A Tale of Two Classes: Labor in the Era of Connected Intelligence

Advances in machine learning will continue to create efficiencies in productivity and accelerate progress of many industries. New industries are being formed and old ones are transforming or disappearing. We have already seen changes in many industries, for example, Health, Retail, Manufacturing, Finance and transportation continue to be shaped by startups and introduction of new technologies and business models. Main driving factors for technological advances are productivity growth and profits. As machines are able to do the job better and faster, the demand for labor for a particular skill-sets declines and in some cases jobs are virtually eliminated leaving negative impact on the society.