Digital capabilities, adoption, and usage are evolving at a supercharged pace. While most users scramble just to keep up with the relentless rate of innovation, the sectors, companies, and individuals on the digital frontier continue to push the boundaries of technology use—and to capture disproportionate gains as a result. ... The pronounced gap between the digital “haves” and “have-mores” is a major factor shaping competition at all levels of the economy. The companies leading the charge are winning the battle for market share and profit growth; some are reshaping entire industries to their own advantage. Workers with the most sophisticated digital skills are in such high demand that they command wages far above the national average. Meanwhile, there is a growing opportunity cost for the organizations and individuals that fall behind. ... provide a comprehensive picture of where and how companies are building digital assets, expanding digital usage, and creating a more digital workforce. ... also quantifies the considerable gap between the most digitized sectors and the rest of the economy over time and finds that despite a massive rush of adoption, most sectors have barely closed that gap over the past decade. ... Digitization is changing the dynamics in many industries. New markets are proliferating, value chains are breaking up, and profit pools are shifting. Businesses that rely too heavily on a single revenue stream or on playing an intermediary role in a given market are particularly vulnerable. In some markets, there is a winner-take-all effect. For companies, this is a wake-up call to use their digital transformation to reinvent every process with a fresh focus on the customer.
How much will people work in the future? The rise of automation and, more generally, IT-driven structural change in the labour market have made policymakers and researchers worry about ‘disappearing jobs’ and a dire future for employment. In this column, we argue that to the extent productivity improvements continue, hours worked in the marketplace will indeed likely fall. However, the argument is not that jobs will disappear. ... Is the pattern representing a gradual disappearance of jobs since the early 19th century, perhaps as a result of technological change? No. The reason, we argue, is rather that technological change has raised labour productivity. People have then acted on this opportunity – they have chosen to work less hard as a result of technological change. Structural change makes some jobs disappear, but new ones emerge. Working hours are an outcome of not just demand but also of supply.
While the United States may be outperforming other advanced economies, it is underperforming relative to its own potential. Slower growth has been feeding on itself in a vicious cycle of weak demand, low investment, and slowing productivity growth. In real terms, the median US household income is back at its level of two decades ago. Meanwhile, the vast majority of income gains have gone to households in the top quintile, which do not have the same propensity to spend. This in turn hobbles aggregate demand in the short term—and when businesses do not see the need to invest, it reinforces the cycle. US productivity growth recently turned negative for the first time in 30 years. ... A new briefing paper from the McKinsey Global Institute, The US economy: An agenda for inclusive growth, suggests that the United States can regain its dynamism and restore the sense that everyone is advancing together. This effort can take many forms: reengaging more workers in the labor force, enabling them to move to more productive jobs and locations, creating an environment that fosters new business formation and healthy competition, and helping declining cities reinvent themselves. When the economy is firing on all cylinders, income gains tend to be more broad-based and less easily concentrated.
- Globalization and trade
- America’s cities
- A resource revolution
To the uninitiated, the figures are nothing if not staggering: 155 million Americans play video games, more than the number who voted in November’s presidential election. And they play them a lot: According to a variety of recent studies, more than 40 percent of Americans play at least three hours a week, 34 million play on average 22 hours each week, 5 million hit 40 hours, and the average young American will now spend as many hours (roughly 10,000) playing by the time he or she turns 21 as that person spent in middle- and high-school classrooms combined. Which means that a niche activity confined a few decades ago to preadolescents and adolescents has become, increasingly, a cultural juggernaut for all races, genders, and ages. How had video games, over that time, ascended within American and world culture to a scale rivaling sports, film, and television? Like those other entertainments, video games offered an escape, of course. But what kind? ... Technology, through automation, had reduced the employment rate of these men by reducing demand for what Hurst referred to as “lower-skilled” labor. He proposed that by creating more vivid and engrossing gaming experiences, technology also increased the subjective value of leisure relative to labor. ... As with all sports, digital or analog, there are ground rules that determine success (rules that, unlike those in society, are clear to all). The purpose of a game, within it, unlike in society, is directly recognized and never discounted.
Reversing Paralysis: Scientists are making remarkable progress at using brain implants to restore the freedom of movement that spinal cord injuries take away.
Self-Driving Trucks: Tractor-trailers without a human at the wheel will soon barrel onto highways near you. What will this mean for the nation’s 1.7 million truck drivers?
Paying with Your Face: Face-detecting systems in China now authorize payments, provide access to facilities, and track down criminals. Will other countries follow?
Practical Quantum Computers: Advances at Google, Intel, and several research groups indicate that computers with previously unimaginable power are finally within reach.
The 360-Degree Selfie: Inexpensive cameras that make spherical images are opening a new era in photography and changing the way people share stories.
Hot Solar Cells: By converting heat to focused beams of light, a new solar device could create cheap and continuous power.
Gene Therapy 2.0: Scientists have solved fundamental problems that were holding back cures for rare hereditary disorders. Next we’ll see if the same approach can take on cancer, heart disease, and other common illnesses.
The Cell Atlas: Biology’s next mega-project will find out what we’re really made of.
Botnets of Things: The relentless push to add connectivity to home gadgets is creating dangerous side effects that figure to get even worse.
Reinforcement Learning: By experimenting, computers are figuring out how to do things that no programmer could teach them.
The number of active workers, who live across the globe, is estimated to run between 15,000 and 20,000 per month, according to Panos Ipeirotis, a computer scientist and professor at New York University's business school. Turkers work anywhere from a few minutes to 24 hours a day. ... American Turkers are mostly women. In India, they're mostly men. Globally, they're most likely to have been born between 1980-1990. About 75% are Americans, roughly 15-20% are from India, and the remaining 10% are from other countries. ... "Requesters"—the people, businesses, and organizations that outsource the work—set prices for each task, and the tasks vary widely. ... what do Turkers make, on average? It's hard to say. But Adrien Jabbour, in India, said "it's an achievement to make $700 in 2 months of work, working 4-5 hours every day." Milland reported that she recently made $25 for 8 hours of work, and called that "a good day."
- Also: Aeon - F*** work < 5min