What do you consider the second machine age?
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.
What is new machine age?
This new machine age is about idea production, rather than physical production. This new machine age is also unique because it is measurable (hello, big data), combinatorial (meaning that innovations can be remixed) and exponential, meaning that it advances at an incredibly rapid pace.
Who are erik Brynjolfsson and Andrew McAfee?
Brynjolfsson and McAfee are co-directors of the MIT Initiative on the Digital Economy. Brynjolfsson is the Schussel Family Professor at MIT Sloan School, and a research associate at the National Bureau of Economic Research. McAfee is a principal research scientist at MIT Sloan School.
When did the second machine age start?
1982
The thrust behind the “second machine age” is the computer, dubbed by Time Magazine in 1982, as the machine of the year. However, it was not the computer that did it, but what has been achieved after the computer. One hundred years ago, a computer was an employee’s job title, only much later replaced by a machine.
When did the machine age start?
The Machine Age is an era that includes the early-to-mid 20th century, sometimes also including the late 19th century. An approximate dating would be about 1880 to 1945.
What started the machine age?
It was kickstarted by innovations to the British textile industry and led to growth in other industries as well. The Great Depression was the biggest economic catastrophe of the 20th century.
What is the great decoupling?
The decoupling of wages from productivity, sometimes known as the great decoupling, is the gap between the growth rate of median wages and the growth rate of GDP.
What do the authors argue is the best way to not be left behind as technology races ahead?
Brynjolfsson and McAfee reinforce this idea by arguing that ‘acquiring an excellent education is the best way to not be left behind as technology races ahead; motivated students and modern technologies are a formidable combination’ (Brynjolfsson and McAfee, 2011).
What did the Machine Age do?
The Machine Age saw many new developments and advancements. One major development during this time was the mass production of goods using an assembly line. Other major developments included the use of radio technology, the printing press, and improved travel by trains, automobiles, and planes.
What does mechanical age all about?
The mechanical age is when we first start to see connections between our current technology and its ancestors. The mechanical age can be defined as the time between 1450 and 1840. Technologies like the slide ruler (an analog computer used for multiplying and dividing) were invented in this period.
How long did the Machine Age last?
Why did wages decouple from productivity?
Overall, the empirical evidence based on a variety of data sources and methodologies consistently suggests that technological change and increased trade integration have contributed to the decoupling of median wages from productivity, both by lowering labour shares and raising wage inequality.