If you recall, Henry Ford made history by creating the production line that enabled him to sell low-cost automobiles to the very workers paid to build them, which created a virtuous circle that lifted the quality of life for the middle class in America. This pattern was repeated elsewhere. But we are now automating so many jobs, so quickly, that our ability to benefit society has noticeably started to slow down and in some cases reverse. And the threat to existing jobs goes well beyond transportation. Banking. Accounting. Law. All of these professions may be substantially eliminated in a decade because the so-called big data analytics trend may eliminate the need for humans to do deductive reasoning. Our creativity may be the last vestige for humans contributing to the overall productivity of society. But we cannot just be consumers of the goods and services that machines produce. We must also produce something of value or the virtuous circle created by Ford as the economic pillar of modern society will be forever broken. But policymakers are not really thinking about these things fast enough. It’s understandable but not very wise.
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