Race Against the Machine is a non-fiction book from by Erik Brynjolfsson and Andrew McAfee about the interaction of digital technology, employment and . and Irreversibly Transforming Employment and The Economy. Erik Brynjolfsson. Director, MIT Center for Digital Business. Andrew McAfee. Race Against The Machine. Erik Brynjolfsson. Director, MIT Center of Digital Business All Profits After Tax. Copyright (c) Erik Brynjolfsson and Andrew McAfee.
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Would you like to tell us about a lower price? Why has median income stopped rising in the US? Why is the share of population that is working falling so rapidly? Why are our economy and society are becoming more unequal?
A btynjolfsson chorus is arguing that the root cause underlying these symptoms is stagnation in technology — a slowdown in the kinds of ideas and inventions that agzinst progress and prosperity. Recent advances, are the stuff of science fiction. Computers now drive cars in traffic, translate between human languages effectively, and beat the best human Jeopardy!
As these examples show, digital technologies are rapidly encroaching on skills that used to belong to humans alone. This phenomenon is both broad and deep, and has profound economic implications. Many of these implications are positive; digital innovation increases productivity, reduces prices sometimes to zeroand grows the overall economic pie.
But digital innovation has also changed how the economic pie is distributed, and here the news is not good for the median worker. As technology races ahead, it can leave many people behind. Workers whose skills have been mastered by computers have less to offer the job market, and see their wages and prospects shrink.
Entrepreneurial business models, new organizational structures and different institutions are needed. In Race Against the Machine Brynjolfsson and McAfee bring together a brynjolfssln of statistics, examples, and arguments to show that the average worker is not keeping up with cutting-edge technologies, and so is losing the race against the machine. Read more Read less. Kindle Cloud Reader Read instantly in your browser.
Customers who bought this item also bought. Page 1 of 1 Start over Page 1 of 1. The Second Aandrew Age: The Lights in the Tunnel: Automation, Accelerating Technology and the Economy of the Future. The truth about AI from the people building it. Shaping the Fourth Industrial Revolution.
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The AI revolution is doing to white collar jobs what robotics did to blue collar jobs. Race Against the Machine is a bold effort to make sense of the future of work. No one else is doing serious thinking about a force that will lead to a restructuring of the economy that is more profound and far-reaching than the transition from the agricultural to the industrial age.
Brynjolfsson and McAfee have hit the ball out of the park on this one. It’s a book anyone concerned with either business, or more broadly, the future of our society, simply must read.
Race Against the Machine is meticulously researched, sobering, practical and, ultimately, hopeful. It is an extremely important contribution to the debate about how we ensure that every human being benefits from the digital revolution that is still gathering speed. If you read only one book on technology in the next 12 months, it should be this one. That’s precisely what Brynjolfsson and McAfee do in this important treatise on the intersection of technology and the economy.
Moreover, they’re tackling the most important question of the present and the future: He is the author of Enterprise 2. Product details File Size: October 17, Sold by: Share your thoughts with other customers.
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Race Against The Machine
Please try again mcaffee. They will bring in more historical context to their research by studying the Industrial Revolution that they describe as the first tipping point in human history circa Indeed, any time series graph of worldwide economic growth, GDP per capita, population growth will typically show the exact same pattern. The curve brynjolfszon look nearly flat for a millennium and abruptly rise upward at an inflection point close to The authors indicate that this first inflection point in history was caused by the advent of James Watt steam engine introduced in at the onset of the Industrial Revolution.
It led to innovative and technological improvements including mass production, railways, and mass transportation. Additionally, they will redefine the Present as the second tipping point. They will also refer to the first agaijst point and its aftermath as the First Machine Age, and the second tipping point as the Second Machine Age.
For instance, going forward how can we increase the bounty and reduce the spread? And, they will offer many recommendations on how to do so. The authors were among the first to recognize that the Great Recession recovery was different. Even though many economic metrics had recovered quickly including Real GDP, Real GDP per capita, corporate profits, business investments in equipment and software; other measures of economic health did not recover so well.
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All employment figures recovered a lot more slowly as job creation remained anemic for a long time. And, Real median household income remained flat. The answer is simple. It is the difference between the Median and the Average. The Average is skewed upward by very large figures. Meanwhile, the Median is not.
Thus, technological progress has contributed to a rapid rise in income for the technologically savvy, entrepreneurs in high-tech fields, stars able to resell their talent digitally worldwide.
Thus, technology-benefitting elite has seen its income and wealth grow very rapidly. Meanwhile, the majority that did not reap the benefits from technology has experienced stagnant income as some of their respective demand for their labor has been increasingly displaced by technology.
The advent of computers, software, robots, artificial intelligence, and web wrik software platforms has affected just about every field blue and white collar service industries included. And, this decoupling effect goes further back than the Great Recession. It can be observed since near the onset of mass computerization.
Race Against The Machine by Erik Brynjolfsson
So, going back to the race between brains and technology, is there mcafe hope for humans? The authors indicate the issue on an individual level is very interesting. They take the example of chess. Nowadays, even mid-tier software computer programs on cheap laptop computers can beat the best human chess player. So, what can human beings contribute to this most demanding cognitive challenge playing chess? Surprisingly, a whole lot!
With the advent of freestyle chess, humans have regained a leading role in this discipline.
Freestyle chess entails a tournament between completely different set of team players. A team can consist of a supercomputer successor of IBM Deep Blueor a supercomputer plus a human, or various combination of computers and human brynjolfszon cooperating on macnine same team.
And, andeew outcome of such tournaments is counterintuitive. The winners are not the teams made up of grandmaster chess players and supercomputers. They are instead teams made of amateur chess players and mathematicians with expertise at analyzing freestyle chess games and guiding several laptop computers with Machine Learning and other algorithms. In freestyle chess, the grandmasters are at a marked disadvantage.
Supercomputers on a stand-alone basis have little chance in such tournaments. Brynjolsfson the near future of freestyle chess, we can anticipate that grandmaster chess players and stand-alone supercomputers will quit this league. Humans who understand machines and machines make for the winning combination. And, this may be the case regardless of the field.
As with chess, it is anticipated that IBM Watson specializing in healthcare will be much more effective when combined with the judgment of doctors than without or probably the judgment of specialists able to better interpret IBM Watson diagnostics rather than expert doctors who are overconfident in their expertise.
However, what is true for an elite few freestyle chess quants may have little relevance for the masses. Nevertheless, the authors still describe themselves as technology-optimists.
And, they come up with a series of 19 specific recommendations so that society at large better adapts and learns how to race with the machine instead of against the machine. Their recommendations are associated with improving K education, improving national infrastructure, reducing regulations affecting start-ups, rationalizing immigration policy so we can attract smart emigrants to fill crucial vacant jobs in engineering and science, reform the patent system to stimulate innovation instead of stifling it, reform the tax code to eliminate market distorting subsidies in housing in particularincrease Government funding in basic research, and many other sensible recommendations.
And, even if politically feasible you still have to wonder on a nationwide basis how effective these recommendations would be in materially bending the curve so that more individuals can metamorphose themselves from victim of technology holding jobs that race against the machine into beneficiary of technology quantitative jobs that race with the machine.
This issue may be a formidable worldwide challenge in the present and coming decades. And, Keynes had exactly figured that out back in