Race Against The Machine

Race Against the Machine: How the Digital Revolution is Accelerating Innovation, Driving Productivity, and Irreversibly Transforming Employment and the Economy, by Erik Brynjolfsson

“Terry Gou, the founder and chairman of the electronics manufacturer Foxconn, announced this year a plan to purchase 1 million robots over the next three years to replace much of his workforce. The robots will mke over routine jobs like spraying paint, welding, and basic assembly. Foxconn currently has 10,000 robots, with 300,000 expected to be in place by next year.”

“If technology exists for a single seller to cheaply replicate his or her services, then the top-quality provider can capture most—or all—of the market. The next-best provider might be almost as good yet get only a tiny fraction of the revenue.”

“…the top 0.01% of households in the United States—that is, the 14,588 families with income above $11,477,000 — saw their share of national income double from 3% to 6% between 1995 and 2007.”

“About 90% of Americans worked in agriculture in 1800; by 1900 it was 41%, and by 2000 it was just 2%.”