Digital revolution is exponentially accelerating the productivity of various outcomes in the society and also transforming the employment and economy of the world. In recent times, innovation in technology is inadvertently becoming the cause for chronic unemployment which in turn is drastically affecting the median household income. This book discusses such trends and outcomes in general and offers solutions to the problems faced by present and future generation of workers. Erik Brynjolfsson and Andrew McAfee have discussed effects of machines on wealth distribution, economy and employment in a crisp, strong and insightful way.
1) General Purpose Technologies (GPT): A small group of technological innovations so powerful that they interrupt and accelerate the normal march of economic progress. (Erik Brynjolfsson, 2011)
2) Digitization: An ongoing process of creative destruction innovators use both new and established technologies to make deep changes at the level of the task, the job, the process, even the organization itself. (Erik Brynjolfsson, 2011)
3) Skill-biased technical change (SBTC): The rise in wage inequality in the U.S. labor market is usually attributed to skill-biased technical change, associated with the development of personal computers and related information technologies. (David Card, 2002)
4) Micromultinationals: Businesses with less than a dozen employees that sell to customers worldwide and often draw on worldwide supplier and partner networks
5) Moor’s Law: The number of transistors incorporated in a chip will approximately double every 24 months. (Moore, 1965)
The science behind humanlike robots is advancing. They are becoming more smart, mobile and autonomous. These advancements could be a threat to humans not only because they could lead to unemployment, in turn impacting the economy, but also effect crucial social aspects. If humanlike robots become more capable and equipped with simulated cognition there will be legitimate concern regarding their continued ‘‘loyalty’’ to us. One may wonder what would happen if they take on questionable roles such as acting as a specific person’s clone and then commit a crime, or have access to our assets and private or intimate information and possibly do something to hurt us using our information resulting in unlawful acts. (Bar-Cohen, 2009)
Machines will be people when we can’t let them die without facing the same moral dilemma that we would when thinking about letting a human being die. There is a question of ethics and morality that comes into play. Research in building moral machines, it would seem, adds yet another challenge to a conventional notion of moral responsibility that is already under attack on other fronts. (Lin, 2012)
Recent statistics have shown that though the GDP of the US is increasing, the economy is not putting people back to work as the jobs are being taken by the machines. Many theories have stated...