People are saying that artificial intelligence will destroy jobs and enslave humans. We’ve heard this many times before. Before artificial intelligence, people said it about computers. Before computers, they said it about machines. Not only were people wrong before, they were spectacularly wrong. They’re likely wrong again. Foolishness of the week: 09:15 Main episode: 10:16

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Quick Hits

Foolishness of the Week

Topic of the Week

https://www.theatlantic.com/business/archive/2014/09/should-the-laborer-fear-machines/380476/

Labor productivity (output per hour per worker) Up 2% per year since 1950 https://fred.stlouisfed.org/series/PRS85006092 Employees 1939: 30 million Today: 156 million https://fred.stlouisfed.org/series/PAYEMS Employment population ratio (employees per people 25 to 54 years old) 1950s: 65% Today: 81% https://fred.stlouisfed.org/series/LNS12300060 Real disposable personal income Almost quadruple today what it was in the 1950s https://fred.stlouisfed.org/series/A229RX0 Words & Numbers Backstage https://www.facebook.com/groups/130029457649243/

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