Devin Cook, Executive Producer of the MIT Inclusive Innovation Competition
Two years ago, in their groundbreaking book The Second Machine Age, Professor Erik Brynjolfsson, Director, and Andrew McAfee, Co-director, of the MIT Initiative on the Digital Economy, described digital technology’s transformative effect on business, the economy, and society. With productivity, wealth, and profits at historic highs, digital innovation has created unprecedented bounty for a great number of people. However, not all people have shared equally in this prosperity. In economic terms, overall GDP is growing but median incomes since 1999 have actually fallen. While technology has created greater wealth for society and for innovators at an unprecedented pace, changes in our economy are actually leaving many people — especially middle- and base-level earners — worse off.
This is the great economic paradox of our time, yet at the Initiative on the Digital Economy, we know this disparity will not define our future. Rather we are technology optimists, and we believe that the future of work can be better for all. However, we cannot ensure that people will enjoy prosperous working lives, if we just stand by and watch these trends unfold. Thus to celebrate, support, and inspire solutions to this challenge, the MIT IDE launched the Inclusive Innovation Competition (IIC). We will award a total of $1 million in prizes to the world’s most inventive organizations that are enabling more people to fully experience the prosperity of the Second Machine Age.
Andrew McAfee, Co-Director of the Initiative on the Digital Economy
Andrew McAfee, MIT Sloan ’88, ’89, LGO ’90 and Co-Director of the Initiative on the Digital Economy, fielded questions in a one-hour AMA-style (ask me anything) Q&A on the “Second Machine Age.” The online conversation was co-hosted by the upcoming Digital Economy Conference in London, where he and Erik Brynjolfsson of MIT Sloan will facilitate a series of discussions that highlight MIT’s role in both understanding and shaping our increasingly digital economy. The conference will be Live Streamed beginning at 6:30 am to 1 pm EDT, Friday, April 10. To watch be sure to bookmark this page. Read More »
Erik Brynjolfsson, Director of the MIT Center for Digital Business at MIT Sloan, and Andrew McAfee, Principal Research Scientist at the MIT Center for Digital Business
From the Financial Times
It is easy to be pessimistic about jobs and pay these days. More and more work is being automated away by ever more powerful and capable technologies.
Not only can computers transcribe and translate normal human speech, they can also understand it well enough to carry out simple instructions. Machines now make sense of huge pools of unstructured information, and in many cases detect patterns and draw inferences better than highly trained and experienced humans. Recent advances include autonomous cars and aircraft, and robots that can work alongside humans in factories, warehouses and the open air.