Wednesday, May 14, 2014

Larry Summers : "devastating consequences" of technology

Larry Summers quoted on :
Even where capital accumulation is concerned, I am not sure that Piketty’s theory emphasizes the right aspects. Looking to the future, my guess is that the main story connecting capital accumulation and inequality will not be Piketty’s tale of amassing fortunes. It will be the devastating consequences of robots, 3-D printing, artificial intelligence, and the like for those who perform routine tasks. Already there are more American men on disability insurance than doing production work in manufacturing. And the trends are all in the wrong direction, particularly for the less skilled, as the capacity of capital embodying artificial intelligence to replace white-collar as well as blue-collar work will increase rapidly in the years ahead. [source]
Kevin Roose observes on Twitter, “For a guy who has been on several tech boards, Larry Summers sure sounds scared of robots.”