Some quake in terror as we approach the Terminator scenario, in which clever machines take over the world. After all, it isn’t sci-fi when Stephen Hawking says things like, “The development of full artificial intelligence could spell the end of the human race.”
But before the robots replace us, we face the challenge of decreasing real wages resulting, among other factors, from automation and outsourcing, which will itself be automated before long. Inequality (you don’t need more statistics on this, do you?) is the biggest social challenge facing us. (Let’s call climate change, which has the potential to be apocalyptic rather than just awful, a scientific challenge.) And since wealthy people don’t spend nearly as high a percentage of their incomes as poor people do, much wealth is sitting around not doing its job.
Read the rest of this column here. Illustration by Kristen Hammerstad.