Implications Technology has sped globalization One large market for labor, capital and other inputs ‘’The second machine age’’ Where is this all going to lead?
The solutions Adjust and adapt Educated work force and an entrepreneurial culture Public investments in high-quality basic services
Critique Lack of empirical evidence The access to cheap labor will continue to matter Not everything is economically viable to automate Automation? Cheap labor High product variety High production amount
Critique Why would the second machine age be different from the first one? Although structural changes tend to wipe old jobs away, they to tend to create new ones in return Digital capital is not always accessible for “next to zero cost” replication Ideas are not everything Skilled labor and capital is needed for execution