Until the 1980s, about 70% of income went to labor income and 30% to capital income. But, since then, the share of income going to labor has declined in all rich countries, and research indicates that half of this decline is the result of cheaper information technology – allowing firms to replace workers with computers.
MUNICH – Artificial intelligence, once confined to the realm of science fiction, is changing our lives. Cars are driving themselves. Drones are being programmed to deliver packages. Computers are learning to diagnose diseases. In a recent book, the economists Erik Brynjolfsson and Andrew McAfee describe these recent advances as examples of the beginning of what they call “the second machine age.”
MUNICH – Artificial intelligence, once confined to the realm of science fiction, is changing our lives. Cars are driving themselves. Drones are being programmed to deliver packages. Computers are learning to diagnose diseases. In a recent book, the economists Erik Brynjolfsson and Andrew McAfee describe these recent advances as examples of the beginning of what they call “the second machine age.”