Question

It has been hypothesized that knowledge automation in the next 20 years will convert the production function from a geometric into an exponential curve; such a technological learning curve will have deep effects on the global evolution of economies especially human labour. The physical input-output-function of production ( land, labour, capital ) will be extremely shortened, requiring even more natural resources for capital formation, but significantly less human labor. You can Discuss this in terms of occurrence/effect/economic theory etc.

Answer 1

Yes, the (global) economic rentier elite class is not aware of the coming social effects, concerning the exponentiation of the production function, in the next 2 decades. In addition, the classical tools of political economic thought have not been further developed, concerning knowledge automation, human labor and natural ecology. It is also not sure that the social innovation of a basic income guarantee or dignity voucher can cope with this civilizational chaos; meaningful work and fulfilling labor seem to have cultural importance, beyond the 'earning of money'. In any case, more strategic intelligence is needed to communicate with this dominating tech-know-logical tendency.

It is expected that knowledge automation in the next 20 years will convert the production function from a geometric into an exponential curve; such a technological learning curve will have deep effects on the global evolution of the political economy and especially human labor as existential activity as well as on the natural ecology.The physical input-output-function of production (manufacturing, finance, medicine) will be extremely shortened, requiring even more natural resources for capital formation, but significantly less human labor. Which new political type of social innovation can balance this economic process of creative destruction ? Is the classical model of 3 production factors (land, labor, capital) still valid in the tech-know-logical age of automated information-processing

In short, the fourth industrial revolution requires new forms of work and new ways to educate millions of people worldwide. The labour market transition is already well under way, but when it will be complete is unknown. The McKinsey report estimates that half of all the current jobs in the world could be automated by 2055 but it acknowledges a 20-year margin of error in both directions, depending on social adaption to the technology and government regulations.

Either way, the employment market for future tertiary education graduates will be drastically different from what it is today. A report published last year by the consultancy InfoSys, titled Amplifying Human Potential, suggests that, unlike during the previous upheavals, the speed of change this time means that society may not have enough time to adapt to the pace of disruption in the labour market. Rapid, mass technological unemployment needs to be met head on with a new emphasis on upskilling existing workers and inculcating a culture of lifelong learning. Employees will need to learn new skills and embark on new career paths many times over.

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