There Is a Technology Bubble, and That’s Okay
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Nobel laureate Robert Shiller sees economic benefits to today’s technology-driven economy, but worries that automation poses “the challenge of our time.”
MIT professor Norbert Wiener wrote a book in 1948 called Cybernetics, about computer science. He says at one point, I don’t know what to worry about more, the computer or the atomic bomb. Remember that was three years after Hiroshima and Nagasaki. So what could he mean, the computer is more dangerous than the atomic bomb? Well, exactly this, as he said, that the computer will eventually replace the jobs that people do. And this is already happening.
I view this as the challenge of our time, maybe the most important policy issue facing us, and it’s a difficult one.
The way computer technology is exploding right now with robotics and voice-activated things that answer your questions, translate them into a different language. Where will it be in 10, 20, or 30 years? I think that’s the biggest question facing our society.
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