ERIK BRYNJOLFSSON + ANDREW MCAFEE ~ THE SECOND MACHINE AGE ~ 2014

~ W-TAD-CIB-TASWAWP-TSTDE-WAITNRTS ~ When – Things Are Digitized – Converted Into Bits – They Acquire Some Weird And Wonderful Properties – They’re Subject To Different Economics – Where Abundance Is The Norm Rather Than Scarcity

~ GDANLPO-A-TDM ~ Digital Goods Are Not Like Physical Ones – And – These Difference Matter

~ ETMBDHUCTMBM ~ Even The Most Beneficial Developments Have Unpleasant Consequences That Must Be Managed

~ TPIGTLBSP-PEALOP-AIRA ~ Technological Progress Is Going To Leave Behind Some People – Perhaps Even A Lot Of People – As It Races Ahead

~ IITDTLNCOTSMAASADAHTMT-TNI-BTWFTE ~ It’s Important To Discuss The Likely Negative Consequences Of The Second Machine Age And Start A Dialogue About How To Mitigate Them – They’re Not Insurmountable – But They Won’t Fix Themselves, Either

~ AAS-TCADTEIA-AD-H-ITMCAIT ~ Algorithms Are Simplifications – They Can’t And Don’t Take Everything Into Account – Algorithms Do – However – Include The Most Common And Important Things

~ WKMTWCT ~ We Know More Than We Can Tell

~ ITDOTSMA-ITC-E-D-C ~ It’s The Dawn Of The Second Machine Age – It’s Three Characteristics – Exponential – Digital – Combinatorial

~ SLAM ~ Simultaneous Localization And Mapping

~ NE-ASWTVOARFEOIUIWEAU ~ Network Effect – A Situation Where The Value Of A Resource For Each Of Its Users Increases With Each Additional User

~ TEOB ~ The Economics Of Bits

~ MT-FPAI-MSLUEFMP-BAMIID-MPWFITC ~ Making Things – Free, Perfect And Instant – Might Seem Like Unreasonable Expectations For Most Products – But As More Information Is Digitized – More Products Will Fall Into These Categories

~ M2M ~ Machine-To-Machine – Devices Sharing Data With One Another Over Networks

~ MLYNR ~ New Layers Yield New Recipes

~ GPT ~ General Purpose Technologies

~ IACT ~ Information and Communication Technologies

~ T-’I-A-B-B’-VOTW-BBDEGEOOUU-IF-TITOFFR ~ The – “Innovation-As-Building-Block” – View Of The World – Building Blocks Don’t Ever Get Eaten Or Otherwise Used Up – In Fact – They Increase The Opportunities For Future Recombinations

~ BOI-CS ~ Billions of Innovators – Coming Soon

~ BATEHC-STMOM ~ But As The Economy Has Changed – So, Too, Must Our Metrics

~ MAMWWCAITSMAA-INT-MNM-BNA-A-INT ~ More And More What We Care About In The Second Machine Age Are – Ideas Not Things – Mind Not Matter – Bits Not Atoms – And – Interactions Not Transactions

~ TGIOTIAIT-IMW-WAKLATSOVITETWDFYA-MOTCHBIFALTSBWDNKWTLF ~ The Great Irony Of This Information Age Is That – In Many Ways – We Actually Know Less About The Sources Of Value In The Economy Than We Did Fifty Years Ago – Much Of The Change Has Been Invisible For A Long Time Simply Because We Did Not Know What To Look For

~ WT-GDP-LO ~ What – GDP – Leaves Out

~ F:GFWB-BF-GDP ~ Free: Good For Well-Being – Bad for – GDP

~ R&R ~ Reputations And Recommendations

~ IA ~ Intangible Assets

~ NMANFTSMA ~ New Metrics Are Needed For The Second Machine Age

~ WGMGD-IWALATWG-WWMTWDAGTWO-IWMOT-TWWCTITWMUBO ~ What Get Measured Gets Done – If We Are Looking At The Wrong Gauges – We Will Make The Wrong Decisions And Get The Wrong Outputs – If We Measure Only Tangibles – Then We Won’t Catch The Intangibles That Will Make Us Better Off

~ IWDM-P&I-TWWGTMPANEI ~ If We Don’t Measure – Pollution And Innovation – Then We Will Get Too Much Pollution And Not Enough Innovation

~ NETCCBC-A-NETCBC-C ~ Not Everything That Counts Can Be Counted – And – Not Everything That Can Be Counted – Counts

~ HTMWD? ~ How’s The Median Worker Doing?

~ ASSOABP ~ A Smaller Slice Of A Bigger Pie

~ DTTTITEPTW-WOBLEAHLWR ~ Digital Technologies Tend To Increase The Economic Payoff To Winners – While Others Become Less Essential And Hence Less Well Rewarded

~ TSSABCIE ~ The Skill Set Affected By Computerization Is Evolving

~ TBW:S&S ~ The Biggest Winners: Stars And Superstars

~ MTG ~ Mind The Gap

~ WRALTAD ~ When Relative Advantage Leads To Absolute Domination

~ TSAOS ~ The Social Acceptability Of Superstars

~ TPCN ~ The Power Curve Nation

~ I-L-D-PR-A-TROL-IOBP-EO-OTBTEATROTGTSOEE-PP ~ Institutions – Like – Democracy – Property Rights – And – The Rule Of Law – Inclusive Ones Bring Prosperity – Extractive Ones – Ones That Bend The Economy And The Rules Of The Game To The Service Of Entrenched Elite – Bring Poverty

~ TU ~ Technological Unemployment

~ AAE:G ~ An Alternative Explanation: Globalization

~ MOOC ~ Massive Online Open Courses

~ TFF ~ The Fuzzy Future

~ SWMT-TW ~ Since We Must Tax – Tax Wisely

~ PT ~ Pigovian Taxes

~ TOER ~ Taxes On Economic Rents

~ RTBI ~ Revisiting The Basic Income

~ GI ~ Guaranteed Income

~ TNIT ~ The Negative Income Tax

~ TPE ~ The Peer Economy

~ WIW ~ Wild Ideas Welcomed

~ SA-‘MBH’-LM ~ Start A – “Made By Humans” – Labeling Movement

~ WOATDACDUOTARETKUS? ~ Will Our Ability To Detect And Counteract Destructive Uses Of Technology Advance Rapidly Enough To Keep Us Safe?

~ ITSMA-WNTTMMDA-WIIWRW-AWWV-BAIASAS ~ In The Second Machine Age – We Need To Think Much More Deeply About – What It Is We Really Want – And What We Value – Both As Individuals And As A Society

~ TIND-WSOD ~ Technology Is Not Destiny – We Shape Our Destiny

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