Lessons for us about AI from the horse apocalypse

Summary: Artificial intelligence has arrived. The mid-twentieth century horse apocalypse shows us what it might do to employment. It is history's rebuttal to the pollyannas about tech. This is a follow-up to yesterday's post -- Films show us how smart machines will reshape the world. “We tend to overestimate the effect of a technology in the short … Continue reading Lessons for us about AI from the horse apocalypse

The coming Great Extinction – of jobs

Summary: News of the coming great extinction has the chattering classes agog with fear. But they're (as usual) looking the wrong way. The rapid evolution of algorithms, software, and robots will make many kinds of jobs as extinct as the Great Auk. This will reshape the world into a wonderland -- or unleash disastrous social … Continue reading The coming Great Extinction – of jobs

Mining and manufacturing are in recession. Will America follow?

Summary: The mining and manufacturing sectors of the US economy have rolled over. Perma-bear websites publish lurid descriptions of the horrific effect this will have on the US economy. What's the truth? {2nd of 2 posts today.} (1) The manufacturing collapse Perma-bears often describe the manufacturing sector as in a downturn, sometimes as in a … Continue reading Mining and manufacturing are in recession. Will America follow?

The Fed watches the jobs report. So should we.

Today the Bureau of Labor Statistics released the December jobs report, among the most important of the economic numbers. It is timely and describes one of the core engines of US growth. It tells us much about the US economy's strength (growing or fading) and about wages -- affecting inflation and interest rates, corporate profits … Continue reading The Fed watches the jobs report. So should we.