Artificial Intelligence (AI): The fundamental change in our daily work routine, the way we live and interact with others, is all going to be represented by the fourth industrial revolution. Moving from the third to the fourth industrial revolution is going to open a new chapter in human development – incorporating the extraordinary technological advances. These advanced technologies are emerging and will continue to merge in the business world. We see the fourth industrial revolution changing the digital, physical, and biological worlds. It is creating novel opportunities and promises of a better future. On the other hand, the evolution of technology will become the reason for potential risks and dangers.
My daughter had been hounding me for days to mail Santa Claus her Christmas list, but I kept putting it off. Then this week, she had a change of heart and told me it's OK if we wait until the last minute, because "most of the toys are made by machines, and the elves just have to turn them on." Even a five year old, it seems, understands how modern manufacturing has changed, and her insight got me thinking about the future of elf jobs. With advances in automation and machine-learning, elf technology is getting really good. Engineers are focusing their efforts on designing "the machine that builds the machine," promising to spit out toys as fast as bubbles from a bubble machine.
This post highlights some of the possible economic implications of the so-called "Fourth Industrial Revolution" -- whereby the use of new technologies and artificial intelligence (AI) threatens to transform entire industries and sectors. Some economists have argued that, like past technical change, this will not create large-scale unemployment, as labour gets reallocated. However, many technologists are less optimistic about the employment implications of AI. In this blog post we argue that the potential for simultaneous and rapid disruption, coupled with the breadth of human functions that AI might replicate, may have profound implications for labour markets. We conclude that economists should seriously consider the possibility that millions of people may be at risk of unemployment, should these technologies be widely adopted.
Industrial revolutions have involved significant events that have had far-reaching impacts on future generations. There have been only three such industrial revolutions identified up until the beginning of this century. The first one was at the end of the eighteenth century and led by the introduction of the steam engine. The second one was at the beginning of the twentieth century which culminated in the mass production of goods. The third revolution has been happening since 1970 with the increase in commercial and civil usage of computers and the automation of production processes.
I'm not worried about artificial intelligence, I'm terrified of human stupidity. The debate about technology and its role in society that we need to have is being used to deceive citizens and scare them about the future so they accept to submit to politicians who cannot nor will protect us from the challenges of robotization. However, there are many studies that tell us that in 50 years the vast majority of work will be done by robots. We have lived the fallacies of dystopian estimates for decades. I always explain to my students that, if we believed the fifty-year-forward studies of the past, it has been seventeen years since we have run out of water, oil, and jobs.