He echoed the words of Peter Diamandis, who says that we are moving from a history of scarcity to an era of abundance. Then he noted that the technologies that make such abundance possible are allowing production of far more output using far fewer people.
On all this, Summers is right. Within two decades, we will have almost unlimited energy, food, and clean water; advances in medicine will allow us to live longer and healthier lives; robots will drive our cars, manufacture our goods, and do our chores.
There won't be much work for human beings. Self-driving cars will be commercially available by the end of this decade and will eventually displace human drivers—just as automobiles displaced the horse and buggy—and will eliminate the jobs of taxi, bus, and truck drivers. Drones will take the jobs of postmen and delivery people.
The debates of the next decade will be about whether we should allow human beings to drive at all on public roads. The pesky humans crash into each other, suffer from road rage, rush headlong into traffic jams, and need to be monitored by traffic police. Yes, we won't need traffic cops either.
Robots are already replacing manufacturing workers. Industrial robots have advanced to the point at which they can do the same physical work as human beings. The operating cost of some robots is now less than the salary of an average Chinese worker. And, unlike human beings, robots don't complain, join labor unions, or get distracted. They readily work 24 hours a day and require minimal maintenance. Robots will also take the jobs of farmers, pharmacists, and grocery clerks.
Medical sensors in our smartphones, clothing, and bathrooms will soon be monitoring our health on a minute-to-minute basis. Combined with electronic medical records and genetic and lifestyle data, these will provide enough information for physicians to focus on preventing disease rather than on curing it.
If medications are needed, they can be prescribed based on a person's genome rather than a one-size-fits-all basis as they are today. The problem is that there is now so much information that humans cannot effectively analyze it. But artificial intelligence–based physicians such as IBM Watson can. The role of the doctor becomes to provide comfort and compassion—not to diagnose disease or to prescribe medications. In other words, computers will be also taking over some of the jobs of our doctors, and we won't need as many human doctors as we have today.
Via- Linkedin Influencer "Vivek Wadhwa"
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