Some fear that eventually and robots will be able to do anything that humans can — better. Many have hailed the dangers of artificial intelligence to society (see Stephan Hawking, Elon Musk, Bill Gates, etc.). Hundreds of millions of jobs would be affected. Trillions of dollars of wealth created (and captured by whom?). These are the potential impacts of a coming wave of automation. In this episode of Moving Upstream (below), the Wall Street Journal traveled to Asia to see the next generation of industrial robots, what they’re capable of, and whether they’re friend or foe to low-skilled workers. Interestingly, new innovations in robotics allow robots to work safely side-by-side with humans and this achieves higher levels of productivity than either humans alone or robots alone. This is because most processes are not 100% programmable and working side-by-side allows for greater flexibility in handling exceptions to programmed routines. This is a great video to discuss topics like technological innovation, substitution of capital for labor, and interfaces between humans and technology.
Heard through Nicolai Foss
I just taught this topic to MS in Business Analytics students, and it was fun. I used the HBS Belk case, which is really good for this topic, and has a great teaching note. I also used a video clip from Jack Ma’s panel talk at Davos, where he talks about the future of education and wisdom vs. knowledge.