Overview

This book explores the transition into a future economy where human work is largely replaced by automation. As this transition takes place job destruction will outpace job creation resulting in increasing unemployment. The author theorizes that the key challenges in managing this transition will be providing income for the unemployed, reforming a government dominated by the wealthy and corporate interests, and creating new social structures to replace work as a central focus of life. The book begins with a discussion of the concept of bounded rationality and how it influences the pace of technological adoption. The author also discusses how advances in technology—particularly in automation—affect both physical and informational tasks, transforming industries and reducing employment across sectors. Next, the author turns to government, addressing successes and failures in addressing current issues like climate change, immigration, economic inequality, and government capture by the wealthy and corporations. Government reform is essential for managing the social and economic impacts of automation. Positing that the transition period will begin between 2030 and 2050, the author recommends that planning should begin now to implement solutions, including a negative income tax, affordable housing, and a shift towards leisure-based social organization.

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9783031921551

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Alfred L. Norman is Professor Emeritus of Economics at University of Texas, Austin. 

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