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An equation to ensure America survives the age of AI
April 10, 2019 | Financial Times | Elizabeth Cobbs.

Alexander Hamilton, Horace Mann and Frances Perkins are linked by their emphasis on the importance of human learning.

In more and more industries, the low-skilled suffer declining pay and hours. McKinsey estimates that 60 per cent of occupations are at risk of partial or total automation. Workers spy disaster. Whether the middle class shrinks in the age of artificial intelligence depends less on machine learning than on human learning. Historical precedents help, especially...... the Hamilton-Mann-Perkins equation: innovation plus education, plus a social safety net, equals the sum of prosperity.

(1) Alexander Hamilton.
US founding father Alexander Hamilton was first to understand the relationship between: (a) the US's founding coincided with the industrial revolution and the need to grapple with technological disruption (In 1776, James Watts sold his first steam engine when the ink was still wet on the Declaration of Independence)-- Steam remade the world economically; and (b), America’s decolonisation remade the world politically......Hamilton believed that Fledgling countries needed robust economies. New technologies gave them an edge. Hamilton noted that England owed its progress to the mechanization of textile production.......Thomas Jefferson,on the other hand, argued that the US should remain pastoral: a free, virtuous nation exchanged raw materials for foreign goods. Farmers were “the chosen people”; factories promoted dependence and vice.....Hamilton disagreed. He thought colonies shouldn’t overpay foreigners for things they could produce themselves. Government should incentivise innovation, said his 1791 Report on the Subject of Manufactures. Otherwise citizens would resist change even when jobs ceased to provide sufficient income, deterred from making a “spontaneous transition to new pursuits”.......the U.S. Constitution empowered Congress to grant patents to anyone with a qualified application. America became a nation of tinkerers...Cyrus McCormick, son of a farmer, patented a mechanical reaper in 1834 that reduced the hands needed in farming. The US soared to become the world’s largest economy by 1890. Hamilton’s constant: nurture innovation.

(2) Horace Mann
America’s success gave rise to the idea that a free country needed free schools. The reformer Horace Mann, who never had more than six weeks of schooling in a year, started the Common School Movement, calling public schools “the greatest discovery made by man”.....Grammar schools spread across the US between the 1830s and 1880s. Reading, writing and arithmetic were the tools for success in industrialising economies. Towns offered children a no-cost education.......Americans achieved the world’s highest per capita income just as they became the world’s best-educated people. Mann’s constant: prioritise education.

(3) Frances Perkins
Jefferson was correct that industrial economies made people more interdependent. By 1920, more Americans lived in towns earning wages than on farms growing their own food. When the Great Depression drove unemployment to 25 per cent, the state took a third role....FDR recruited Frances Perkins, the longest serving labour secretary in US history, to rescue workers. Perkins led campaigns that established a minimum wage and maximum workweek. Most importantly, she chaired the committee that wrote the 1935 Social Security Act, creating a federal pension system and state unemployment insurance. Her achievements did not end the depression, but helped democracy weather it. Perkins’s constant: knit a safety net.

The world has ridden three swells of industrialisation occasioned by the harnessing of steam, electricity and computers. The next wave, brought to us by AI, towers over us. History shows that innovation, education and safety nets point the ship of state into the wave.

Progress is a variable. Hamilton, Mann and Perkins would each urge us to mind the constants in the historical equation.
adaptability  Alexander_Hamilton  artificial_intelligence  automation  constitutions  disruption  downward_mobility  education  FDR  Founding_Fathers  Frances_Perkins  gig_economy  historical_precedents  hollowing_out  Horace_Mann  Industrial_Revolution  innovation  innovation_policies  James_Watts  job_destruction  job_displacement  job_loss  life_long_learning  low-skilled  McKinsey  middle_class  priorities  productivity  public_education  public_schools  safety_nets  slavery  steam_engine  the_Great_Depression  Thomas_Jefferson  tinkerers 
april 2019 by jerryking
What the Tax Bill Fails to Address: Technology’s Tsunami -
DEC. 20, 2017 | The New York Times | Farhad Manjoo.

Manjoo posits that the Republican tax bill is the wrong fix for the wrong problem, given how tech is altering society and the economy....The bill (the parachute) does little to address the tech-abetted wave of economic displacement (the tsunami) that may be looming just off the horizon. And it also seems to intensify some of the structural problems in the tech business, including its increasing domination by five giants — Apple, Amazon, Microsoft, Facebook and Alphabet, Google’s parent company — which own some of the world’s most important economic platforms.....some in Silicon Valley think the giants misplayed their hand in the legislation. In pursuing short-term tax advantages, they missed a chance to advocate policies that might have more broadly benefited many of their customers — and improved their images, too......This gets back to that looming tsunami. Though many of the economy’s structural problems predate the last decade’s rise of the tech behemoths, the innovations that Silicon Valley has been working on — things like e-commerce, cloud storage, artificial intelligence and the general digitization of everything and everyone around you — are some of the central protagonists in the economic story of our age.

Among other economic concerns, these innovations are implicated in the rise of inequality; the expanding premium on education and skills; the decimation and dislocation of retail jobs; the rising urban-rural divide, and spiking housing costs in cities; and the rise of the “gig” economy of contract workers who drive Ubers and rent out their spare bedrooms on Airbnb....technology is changing work in a few ways. First, it’s altering the type of work that people do — for instance, creating a boom in e-commerce warehouse jobs in large metro areas while reducing opportunities for retail workers in rural areas. Technology has also created more uncertainty around when people work and how much they’ll get paid.
Farhad_Manjoo  preparation  job_loss  job_displacement  Silicon_Valley  tax_codes  corporate_concentration  platforms  income_inequality  short-sightedness  e-commerce  cloud_computing  artificial_intelligence  gig_economy  precarious  automation  uncertainty  universal_basic_income  digitalization  Apple  Amazon  Netflix  Microsoft  Facebook  Alphabet  Google  inconsistent_incomes  Big_Tech  FAANG 
december 2017 by jerryking
Robocalypse Now? Central Bankers Argue Whether Automation Will Kill Jobs - The New York Times
By JACK EWING JUNE 28, 2017

artificial intelligence threatens broad categories of jobs previously seen as safe from automation, such as legal assistants, corporate auditors and investment managers. Large groups of people could become obsolete, suffering the same fate as plow horses after the invention of the tractor.

“More and more, we are seeing economists saying, ‘This time could be different,’”......among the economists in Sintra there was plenty of skepticism about whether the Robocalypse is nigh......Robocalypse advocates underestimate the power of scientific advances to beget more scientific advances, said Joel Mokyr, a professor at Northwestern University who studies the history of economics.....Hal Varian, the chief economist at Google — whose self-driving technology may someday make taxi drivers unnecessary — said that the plunging cost of information technology “has virtually eliminated the fixed cost of entering a business.” Companies can rent software and computing power over the internet..... disruptions caused by technology help account for rampant pessimism among working-class and middle-class people across the developed world.
artificial_intelligence  automation  Benjamin_Bernanke  central_banks  David_Autor  developing_countries  economists  fixed_costs  Hal_Varian  job_destruction  job_displacement  job_loss  Joel_Mokyr  pessimism 
june 2017 by jerryking
Mulroney’s advice to Trudeau on NAFTA: head down and mouth shut - The Globe and Mail
LAURA STONE
Ottawa — The Globe and Mail
Published Friday, Jun. 16, 2017

Americans should fear Canada’s economic clout but until formal free-trade negotiations begin, “we keep our heads down and our mouths shut,” says former prime minister Brian Mulroney......When the process begins, Mr. Mulroney said one of the most important words for Canada’s negotiators is “no.”

“We’re not some pushover little country,” Mr. Mulroney said......“There’s no Conservative way to negotiate a comprehensive free-trade agreement with the United States, and there’s no Liberal way to do it. There’s only a Canadian way,” Mr. Mulroney said.

“I think there are times when political parties should lay down their arms and support a national initiative. This is one of them.”....During the American election campaign, Mr. Mulroney said both Mr. Trump and Democrat Bernie Sanders portrayed trade as hurting the U.S. economy, which created “serious problems.”

“The enemy is not trade. The enemy is technology,” he said, noting when he was in office, there were no cellphones or Internet.

“Now technology and automation are displacing jobs all over the place, and the challenge is to reconstruct the economy.”.....
closedmouth  crossborder  NAFTA  renegotiations  Brian_Mulroney  Justin_Trudeau  Donald_Trump  national_interests  advice  national_unity  say_"no"  Chrystia_Freeland  job_displacement  negotiations  economic_clout  Canada  taciturn  free-trade 
june 2017 by jerryking
Tills and skills: How to prepare America’s retail workers for technological change | The Economist
May 12th 2017

America’s retail industry is huge: it employs 15.9m workers, who represent one in nine American jobs. It is also undergoing wrenching change, as e-commerce eats into sales. There is no more pressing test of society’s ability to cope with technology’s impact on work....For all the benefits that online retailing brings to consumers, it is causing immense pain to offline rivals. Last year 4,000 American stores closed; this year more than twice that number may shutter. Standard & Poor’s, a rating agency, expects retail defaults this year to outnumber those in 2009, at the height of the global recession. Some formats—discount stores, groceries, high-end malls—will continue to thrive. But many will shrink. The industry has shed 50,000 net jobs since January. Department stores may need to close more than 800 stores to reach the productivity levels of 2006. Many outlets are looking for ways to cut labour costs by embracing automation....The problems faced by America’s retailers are particularly acute because there are so many of them: shopping centres eat up five times more space per person than in Britain. But the threat posed by technology is familiar to workers elsewhere. In Japan, online sales menace small, specialty shops that account for roughly half of sales. The Eurasia Group, a consultancy, reckons that 192m retail jobs around the world are vulnerable to automation.....A 21st-century approach to careers advice would see employers across industries identify transferable skills: rather than thinking of e-commerce as a natural move for shop assistants, their ability to handle customers might make them more suitable for roles in health care, for example. Armed with such advice, people in at-risk industries such as retailing could be given learning accounts, topped up by government, that can be used to pay for new skills. Benefits could be made more portable, making it easier for workers to switch between full-time employment and the gig economy as circumstances change.
job_destruction  job_displacement  job_loss  e-commerce  store_closings  retailers  Standard_&_Poor’s  grocery  shopping_malls  department_stores  oversaturation  safety_nets  automation  technological_change  market_saturation  transferable_skills 
may 2017 by jerryking
Bank of Canada warns automation will lead to job losses - The Globe and Mail
ANDY BLATCHFORD
The Canadian Press
Published Tuesday, Apr. 18, 2017

In a speech in Toronto, senior deputy governor Carolyn Wilkins said Tuesday innovations like artificial intelligence and robotics are expected to help re-energize underwhelming productivity in advanced economies like Canada. Over the longer haul, she added that new technologies should eventually create more jobs than they replace.

However, the fast-approaching changes come with concerns for Wilkins – from the challenging adjustment for the labour force, to the distribution of the new wealth......“Innovation is always a process of creative destruction, with some jobs being destroyed and, over time, even more jobs being created,” said Wilkins, who added that what will change is the type of workers in demand.

“We’ve seen this process in action throughout history.”.......Wilkins said the Bank of Canada has also taken steps to help it deal with the fast-approaching changes. It has created a new digital economy team with a focus on how automation affects the economy as well as its impacts on inflation and monetary policy
Bank_of_Canada  automation  productivity  artificial_intelligence  technological_change  robotics  layoffs  inflation  monetary_policy  digital_economy  creative_destruction  innovation  job_creation  job_destruction  job_displacement  rapid_change 
april 2017 by jerryking
As Goldman Embraces Automation, Even the Masters of the Universe Are Threatened
February 7, 2017 | MIT Technology Review | by Nanette Byrnes.

Automated trading programs have taken over cash equities trading function at Goldman Sachs. A job that once employed 600 people in 2000, is now in 2017 being done by 2 people, with the rest of the work, supported by 200 computer engineers. Marty Chavez, the company’s deputy chief financial officer and former chief information officer, explained all this to attendees at a symposium on computing’s impact on economic activity held by Harvard’s Institute for Applied Computational Science last month.....Chavez, who will become chief financial officer in April, says areas of trading like currencies and even parts of business lines like investment banking are moving in the same automated direction that equities have already traveled.....Complex trading algorithms, some with machine-learning capabilities, first replaced trades where the price of what’s being sold was easy to determine on the market, including the stocks traded by Goldman’s old 600.

Now areas of trading like currencies and futures, which are not traded on a stock exchange like the New York Stock Exchange but rather have prices that fluctuate, are coming in for more automation as well. To execute these trades, algorithms are being designed to emulate as closely as possible what a human trader would do,.....Goldman’s new consumer lending platform, Marcus, aimed at consolidation of credit card balances, is entirely run by software, with no human intervention, Chavez said. It was nurtured like a small startup within the firm and launched in just 12 months,
automation  Goldman_Sachs  Martin_Chavez  CFOs  CIOs  risk-assessment  platforms  human_intervention  Marcus  software  algorithms  machine_learning  job_displacement 
february 2017 by jerryking
Too much stuff, with no one to buy it: Is this the future economy? - The Globe and Mail
Scott Barlow
Too much stuff, with no one to buy it: Is this the future economy?
SUBSCRIBERS ONLY
The Globe and Mail
Published Tuesday, Feb. 02, 2016

University of California professor Brad DeLong’s “Economics and the Age of Abundance” highlighted the new economic study of global production growth – a new-ish school of thought that attributes much of the economic malaise in the developed world to a technology-driven “too much of everything.....The economic challenges of abundance, however, go far beyond commodities. There’s too many mutual funds, television channels, cereal brands, auto companies (China hasn’t even started exporting cars and trucks yet), land-line telephones, clothing brands, taxis, department stores and, if we’re being honest, journalism. Technology and its ability to increase productivity are to blame for virtually any major market sector beset with poor profit margins and layoffs. ....... The larger problem, and I suspect Mr. DeLong would agree, is that technology increases efficiencies and reduces the need for labour. A dystopian future in which anything can be produced quickly and cheaply, except everyone’s unemployed with no money to spend, is easy to envisage without considerable structural change in the economy.

Unemployment is the most severe outgrowth of abundance and low profitability ....... ......
abundance  economics  economists  Colleges_&_Universities  oversupply  technology  commodities  over_investment  scarcity  innovation  China  productivity  deflation  manufacturers  outsourcing  unemployment  job_destruction  job_displacement  downward_mobility  hollowing_out  books  developed_countries  dystopian_futures  structural_change  developing_countries 
february 2016 by jerryking
The changing face of employment - FT.com
January 30, 2015 12:41 pm
The changing face of employment
Gillian Tett

One widely cited statistic at the World Economic Forum was a projection that automation would end up replacing some 45 per cent of jobs in the US in the next 20 years. And the consensus was that it would be the middle tier of jobs that would disappear. The future of employment — at least according to Davos — is a world bifurcated between low-skilled, low-paid service jobs (say, dog walkers and cleaners) and highly skilled elite roles (computer programmers, designers and all the other jobs that Davos luminaries do). Everything else is potentially vulnerable....What is still critically unclear is how all this investment in infrastructure and training is going to be paid for. Philanthropy? Taxes? It is also unclear how mass access to the internet will recreate those disappearing mid-tier jobs. Given that, it is perhaps no surprise that when I asked a group of Davos grandees for a show of hands on whether income inequality would get worse in the coming years, almost everybody in the room voted “yes” — without hesitation. That is deeply sobering.
Gillian_Tett  WEF_Davos  highly_skilled  innovation  unemployment  mobile_phones  Erik_Brynjolfsson  automation  Andrew_McAfee  middle_class  job_destruction  job_displacement  downward_mobility  hollowing_out  MIT 
january 2015 by jerryking
Laurence Fink’s Optimistic Outlook - WSJ
Jan. 30, 2015 | WSJ | Op-ed

BlackRock manages $4.65 trillion worth of assets (as of the last quarter)—the investments of individuals, governments, pension funds and other global institutions. His firm advised the Federal Reserve and the Treasury Department during the 2008 financial crisis, and since then, he has spent more time advising the public sector, sharing his views and predictions with the Obama administration and world leaders...BlackRock has more than 12,000 employees and more than 135 investment teams. They manage the portfolios of more than 7,700 clients, from sovereign-wealth funds to college endowments to corporations.....China is starting to provide more public-supported pensions and health care, but “it’s a fraction of what it should be,” Mr. Fink says. He is encouraged by China’s proposed fiscal reforms, such as steps to shift the country’s debt burden toward the central government, away from local authorities, improving efficiency.....Fink believes that many people haven’t paid enough attention to the displacement caused by technology. “Think of all the people who used to be in agriculture, and now it’s all mechanized,” he says. To offset this shift, Mr. Fink thinks that governments should invest in infrastructure to provide jobs and create capital. He also thinks that successful countries will train workers to be able to do skilled jobs, such as writing computer code or building machines.
Laurence_Fink  BlackRock  WEF_Davos  op-ed  optimism  job_destruction  job_displacement 
january 2015 by jerryking
How Technology Wrecks the Middle Class - NYTimes.com
August 24, 2013, 2:35 pm 30 Comments
How Technology Wrecks the Middle Class
By DAVID H. AUTOR AND DAVID DORN

In the four years since the Great Recession officially ended, the productivity of American workers — those lucky enough to have jobs — has risen smartly. But the United States still has two million fewer jobs than before the downturn, the unemployment rate is stuck at levels not seen since the early 1990s and the proportion of adults who are working is four percentage points off its peak in 2000…. Have we mechanized and computerized ourselves into obsolescence?... Economists have historically rejected what we call the “lump of labor” fallacy: the supposition that an increase in labor productivity inevitably reduces employment because there is only a finite amount of work to do. While intuitively appealing, this idea is demonstrably false. In 1900, for example, 41 percent of the United States work force was in agriculture. By 2000, that share had fallen to 2 percent, after the Green Revolution transformed crop yields…. Fast-forward to the present. The multi-trillionfold decline in the cost of computing since the 1970s has created enormous incentives for employers to substitute increasingly cheap and capable computers for expensive labor. These rapid advances — which confront us daily as we check in at airports, order books online, pay bills on our banks’ Web sites or consult our smartphones for driving directions — have reawakened fears that workers will be displaced by machinery. Will this time be different?
A starting point for discussion is the observation that although computers are ubiquitous, they cannot do everything. … Logically, computerization has reduced the demand for these jobs, but it has boosted demand for workers who perform “nonroutine” tasks that complement the automated activities. Those tasks happen to lie on opposite ends of the occupational skill distribution.
At one end are so-called abstract tasks that require problem-solving, intuition, persuasion and creativity. These tasks are characteristic of professional, managerial, technical and creative occupations, like law, medicine, science, engineering, advertising and design. People in these jobs typically have high levels of education and analytical capability, and they benefit from computers that facilitate the transmission, organization and processing of information.
On the other end are so-called manual tasks, which require situational adaptability, visual and language recognition, and in-person interaction….. Computerization has therefore fostered a polarization of employment, with job growth concentrated in both the highest- and lowest-paid occupations, while jobs in the middle have declined. Surprisingly, overall employment rates have largely been unaffected in states and cities undergoing this rapid polarization. Rather, as employment in routine jobs has ebbed, employment has risen both in high-wage managerial, professional and technical occupations and in low-wage, in-person service occupations….…workers [can] ride the wave of technological change rather than be swamped by it [by] investing more in their education.…The good news, however, is that middle-education, middle-wage jobs are not slated to disappear completely. While many middle-skill jobs are susceptible to automation, others demand a mixture of tasks that take advantage of human flexibility.…we predict that the middle-skill jobs that survive will combine routine technical tasks with abstract and manual tasks in which workers have a comparative advantage — interpersonal interaction, adaptability and problem-solving….The outlook for workers who haven’t finished college is uncertain, but not devoid of hope. There will be job opportunities in middle-skill jobs, but not in the traditional blue-collar production and white-collar office jobs of the past. Rather, we expect to see growing employment among the ranks of the “new artisans”: licensed practical nurses and medical assistants; teachers, tutors and learning guides at all educational levels; kitchen designers, construction supervisors and skilled tradespeople of every variety; expert repair and support technicians; and the many people who offer personal training and assistance, like physical therapists, personal trainers, coaches and guides. These workers will adeptly combine technical skills with interpersonal interaction, flexibility and adaptability to offer services that are uniquely human.
David_Autor  productivity  middle_class  automation  algorithms  downward_mobility  hollowing_out  MIT  Erik_Brynjolfsson  Andrew_McAfee  Luddites  problem_solving  job_destruction  job_displacement  barbell_effect  technological_change  blue-collar  white-collar  artisan_hobbies_&_crafts  interpersonal_interactions 
august 2013 by jerryking
Tech drives nails into coffins of Europe’s weak economies
Nov. 30 2012 | The Globe and Mail | by ERIC REGULY.

Technology is having a devastating effect on employment, which in itself is not new. What is new is that the job destruction everywhere among low-skilled workers seems on the verge of being repeated among white-collar jobs. That is the theory of Erik Brynjolfsson and Andrew McAfee, digital economy specialists at MIT and authors of Race Against the Machine, a book about the digital revolution and how it is reshaping employment and entire economies.

Technology has been displacing jobs since the Industrial Revolution, but the lost jobs were more or less replaced with new jobs
Eric_Reguly  Europe  EU  debt  Erik_Brynjolfsson  technological_change  Andrew_McAfee  digital_economy  MIT  Greece  technology  job_destruction  job_displacement  automation  white-collar  low-skilled  weak_economy  digital_revolution 
december 2012 by jerryking
New Rules - NYTimes.com
September 8, 2012 | NYT | by THOMAS L. FRIEDMAN


Obama should stop using the phrase — first minted by Bill Clinton in 1992 — that if you just “work hard and play by the rules” you should expect that the American system will deliver you a decent life and a chance for your children to have a better one. That mantra really resonates with me and, I am sure, with many voters. There is just one problem: It’s out of date.

The truth is, if you want a decent job that will lead to a decent life today you have to work harder, regularly reinvent yourself, obtain at least some form of postsecondary education, make sure that you’re engaged in lifelong learning and play by the rules. That’s not a bumper sticker, but we terribly mislead people by saying otherwise.

The world is now a more open system. Technology and globalization are wiping out lower-skilled jobs faster, while steadily raising the skill level required for new jobs. More than ever now, lifelong learning is the key to getting into, and staying in, the middle class.

There is a quote attributed to the futurist Alvin Toffler that captures this new reality: In the future “illiteracy will not be defined by those who cannot read and write, but by those who cannot learn and relearn.” Any form of standing still is deadly.
Tom_Friedman  21st._century  rules_of_the_game  skills  technological_change  Managing_Your_Career  children  job_destruction  job_displacement  continuing_education  continuous_learning  adaptability  life_long_learning  futurists  Alvin_Toffler  job_search 
september 2012 by jerryking
U.S. political debate stuck in the past -
Aug. 30 2012 | The Globe and Mail | CHRYSTIA FREELAND.

The argument between the Democrats and the GOP about the size of the state comes with little regard for the economic realities of this era. Like generals fighting the last war, U.S. politicians are solving the economic challenges of the past century....Thanks to smart machines and global trade, the well-paying, middle-class jobs that were the backbone of Western democracies are vanishing. The paradoxical driver of this middle-class squeeze is not some villainous force – it is, rather, the success of the world’s best companies, many of them American (i.e. Big Tech, the major platforms)....the knottiest economic problem of our time: Figuring out how to manage an economy whose engines of growth are enriching the few but squeezing the many....It took more than the spinning jenny or the steam engine to transform local, agrarian, family-based communities into national, urban, individualistic ones. New political and social institutions will be needed to midwife the latest shift into global and virtual communities. Inventing those institutions is difficult, and talking about them can be frightening, but that is the political conversation the Western world should be having.
Big_Tech  Chrystia_Freeland  Campaign_2012  globalization  Outsourcing  institutions  middle_class  job_destruction  job_displacement  job_loss  institution-building  downward_mobility  hollowing_out  backward_looking 
august 2012 by jerryking
At Davos, Leaders are Debating Whether Corporations are More Powerful Than Governments
January 27, 2012 | TIME.com | By Rana Foroohar.

The top companies seem to exist in a world apart — they are booming, and their executives are prospering. If there is a meta theme to this year’s World Economic Forum in Davos, it is that the world’s largest companies are moving on and moving ahead of governments and countries that they perceive to be inept and anemic. They are flying above them, operating in a space that is increasingly disconnected from local concerns, and the problems of their home markets. And if the conversations here are any indication, they may soon take over much of what government itself does....The problem was nicely captured in this week’s New York Times piece on Apple, looking at why the iPhone is mostly made outside America. As one of the company’s executives put it, “We don’t have an obligation to solve America’s problems.” It’s a sentiment that was echoed on Time’s Board of Economists’ panel, where business leaders blamed for not sharing the $2 trillion in wealth sitting on corporate balance sheets argued that they did create jobs and prosperity — just not in this country.....Labor economist Clyde Prestowitz pointed out as much in an article in Foreign Policy this week where he noted that while Apple may not think American economic issues are it’s “problem,” it certainly depends on the Seventh Fleet to keep Asian waterways safe and clear so that it can deliver it’s products.....A lot of people here in Davos — people like Nobel laureate Chris Pissarides, and a number of high level investors I spoke with — say that we can’t innovate or educate our way out of this problem. It’s only going to get worse, particularly as a coming automation revolution starts to hollow out white collar jobs in rich countries.
Rana_Foroohar  Davos  multinationals  Apple  globalization  cash_reserves  job_destruction  job_displacement  downward_mobility  automation  hollowing_out  white-collar  developed_countries  Nobel_Prizes  large_companies  statelessness 
august 2012 by jerryking
Three big questions for the 21st century
Jun. 21 2012 |The Globe and Mail |CHRYSTIA FREELAND, Special to The Globe & Mail.

it is no accident that so many economies are sputtering at the same time, or that so many people around the globe are angry.

One reason for the synchronized gloom is the synchronization of the global economy. Another is that everyone is trying to figure out three big questions, the answers to which will shape the 21st century.

The first is how nation-states fit into a globalized world economy.
The second question is even knottier. Why is 21st-century capitalism failing at the very important task of delivering jobs and rising incomes to the middle class in rich countries.
The third question is one we speak about the least and should probably worry about the most: Can rich women be persuaded to have children? Why, once a country achieves middle-income status, its middle-class women stop having many children.
Chrystia_Freeland  21st._century  middle_class  demographic_changes  job_destruction  job_displacement  think_threes  global_economy 
july 2012 by jerryking

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