with Richard Davies, Economics Editor at The Economist
Technology was supposed to raise wages and standards of living – but have we seen these expected benefits? Technology increases economic efficiency and productivity, and – in theory - should drive an increase in wages and purchasing power. But wages, especially at middle levels, haven’t really risen in most developed countries, so what gives? Are machines increasingly replacing workers? Were we simply brain-washed into believing technology would make our lives better so we wouldn’t go out and trash machines?
Thankfully, history shows us that technology has raised real wages in previous economic cycles – sometimes with a long lag between technology implementation and the time benefits trickle down to workers. But rising “machine intelligence” could threaten blue- and white-collar jobs alike. Cases in point – ride-sharing app, Uber, has upended local taxi monopolies, and robots now more accurately perform certain aspects of surgery. Ultimately, technology benefits end consumers and disrupts the livelihoods of many others. So how can you stay ahead of this inexorable trend?