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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Economic Singularity summary
Calum Chace
Artificial Intelligence and the Death of Capitalism
15 mins
Brief summary
The Economic Singularity by Calum Chace predicts how AI and automation will destroy millions of jobs and devalue human labor, urging us to shift to a new economic model and embrace lifelong learning.
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The Economic Singularity
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The Industrial Revolution set the stage for the Information Revolution.
When machines and factories began to appear in nineteenth-century Victorian England, many people were critical of this new development. Charles Dickens, in particular, worried about the effect machinery would have on England’s working-class laborers, and expressed these concerns in his books.
Even then, people were worried about losing their jobs to new technology. But as mass production took over during the Industrial Revolution, there was no stopping the progress made.
Actually, it wasn’t the machines that brought about this change so much as the steam engines that were powering them.
People were already familiar with machines powered by wind and water, as these had been around since medieval times. What really fueled the Industrial Revolution was the fact that new machines along assembly lines were harnessing the power of Thomas Newcomen’s steam engine.
Invented in 1712, the steam engine accelerated the onset of the industrial age and was far more powerful than any of the water- or air-powered contraptions that preceded it.
With machines taking over a large portion of the labor, a significant percentage of the population could now focus on other things – and it was this extra time that would lead to the Information Revolution.
As time went on, machines became increasingly efficient and less manual work was needed on the assembly line. As a result, workers turned their attention to the service industry.
Prior to 1940, only half of America’s gross domestic product (GDP) came from the service industry, but by 1950, this industry was employing over half of the nation’s workforce.
This shift, from industry and agriculture to service, marked the start of the Information Revolution, an era that would focus on producing knowledge and information rather than raw materials.
Since the Information Revolution is still ongoing, we can’t be certain of its overall consequences; in fact, it remains difficult to speculate as to what our workforce will look like in the future.
But before looking ahead, let’s first take a closer look at how we got to where we are today.
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What is The Economic Singularity about?
The Economic Singularity (2016) takes a long, hard look at what the future has in store for us based on the technological progress we’ve made so far. It’s clear that we’re moving toward the kind of artificial intelligence that will automate most of our jobs – but how do we plan to deal with this scenario? Find out the challenges we’ll face and what we need to do to prepare ourselves for the inevitable.
The Economic Singularity Review
The Economic Singularity (2016) by Calum Chace is a thought-provoking exploration of the potential impact of artificial intelligence (AI) on the economy and society. Here's why this book is worth reading:
- With compelling arguments and thorough research, it sheds light on the potential consequences of AI and automation on employment, wealth distribution, and human purpose.
- Packed with expert insights and real-world examples, it offers a comprehensive analysis of AI's evolution, enabling readers to understand the implications and prepare for the future.
- Chace's accessible writing style makes complex concepts understandable and engaging, ensuring that the book is anything but boring.
Best quote from The Economic Singularity
The future generally turns out to be not only different to what we expect, but also much stranger.
—Calum Chace
Who should read The Economic Singularity?
- Readers who feel threatened by the rapid progress of technology
- Tech freaks and geeks
- Economists concerned about the future
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The Economic Singularity FAQs
What is the main message of The Economic Singularity?
The main message of The Economic Singularity is the impact of technology on the future of work and economics.
How long does it take to read The Economic Singularity?
The reading time for The Economic Singularity varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is The Economic Singularity a good book? Is it worth reading?
The Economic Singularity is a valuable read for anyone interested in understanding the profound changes technology will bring to our economy.
Who is the author of The Economic Singularity?
The author of The Economic Singularity is Calum Chace.
What to read after The Economic Singularity?
If you're wondering what to read next after The Economic Singularity, here are some recommendations we suggest:
- Superhuman Innovation by Chris Duffey
- Deep Thinking by Garry Kasparov
- AI Superpowers by Kai-Fu Lee
- Leadership by Algorithm by David De Cremer
- Competing in the Age of AI by Marco Iansiti & Karim R. Lakhani
- The AI Economy by Roger Bootle
- Understanding Artificial Intelligence by Nicolas Sabouret
- The Future of Work by Darrell M. West
- The Singularity Is Near by Ray Kurzweil
- Life After Google by George Gilder