Interesting, intriguing book – The Technology Trap by Carl Benedikt Frey.
How history of technological revolution’s help understand socio-economic, political polarisation in age of automation. Industrial Revolution to age of artificial intelligence, The Technology Trap takes a sweeping look at insightful history of technological progress. Assesses radical impact on distribution of socio-economic, political power.
Carl Frey – Industrial Revolution created un-precedented wealth, prosperity over long run, but immediate consequences of mechanisation’s were devastating. Middle-income jobs withered, wages stagnated, labour share of income fell, profits surged, economic inequality sky-rocketed.
These trends broadly mirror those in current age of automation, computer revolution. Just as Industrial Revolution eventually brought extraordinary benefits for society, artificial intelligence systems have similar potential. But, Frey argues it depends on how the short term is skilfully managed.
19th century workers violently expressed concerns over machines substituting jobs. Luddite uprisings joined a long wave of machinery riots across Europe, China. Today’s despairing middle class hasn’t resorted to physical force, but frustration has led to rising populism, increasing fragmentation of society.
As middle-class jobs continue to come under pressure, there’s no assurance positive attitudes to technology will persist. Industrial Revolution was a defining moment in history, but few grasped it’s enormous consequences. The Technology Trap demonstrates we’re in the midst of another technological revolution. Lessons of the past should be intently evaluated to succeed effectively, enthusiastically in the present.
Worth a read.
