid numbers to the debate, looking at the historical effects of robots on employment in the US. Economists Daron Acemoglu and Pascual Restrepo studied the US labor market between 1990 and 2007, looking at employment rates in different areas and industries while controlling for the influence of factors like increased imports from China and the offshoring of jobs.

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The first of my major #Libertarian policy articles for my California gubernatorial run, which broadens the foundational “non-aggression principle” to so-called negative natural phenomena. “In my opinion, and to most #transhumanist libertarians, death and aging are enemies of the people and of liberty (perhaps the greatest ones), similar to foreign invaders running up our shores.” A coordinated defense agianst them is philosophically warranted.

Many societies and social movements operate under a foundational philosophy that often can be summed up in a few words. Most famously, in much of the Western world, is the Golden Rule: Do onto others as you want them to do to you. In libertarianism, the backbone of the political philosophy is the non-aggression principle (NAP). It argues it’s immoral for anyone to use force against another person or their property except in cases of self-defense.

A challenge has recently been posed to the non-aggression principle. The thorny question libertarian transhumanists are increasingly asking in the 21st century is: Are so-called natural acts or occurrences immoral if they cause people to suffer? After all, taken to a logical philosophical extreme, cancer, aging, and giant asteroids arbitrarily crashing into the planet are all aggressive, forceful acts that harm the lives of humans.

Traditional libertarians throw these issues aside, citing natural phenomena as unable to be morally forceful. This thinking is supported by most people in Western culture, many of whom are religious and fundamentally believe only God is aware and in total control of the universe. However, transhumanists —many who are secular like myself—don’t care about religious metaphysics and whether the universe is moral. (It might be, with or without an almighty God.) What transhumanists really care about are ways for our parents to age less, to make sure our kids don’t die from leukemia, and to save the thousands of species that vanish from Earth every year due to rising temperatures and the human-induced forces.

Continue reading “Why Aging Is a Disease” | >

History has shown us that only violence or huge disasters tend to reduce inequality. Which is frightening on it’s own.

The Great Leveller: Violence and the History of Inequality from the Stone Age to the Twenty-First Century By Walter Scheidel. Princeton University Press; 504 pages; $35 and £27.95.

AS A supplier of momentary relief, the Great Depression seems an unlikely candidate. But when it turns up on page 363 of Walter Scheidel’s “The Great Leveler” it feels oddly welcome. For once—and it is only once, for no other recession in American history boasts the same achievement—real wages rise and the incomes of the most affluent fall to a degree that has a “powerful impact on economic inequality”. Yes, it brought widespread suffering and dreadful misery. But it did not bring death to millions, and in that it stands out.

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PWC predicts 30% of jobs to be automated by 2030s.

You’ve been warned before—robots are coming for your job. The speed of technological advancement, particularly in smart automation, has sprung countless economic studies and political warnings about how many people are likely to lose their jobs to this rise of the machines. But it’s not an easy number to peg down; estimates range from 5% to 50%.

The latest predictions from PricewaterhouseCoopers (pdf) survey the damage for specific countries. Analysts at the consulting firm said that by the early 2030s, 38% of US jobs are at a high risk of automation, more than in Germany, the UK, and Japan.

Continue reading “Why American jobs are more at risk of automation than jobs in Germany or the UK” | >

Historian Yuval Noah Harari makes a bracing prediction: just as mass industrialization created the working class, the AI revolution will create a new unworking class.

The most important question in 21st-century economics may well be: What should we do with all the superfluous people, once we have highly intelligent non-conscious algorithms that can do almost everything better than humans?

This is not an entirely new question. People have long feared that mechanization might cause mass unemployment. This never happened, because as old professions became obsolete, new professions evolved, and there was always something humans could do better than machines. Yet this is not a law of nature, and nothing guarantees it will continue to be like that in the future. The idea that humans will always have a unique ability beyond the reach of non-conscious algorithms is just wishful thinking. The current scientific answer to this pipe dream can be summarized in three simple principles:

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As I’m sure many in the technology industry have thought today, there should have been a way to avoid the Oscars Envelopegate. But, is artificial intelligence the answer to all of our human error problems? A recent Accenture report found that the introduction and further development of AI could boost labor productivity by 40% by 2035. It seems as if banks have already picked up on this, as was seen last year with RBS’ replacement of human employees with automated services. News announced this week also suggests that artificial intelligence will become a central part of anything a technology organisation will do in the future. Will we see the same in the financial technology sector?

The relationship between man and machine is expected to be the naissance of a type of work that could potentially double annual economic growth, according to Accenture. Chief technology officer Paul Daugherty highlighted that “AI is poised to transform business in ways we’ve not seen since the impact of computer technology in the late 20th century.” He went on to explain in the report that artificial intelligence, with the help of cloud computing and analytics, is already starting to change the way that people work.

The weekend saw the UK government announce that they are planning to launch a review into the value of robotics in the country’s aim to become world technology leader. £17.3 million would be invested into university research of AI technologies such as Apple’s Siri, Amazon’s Alexa and driverless cars, as reported by The Independent. The article also drew from the Accenture report and said that artificial intelligence could add around £654 billion to the UK economy.

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The workplace is going to look drastically different ten years from now. The coming of the Second Machine Age is quickly bringing massive changes along with it. Manual jobs, such as lorry driving or house building are being replaced by robotic automation, and accountants, lawyers, doctors and financial advisers are being supplemented and replaced by high level artificial intelligence (AI) systems.

So what do we need to learn today about the jobs of tomorrow? Two things are clear. The robots and computers of the future will be based on a degree of complexity that will be impossible to teach to the general population in a few short years of compulsory education. And some of the most important skills people will need to work with robots will not be the things they learn in computing class.

There is little doubt that the workforce of tomorrow will need a different set of skills in order to know how to navigate a new world of work. Current approaches for preparing young people for the digital economy are based on teaching programming and computational thinking. However, it looks like human workers will not be replaced by automation, but rather workers will work alongside robots. If this is the case, it will be essential that human/robot teams draw on each other’s strengths.

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A Universal Basic Income (UBI) will not fix everything— it’s not supposed to —it’s a start for some people and a boon for everyone. But don’t let the prospect of a little free money stop us from pursuing more progressive regulations and reforms.

UBI is meant to provide a floor —a standard—which no one can fall beneath. But giving people unconditional free money shouldn’t be the end of the conversation, says Ben Spies-Butcher, a Senior Lecturer and Director of the Masters of Policy and Applied Social Research in the Sociology Department at Macquarie University.

In his essay “Not Just a Basic Income” for the Green Institute, Spies-Butcher writes:

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