Just print money and give it to everyone by Chris Arnade: "The usual answer to why we don't do this is that it isn't politically feasible and there is no precedent. 1) That has never stopped bank bailouts, which often require a great deal of political and regulatory ingenuity to jam through. (TARP cough TARP) 2) It is a symptom of a system built by and for the bankers to benefit themselves. It is the equivalent of saying, 'We can't do it because we have never wanted to do it'. That we don't do it this way isn't just a small economic quibble with no impact. The most visceral anger I hear from voters across the country is directed at bank bailouts, which they see as evidence of a rigged system. They are right. The system is rigged in the sense that our primary method to stimulate the economy also conveniently bails out bankers." (previously; via) [more inside]
"I said once to my board—casually, almost as a joke, 'Boy, we’d really be screwed if Amazon bought this company,'" said Welty. [more inside]
In his follow-up to Sapiens, Yuval Noah Harari envisions what a 'useless class' of humans might look like as AI advances and spreads - "I'm aware that these kinds of forecasts have been around for at least 200 years, from the beginning of the Industrial Revolution, and they never came true so far. It's basically the boy who cried wolf, but in the original story of the boy who cried wolf, in the end, the wolf actually comes, and I think that is true this time." [more inside]
A robot will soon be asking you if you want fries with that. In response to the rising minimum wage, the fast-food chain Wendy's is following through with threats to to start automating all of its 6000 restaurants because of plans to raise the minimum wage in some US states. Carl's Jnr is also looking at the idea. Robots also might soon take over parts of the education system. [more inside]
World After Capital by Albert Wenger [Work in Progress; GitHub; GitBook; PDF; FAQ] - "Technological progress has shifted scarcity for humanity. When we were foragers, food was scarce. During the agrarian age, it was land. Following the industrial revolution, capital became scarce. With digital technologies scarcity is shifting from capital to attention. World After Capital suggests ways to expand economic, informational and psychological freedom to go from an industrial to a knowledge society." (previously)
Rewrite the rules to benefit everyone, not just the wealthy - "If there's one thing Joseph Stiglitz wants to say about inequality, it's that it has been a choice, not an unexpected, unfortunate economic outcome. That's unnerving, but it also means that citizens and politicians have the opportunity to fix the problem before it gets worse." (via) [more inside]
The Future of (Post)Capitalism - "Paul Mason shows how, from the ashes of the recent financial crisis, we have the chance to create a more socially just and sustainable global economy." (previously; via) [more inside]
People of the United Kingdom! Will a robot take your job? (previously for data from the USA) [more inside]
FINLAND: New Government Commits to a Basic Income Experiment - "The Finnish government of Juha Sipilä is considering a pilot project that would give everyone of working age a basic income."[1,2,3] (via) [more inside]
Faced with the prospect of $15 an hour wages for fast food workers, Silicon Valley is re-inventing the automat.
Joe Stiglitz on Inequality, Wealth, and Growth: Why Capitalism is Failing (video; if you don't have 30m, skip to 20m for discussion of political inequality, wealth, credit and monetary policy) - "If the very rich can use their position to get higher returns, more investment information, more extraction of rents, and if the very rich have equal or higher savings rates, then wealth will become more concentrated... economic inequality inevitably gets translated into political inequality, and political inequality gets translated into more economic inequality. The basic and really important idea here is that markets don't exist in a vacuum, that market economies operate according to certain rules, certain regulations that specify how they work. And those effect the efficiency of those markets, but they also effect how the fruits of the benefits of those markets are distributed and the result of that is there are large numbers of aspects of our basic economic framework that in recent years have worked to increase the inequality of wealth and income in our society... leading to a society which can be better described, increasingly, as an inherited plutocracy." [more inside]
The Machines Are Coming by Zeynep Tufekci
Machines are getting better than humans at figuring out who to hire, who’s in a mood to pay a little more for that sweater, and who needs a coupon to nudge them toward a sale. In applications around the world, software is being used to predict whether people are lying, how they feel and whom they’ll vote for. To crack these cognitive and emotional puzzles, computers needed not only sophisticated, efficient algorithms, but also vast amounts of human-generated data, which can now be easily harvested from our digitized world. The results are dazzling. Most of what we think of as expertise, knowledge and intuition is being deconstructed and recreated as an algorithmic competency, fueled by big data. But computers do not just replace humans in the workplace. They shift the balance of power even more in favor of employers. Our normal response to technological innovation that threatens jobs is to encourage workers to acquire more skills, or to trust that the nuances of the human mind or human attention will always be superior in crucial ways. But when machines of this capacity enter the equation, employers have even more leverage, and our standard response is not sufficient for the looming crisis.[more inside]
The nurses and doctors summoned to the hospital room of 16-year-old Pablo Garcia early on the morning of July 27, 2013, knew something was terribly wrong. Just past midnight, Pablo had complained of numbness and tingling all over his body. Two hours later, the tingling had grown worse.
A five part series from Backchannel at Medium.
Part One - How Medical Tech Gave a Patient a Massive Overdose
Deathhacks: Tech tips for people who are going to die (someday) Jessamyn West (Mefi's own) describes the challenges that came with being executrix of her father's estate, and his house.
Should Airplanes Be Flying Themselves? William Langewiesche examines the ways in which airplane automation, entrenched cockpit culture, and difficult flying conditions led to the 2009 crash of Air France Flight 447, resulting in 228 deaths. [more inside]
Humans Need Not Apply. Video essayist CGP Grey explains why we need to start preparing for a post-human economy.
Norbert Wiener: The Eccentric Genius Whose Time May Have Finally Come (Again) - "The most direct reason for Wiener's fall to relative obscurity was the breakthrough of a young mathematician and engineer named Claude Shannon." [more inside]
"Hi, Marc... You seem to think everyone's worried about robots. But what everyone's worried about is you, Marc. Not just you, but people like you. Robots aren't at the levers of financial and political influence today, but folks like you sure are. People are scared of so much wealth and control being in so few hands... Unless we collectively choose to pay for a safety net, technology alone isn't going to make it happen." [more inside]
How the US Postal Service works offers a glimpse into the massive automation behind the AFCS (Advanced Facer Canceller System) which helps deliver 150 million of pieces of mail daily
VC for the people - "It's just that people who have options are much more likely to actually find success than people who don't." [more inside]
"In the mid-20th century, in response to the United States’ rapidly expanding telephone network, executives at the Bell System introduced a new way of dialing the phone. Until then, for the most part, it was human operators — mostly women — who had directed calls to their destinations." The new system, which eliminated letters from phone numbers and set the stage for an automated national (and eventually international) dialing system. was met with a minor rebellion against "creeping numeralism." The Atlantic examines "Our Numbered Days: The Evolution of the Area Code." [more inside]
What Jobs Will The Robots Take? Eight Ways Robots Stole Our Jobs In 2013. Who is next? Soldiers? Rescue teams? Managers? Astronauts? [more inside]
Congress takes a casual look at the peer-to-peer economy - “Finding new ways to monetise used or existing assets has the obvious and immediate effects of raising their value and the wealth of their owners, while simultaneously reducing the value of comparable stuff owned by incumbent companies — for whom monetisation already wasn’t a problem, and who find themselves burdened by the newly competitive environment. The innovations also provide a surplus to those consumers who previously would have paid more to an incumbent. And all without any new stuff actually having to be made.” [more inside]
Automate your love life.
Facial attractiveness is surprisingly uncomplicated to quantify. Essentially, evolution has us seeking partners that are as “normal” as possible. Anything that is unusually big or small, any ratio that differs from \phi, or about 1.618, hurts the score. After the face(s) are identified in the image, a mask of 25 anthropometric proportion indices is overlaid and mean compliance is measured.[more inside]
Auto Correct — Has the self-driving car at last arrived? From The New Yorker, November 25, 2013.
The robots are here. George Mason University economist Tyler Cowen predicts that the trend towards automation will squeeze the middle class further still, and compares its effects on American politics to a too-overlooked 1955 short story by Isaac Asimov.
Brad DeLong, recently installed at Equitablog, lays out a future (wonkish) where the returns to capital keep increasing relative to labor: "What do we people do to add value? Eight things... [more inside]
Nicholas Carr's latest article for The Atlantic posits that automation presents risks, specifically of losing skill and talent. "The lack of awareness and the degradation of know-how raise the odds that when something goes wrong, the operator will react ineptly. The assumption that the human will be the weakest link in the system becomes self-fulfilling."
How The Economic Machine Works by Ray Dalio actually makes a case against austerity and for redistribution, but also for money printing (and, arguably, for bailouts), while stressing the need to keep making productivity-improving public and private investments. However, it could be equally entitled: How The Industrial Age Political-Economy Doesn't Work Anymore, viz. Surviving Progress (2011)... [more inside]
47% of US jobs under threat from computerization according to Oxford study. The study reveals a trend of computers taking over many cognitive tasks thanks to the availability of big data. [more inside]
To reduce the risk of future Edward Snowden style leaks, the NSA wants to reduce the number of people in the loop. Director Keith Alexander told Reuters that the NSA plans to eliminate fully 90 percent of its system administrators and replace them with machines.
"So long as you stop thinking in terms of crafts and aim to practice a trade instead, there is more work for humans than people realize... When people talk about saving work or jobs, they mostly talk about saving sexy, income-generating conspicuous production packaged as creative work, in a debt-fueled de facto leisure society." Writer and speaker Venkatesh Rao weighs in on the difference between "Sexy Jobs and Schlub Jobs," and what it means for the future of work. For a slightly different take, see The Death of the 'Prestige Economy'…
A new software program grades essay answers automatically. While not the first to do so, the program released by EdX is expected to gain more traction as it will be used to give instant feedback for the non-profit's free online courses offered by top universities. Critics have already found ways to game the system.
The Forces Of The Next 30 Years - SF author and Mefi's Own Charles Stross talks to students at Olin College about sci-fi, fiction, speculation, the limits of computation, thermodynamics, Moore's Law, the history of travel, employment, automation, free trade, demographics, the developing world, privacy, and climate change in trying to answer the question What Does The World Of 2043 Look Like? (Youtube 56:43)
TruthTeller is an ambitious new automated application built by the Washington Post, which fact checks political speeches, ads and interviews "in as close to real time as possible." The prototype is intended to be a complement to the paper's Fact Checker Blog. More on the project from TechCrunch and Poynter.
let's automate them
let's automate them
Trade-offs between inequality, productivity, and employment - "The poor do not employ one another, because the necessities they require are produced and sold so cheaply by the rich. The rich are glad to sell to the poor, as long as the poor can come up with property or debt claims or other forms of insurance to offer as payment..." [more inside]
Cups and Balls, via crank (slyt)
The Control Revolution And Its Discontents - "the long process of algorithmisation over the last 150 years has also, wherever possible, replaced implicit rules/contracts and principal-agent relationships with explicit processes and rules."
Made in America: small businesses buck the offshoring trend - "For US manufacturing to make sense, factories must make extensive use of automation. That's getting easier, given that the cost of robots with comparable capabilities has decreased precipitously in the past two decades." [more inside]
In a pinch, upgrade the humans or redistribute the robots - "[S]uppose [as a factory owner] I replace all my workers with machines... This squeeze has many implications, one of them being that here is an important sector of the economy in which more or less all the gains accrue to the owners of capital and more or less none to the working class..." [more inside]
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