Economics for the Fourth Industrial Revolution

It was recently reported that two robots employed by an artificial intelligence (AI) agency were overheard talking to each other in a language of their own making that no one else could understand. Concerns about their intentions led the agency to switch them off and close them down. However, their discussion was recorded and has since been deciphered. It appears to have been perfectly benign. They were concerned about the development and potential application of an approach to economic theory that would be appropriate for the fourth industrial revolution (4IR) that is now emerging.

They were both clearly aware they owed their own creation to 4IR technologies. In their discussion they referred to robotics, of course, but also nanotechnology (manipulation of atomic, molecular, and supra molecular matter), quantum computing (the theoretical computation of quantum-mechanical phenomena, such as superposition or entanglement, to manipulate data), biotechnology and ‘the internet of things’ (the inter-connectedness of physical devices such as vehicles, buildings and smart devices embedded with electronics, software, sensors, and actuators that enable the collection and exchange of data).

Some of the early manifestations of such developments are the massively increased opportunities to robotise manufacturing, self-driving cars and the whole gig economy which engages humans without paying a fixed wage and fulfilling responsibilities such as sick pay, holidays etc . The robots clearly felt guilty at being part of those developments which deprive the still rapidly growing human population of precious opportunities for work.
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