Will Robots Rule the World? Find Out At Robo Madness Next Thursday -- Wade Roush, XConomy
An influential 1998 paper by Robin Hanson, an economics professor at George Mason University, asked what might happen to jobs and wages in a future with “mature machine intelligence”—computers and robots clever enough to take over most human jobs. The outlook is a little scary.
Hanson calculated that a world where machines could truly substitute for most human labor, would, at first, see unprecedented economic growth, including rising wages. But eventually, as machines became more numerous and more productive, they would push human wages down dramatically, leaving most people without the means to buy the stuff the machines were making. Hanson even threw around words like “Malthusian,” a term once reserved to describe catastrophic population growth and food shortages.
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My Comment: What's my take .... robots may rule the world one day .... but not today.