Tuesday, 3 July 2018
Johns Hopkins University
Adair Turner
My title is “Capitalism in the age of robots” and my aim is to consider the possible long-term impact of rapid technological progress – and in particular of work automation and artificial intelligence. And I will sometimes use the word “robots” as shorthand for any sort of machine – any combination of hardware and software – that can perform any sort of work, rather than specifically meaning something which looks like a human, with legs, arms and a smiley face.
I will argue that the rapid, unstoppable, and limitless progress of automation potential will have profound implications for the nature of and need for work, and for the distribution of income and wealth. But also profound implications for the very meaning of some concepts and measures which play a fundamental role in economic analysis – in particular productivity growth and GDP per capita. At the limit indeed, one can question whether the very concept of “an economy” or of “economics” – if defined as the study of production and consumption choices amid conditions of inherent scarcity – have any meaning in a world where, eventually, all human work activities can be automated.
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