The Changes that Technological Singularity Will Bring to Economy

The Changes that Technological Singularity Will Bring to Economy
April 13, 2011 Comments Off on The Changes that Technological Singularity Will Bring to Economy Academic Papers on Information Technology,Sample Academic Papers admin

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The changes that the Technological Singularity will bring to the world economy will be significant. The intelligence equivalence of machines will tend to give them more advantage in many ways because of their speed and efficiency. An example is given in the literature to illustrate this is by sea and land. Currently, there are jobs that can be done by humans only and then there are jobs on which machines or computers are the preferred choices. If we consider that portion of world jobs that are done by humans as land and the portion done by machines as sea, the Technological Singularity will result in a flood, which would cover a significant part of the land that is a large portion of the jobs done by humans currently will be taken over by machines. This flood will have two significant effects on the world economy.

First, the machines will not be able to take over all the jobs from humans; hence humans will be valued for some of the jobs only they would be able to do. Hence, this will increase their demand in the market, thus increasing their competency and the wage related to that job. These jobs would mostly be of highly technical in nature and would require extremely complex thinking, something a machine or a computer won’t be able to do on a sustained basis. On the other hand, however, this would also create a significant loss in the job market for the people having fewer skills, since their work will be taken over by the machines or computers. This loss will cause a tremendous decrease in the wage rate since the effect will make the less skilled humans desperate for work. This situation would be very similar to the situation that occurred during 1920 when the mass-produced automobile came along. This automobile was produced in industries where much of the labor work was done through the machine, with complex tasks such as designing of the parts and as well as the car is done by humans. This though created a tremendous job market for well educated mechanical engineers, however, the loss it incurred on lower skilled personnel as well as people belonging to an alternative mode of transportation such as horses and caused a severe drop in wages for people working as saddle makers and stable hands (Hanson, 2008).

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