Sunday, May 4, 2014

Jobs, jobs, jobs

Here's a recent interview with Andrew McAfee [source], and here's lighted edited synopsis of McAffee's point (almost a verbatim quotation):
There are three possible scenarios could happen with this current wave of technology:

(1) The job destruction because of automation and technological progress will be matched by equal parts job creation (similar to the Industrial Revolution in Britain). (2) Successive waves of job destruction drive continual economy readjustment and workers to keep retraining. (3) Job destruction outpaces job creation and we simply don’t need a lot of labor.
Again, even 25% standing unemployment would be a radical societal shift and would have the potential to create massive unrest and chaos.