Fourth industrial revolution brings promise and peril for humanity _ business _ the guardian

A pity then that the World Economic Forum was overshadowed by falling share prices and the cost of oil because the impact of the fourth industrial revolution will be felt long after investors have stopped fretting about a hard landing in China.

Davos was, in some ways, a good forum for the gathering of technology pioneers, business leaders and politicians to consider some of the implications of what will be a very different sort of economy. Youtube gas pedal lyrics Just to take one example, smart machines will soon be able to replace all sorts of workers, from accountants to delivery drivers and from estate agents to people handling routine motor insurance claims. Hp gas online refill booking status On one estimate, 47% of US jobs are at risk from automation. Electricity 4th grade worksheet This is Joseph Schumpeter’s “gales of creative destruction” with a vengeance.

There are three myths about Industrial Revolution 4.0. Gas 4 weeks pregnant The first is that it won’t really have as big an impact as the previous periods of change, most especially the breakthroughs associated with the second industrial revolution. Gas 87 89 91 In the past, it has always taken time to feel the full effects of technological change and many of today’s advances are in their infancy. Gasset y ortega filosofia It is far too early to say that the car or air travel will prove to be less important than the sequencing of the human genome or synthetic biology.

The second myth is that the process will be trouble free provided everything is left to the market. Gas bubble retinal detachment It is a fantasy to believe that the wealth created by the fourth Industrial Revolution will cascade down from rich to poor, and that those displaced will just walk into another job that pays just as well.

Indeed, all the evidence so far is that the benefits of the coming change will be concentrated among a relatively small elite, thus exacerbating the current trend towards greater levels of inequality.

This was a point stressed by the Swiss bank UBS in a report launched in Davos. H gas l gas unterschied It notes that there will be a “polarisation of the labour force as low-skill jobs continue to be automated and this trend increasingly spreads to middle class jobs.”

A similar argument is made by Klaus Schwab, the man who runs Davos, in a book on the Fourth Industrial Revolution handed to each of the delegates at this year’s World Economic Forum.

Schwab compares Detroit in 1990 with Silicon Valley in 2014. Electricity deregulation In 1990 the three biggest companies in Detroit had a market capitalisation of $36bn (£25bn), revenues of $250bn and 1.2 million employees. Electricity sources uk In 2014, the three biggest companies in Silicon Valley had a considerably higher market capitalisation ($1.09tn) generated roughly the same revenues ($247bn) but with about 10 times fewer employees (137,000).

It is easier to make money today with fewer workers than it was a quarter of a century ago. Electricity cost per watt Setting up and running a car company was an expensive business and required a lot of workers. Gas density at stp A company that makes its money out of a smart app requires less capital, doesn’t have to pay for storage or transport in the way that car companies do and incurs virtually no extra costs as the number of users increases. Electricity quiz ks2 In the jargon of economics, the marginal costs per unit of output tend towards zero and the returns to scale are high. Electricity questions grade 9 This explains why tech entrepreneurs can get very rich very young.

Technological change has always been disruptive. 4 gas planets There was a polarisation of income and wealth in the first wave of industrialisation at the beginning of the the 19th century, and this gave rise to political and institutional change over the 100 years between 1850 and 1950: the spread of democracy; the emergence of trade unions; progressive taxation and the development of social safety nets. Arkla gas phone number These helped create bigger markets for the consumer goods that were spawned by the second Industrial Revolution: TVs, radios, vacuum cleaners and the like.

But over the past four decades a political model that both facilitated the spread of technology and provided some protection against its disruptive consequences has come under attack. Electricity deregulation in california Welfare states have become less generous, levels of long-term unemployment are much higher, taxation has become less progressive, politics has increasingly been dominated by those with the deepest pockets who can lobby the loudest.

Philip Jennings, general secretary of the global UNI union said: “We need some governance to ensure a democratic evolution and that requires public policy discussion. Gas x and pregnancy There is the opportunity to shape technology to improve people’s lives; through connectivity, education, health. 8 gases We shouldn’t be fearful and fatalist about it.”

There is, though, a third and final myth: namely that all will be well provided the fruits of an economy dominated by artificial intelligence and smart robots can be redistributed, perhaps through a citizen’s income so that we can all have more leisure time when machines do all the work.

But redistribution, even assuming it happens, is only part of the story. Electricity font generator Making his first visit to Davos, the Archbishop of Canterbury said the changes likely to be brought about required not just an economic but also a spiritual response. Hair electricity song “This is not just about money, it is about what it is to be human”, said Justin Welby.

Schwab said: “The changes are so profound that, from the perspective of human history, there has never been a time of greater promise or potential peril. Z gas el salvador numero de telefono My concern, however, is that decision makers are too often caught in traditional, linear (and non-disruptive) thinking or too absorbed by immediate concerns to think strategically about the forces of disruption and innovation shaping our future.”

He’s right, although there is a simpler way of putting it: faced with the challenge of disruptive new technology, the current political framework is no longer fit for purpose and its shortcomings are likely to lead to a backlash that could turn very nasty. Electricity was invented in what year That should concern not just Schwab and the Archbishop of Canterbury but also the investment bankers of Wall Street and the tech billionaires of Silicon Valley.