Automation describes a wide range of technologies that reduce human intervention in processes, namely by predetermining decision criteria, subprocess relationships, and related actions, as well as embodying those predeterminations in machines. Automation has been achieved by various means including mechanical, hydraulic, pneumatic, electrical, electronic devices, and computers, usually in combination. Complicated systems, such as modern factories, airplanes, and ships typically use combinations of all of these techniques. The benefit of automation includes labor savings, reducing waste, savings in electricity costs, savings in material costs, and improvements to quality, accuracy, and precision.
The natural rate of unemployment is the name that was given to a key concept in the study of economic activity. Milton Friedman and Edmund Phelps, tackling this 'human' problem in the 1960s, both received the Nobel Memorial Prize in Economic Sciences for their work, and the development of the concept is cited as a main motivation behind the prize. A simplistic summary of the concept is: 'The natural rate of unemployment, when an economy is in a steady state of "full employment", is the proportion of the workforce who are unemployed'. Put another way, this concept clarifies that the economic term "full employment" does not mean "zero unemployment". It represents the hypothetical unemployment rate consistent with aggregate production being at the "long-run" level. This level is consistent with aggregate production in the absence of various temporary frictions such as incomplete price adjustment in labor and goods markets. The natural rate of unemployment therefore corresponds to the unemployment rate prevailing under a classical view of determination of activity.
An AI takeover is a hypothetical scenario in which artificial intelligence (AI) becomes the dominant form of intelligence on Earth, as computer programs or robots effectively take control of the planet away from the human species. Possible scenarios include replacement of the entire human workforce, takeover by a superintelligent AI, and the popular notion of a robot uprising. Stories of AI takeovers are very popular throughout science fiction. Some public figures, such as Stephen Hawking and Elon Musk, have advocated research into precautionary measures to ensure future superintelligent machines remain under human control.
The productivity paradox, also referred to as the Solow paradox, could refer either to the slowdown in productivity growth in the United States in the 1970s and 1980s despite rapid development in the field of information technology (IT) over the same period, or to the slowdown in productivity growth in the United States and developed countries from the 2000s to 2020s; sometimes the newer slowdown is referred to as the productivity slowdown, the productivity puzzle, or the productivity paradox 2.0. The 1970s to 1980s productivity paradox inspired many research efforts at explaining the slowdown, only for the paradox to disappear with renewed productivity growth in the developed countries in the 1990s. However, issues raised by those research efforts remain important in the study of productivity growth in general, and became important again when productivity growth slowed around the world again from the 2000s to the present day.
Erik Brynjolfsson is an American academic, author and inventor. He is the Jerry Yang and Akiko Yamazaki Professor and a Senior Fellow at Stanford University where he directs the Digital Economy Lab at the Stanford Institute for Human-Centered AI, with appointments at SIEPR, the Stanford Department of Economics and the Stanford Graduate School of Business. He is also a research associate at the National Bureau of Economic Research and a best-selling author of several books. He is known for his contributions to the world of IT productivity research and work on the economics of information and the digital economy more generally.
General-purpose technologies (GPTs) are technologies that can affect an entire economy. GPTs have the potential to drastically alter societies through their impact on pre-existing economic and social structures. The archetypal examples of GPTs are the steam engine, electricity, and information technology. Other examples include the railroad, interchangeable parts, electronics, material handling, mechanization, control theory (automation), the automobile, the computer, the Internet, medicine, and artificial intelligence, in particular generative pre-trained transformers.
Humanitarianism in raelian literature is a collection of economic ideas which, according to its creator Raël, is designed to complement Geniocracy.
Emerging technologies are technologies whose development, practical applications, or both are still largely unrealized. These technologies are generally new but also include older technologies finding new applications. Emerging technologies are often perceived as capable of changing the status quo.
"The Triple Revolution" was an open memorandum sent to U.S. President Lyndon B. Johnson and other government figures on March 22, 1964. It concerned three megatrends of the time: increasing use of automation, the nuclear arms race, and advancements in human rights. Drafted under the auspices of the Center for the Study of Democratic Institutions, it was signed by an array of noted social activists, professors, and technologists who identified themselves as the Ad Hoc Committee on the Triple Revolution. The chief initiator of the proposal was W. H. "Ping" Ferry, at that time a vice-president of CSDI, basing it in large part on the ideas of the futurist Robert Theobald.
The 'MIT Center for Digital Business' is an industry-funded research center headquartered at the MIT Sloan School of Management.
The following outline is provided as an overview of and topical guide to automation:
The End of Work: The Decline of the Global Labor Force and the Dawn of the Post-Market Era is a non-fiction book by American economist Jeremy Rifkin, published in 1995 by Putnam Publishing Group.
A technological revolution is a period in which one or more technologies is replaced by another novel technology in a short amount of time. It is a time of accelerated technological progress characterized by innovations whose rapid application and diffusion typically cause an abrupt change in society.
Technological unemployment is the loss of jobs caused by technological change. It is a key type of structural unemployment. Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (automation), and humans' role in these processes are minimized. Just as horses were gradually made obsolete as transport by the automobile and as labourer by the tractor, humans' jobs have also been affected throughout modern history. Historical examples include artisan weavers reduced to poverty after the introduction of mechanized looms. During World War II, Alan Turing's bombe machine compressed and decoded thousands of man-years worth of encrypted data in a matter of hours. A contemporary example of technological unemployment is the displacement of retail cashiers by self-service tills and cashierless stores.
Andrew Paul McAfee is a principal research scientist at MIT and cofounder and codirector of the MIT Initiative on the Digital Economy at the MIT Sloan School of Management. He studies how digital technologies are changing the world.
Average Is Over: Powering America Beyond the Age of the Great Stagnation is a 2013 book by American economist Tyler Cowen laying out his vision for the future trajectory of the global economy. It is a sequel to Cowen's 2011 pamphlet The Great Stagnation, which argued that America had exhausted many of the low-hanging fruit that had powered its growth in the 19th and early 20th century.
The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies is a 2014 book by Erik Brynjolfsson and Andrew McAfee that is a continuation of their book Race Against the Machine. They argue that the Second Machine Age involves the automation of a lot of cognitive tasks that make humans and software-driven machines substitutes, rather than complements. They contrast this with what they call the "First Machine Age", or Industrial Revolution, which helped make labor and machines complementary.
Robotic process automation (RPA) is a form of business process automation that is based on software robots (bots) or artificial intelligence (AI) agents. It is sometimes referred to as software robotics.
Polanyi's paradox, named in honour of the British-Hungarian philosopher Michael Polanyi, is the theory that human knowledge of how the world functions and of our own capability are, to a large extent, beyond our explicit understanding. The theory was articulated by Michael Polanyi in his book The Tacit Dimension in 1966, and economist David Autor gave it a name in his 2014 research paper "Polanyi's Paradox and the Shape of Employment Growth".
The impact of artificial intelligence on workers includes both applications to improve worker safety and health, and potential hazards that must be controlled.
