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3 books on technology and economics you should read in 2021

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3 books on technology and economics you should read in 2021

  1. 1. These following books address the implications of new technologies, convey lessons in leadership and ethics digitalstrategy-ai.com
  2. 2.  Mr. Klaus Schwab is the founder and Executive Chairman of The World Economic Forum  He is arguing that the speed of the changes in this industrial revolution is happening at an exponential pace rather than linear. – As technologies are developing at this rapid speed, it is changing not only our economy but also business, society and who we are as individuals  What kind of influence is he predicting? – Robots will be used on a much large scale and probably will substitute capital for labor. Furthermore, Mr. Schwab argues that through the deployment of newly- emerging technologies including AI, robotics and machine learning, various jobs and skills are expected to be automated, indicating a risk associated with the labor substitution. – Few global digital platforms and marketplace will, in the end, emerge as “stars” – A business will need to become innovation-driven ecosystems with new business models, products, and services – With the rise of digitization, our society will become “me-centered” and will be defined with personalization – The challenges we need to discuss is regarding privacy and regulation, the human touch in a world of robots and artificial intelligence application and also we need to properly understand and analyze new technologies before deploying it. Another key impact of the revolution on the economy is the potential weakening of income differences across the world  This is a great book to understand the term fourth industrial revolution on a high- level view and the key drivers and impacts for society, businesses, and individuals.
  3. 3.  Two London-based economists Jonathan Haskell and Stian Westlake are arguing that no longer is wealth in physical assets such as factories or pipelines  In the twenty-first century however intangible assets such as knowledge, design and software and databases are creating a new type of wealth and are catching the attention of investors. This means the value is becoming detached from the tangible and thus will create new social and economic consequences. What are the major issues? – One example is that software doesn’t work as a physical asset. Microsoft may spend a lot of money to develop the first unit of a new program but every unit is virtually free to produce. – If the investment into these new programs don’t work out you don’t need to have physical assets do sell-off, this often referred to sunk costs – It creates new opportunities for scalability than physical assets as the products can be replicated at very low costs – The winners are partly those big companies that control the platform where content is shared rather producers of that content  Implications for policymakers include taxation and regulation of those in power of intangible assets. Today digital empires have moved towards monopolization and much of their assets are information and communication. – Questions that need to be addressed by policymakers are “Are trademark and patent laws too strict or too generous? Does competition policy need to be updated – What is the best way to stimulate an economy in a world where capitalism happens without capital gains?”  This book makes a great overview of the extent of capitalism in recent times and reading the book will give a deeper analysis of the impact of intangible assets on capitalism.
  4. 4.  The Harvard Business School Professor Shoshana Zuboff that has written the book “The Age of Surveillance Capitalism”.  She is arguing that the digital revolution has led that corporation are mining users' information to predict and shape our behavior. Our consumption behavior is changing from a mass-consumption to an individual-oriented structure. The raw material that is analyzed by the tech-giants is often free and is derived from human experience and then translated into behavioral data. – Google is seen as one of the first corporations that learned how to collect and use data to predict products and services to sell to their advertisers. Furthermore, she is arguing that the technologies for behavioral-prediction is improving and is impacting our moral judgment and critical thinking.  She is arguing that we need to change the dynamic of that some corporation knows everything about us but that we know little about them. – Work to change public opinion and develop new laws and regulatory institutions that focus on empowerment and the democratization of knowledge
  5. 5. These following books address the implications of new technologies, convey lessons in leadership and ethics digitalstrategy-ai.com

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