in the mid-1970s hungry the country where most of my family is from was
where most of my family is from was
where most of my family is from was reeling from years of Soviet occupation
reeling from years of Soviet occupation
reeling from years of Soviet occupation the economy was poor many of the cities
the economy was poor many of the cities
the economy was poor many of the cities were in ruins and the one thing most
were in ruins and the one thing most
were in ruins and the one thing most people struggled to find were landline
people struggled to find were landline
people struggled to find were landline telephones each time my mother went back
telephones each time my mother went back
telephones each time my mother went back to visit she learned how difficult it
to visit she learned how difficult it
to visit she learned how difficult it was for people across the country to
was for people across the country to
was for people across the country to communicate and now some people waited
communicate and now some people waited
communicate and now some people waited as long as 10 years to receive their
as long as 10 years to receive their
as long as 10 years to receive their landlines this didn’t last forever
landlines this didn’t last forever
landlines this didn’t last forever after years of technological isolation
after years of technological isolation
after years of technological isolation cellular technology eventually swept
cellular technology eventually swept
cellular technology eventually swept across the country I had already done in
across the country I had already done in
across the country I had already done in the US and in much of the Western world
the US and in much of the Western world
the US and in much of the Western world within several years most people had
within several years most people had
within several years most people had their own phones and a once broken
their own phones and a once broken
their own phones and a once broken society was radically changed for the
society was radically changed for the
society was radically changed for the better and all it took was the
better and all it took was the
better and all it took was the introduction of a piece of technology
introduction of a piece of technology
introduction of a piece of technology already available to most of the world
already available to most of the world
already available to most of the world since the 1970s the world has changed so
since the 1970s the world has changed so
since the 1970s the world has changed so much in so few years just look at all of
much in so few years just look at all of
much in so few years just look at all of the new technology being rolled out each
the new technology being rolled out each
the new technology being rolled out each and every day autonomous drones robot
and every day autonomous drones robot
and every day autonomous drones robot companions human-like a I even snapchat
companions human-like a I even snapchat
companions human-like a I even snapchat filters these are absolute technological
filters these are absolute technological
filters these are absolute technological marvels compared to what was possible
marvels compared to what was possible
marvels compared to what was possible even as little as ten years ago and
even as little as ten years ago and
even as little as ten years ago and generally speaking these things are
generally speaking these things are
generally speaking these things are great they improve our quality of life
great they improve our quality of life
great they improve our quality of life and make our jobs as consumers easier I
and make our jobs as consumers easier I
and make our jobs as consumers easier I think most of you could agree that I
think most of you could agree that I
think most of you could agree that I could spend literally years on Amazon
could spend literally years on Amazon
could spend literally years on Amazon and still be finding new things to buy
and still be finding new things to buy
and still be finding new things to buy so because of these things it’s easy to
so because of these things it’s easy to
so because of these things it’s easy to see how this era in which we were living
see how this era in which we were living
see how this era in which we were living has already begun to distinguish itself
has already begun to distinguish itself
has already begun to distinguish itself from the previous 50 or 60 years to you
from the previous 50 or 60 years to you
from the previous 50 or 60 years to you and me 2017 might just be like any other
and me 2017 might just be like any other
and me 2017 might just be like any other year but to the World Economic Forum
year but to the World Economic Forum
year but to the World Economic Forum this is the beginning of a new
this is the beginning of a new
this is the beginning of a new revolution the fourth Industrial
revolution the fourth Industrial
revolution the fourth Industrial Revolution now in history class we all
Revolution now in history class we all
Revolution now in history class we all learned that in the first Industrial
learned that in the first Industrial
learned that in the first Industrial Revolution the steam engine allowed us
Revolution the steam engine allowed us
Revolution the steam engine allowed us to replace human labor in many tasks in
to replace human labor in many tasks in
to replace human labor in many tasks in the second electricity and mass
the second electricity and mass
the second electricity and mass production to further improved our
production to further improved our
production to further improved our productivity in the mid 20th century the
productivity in the mid 20th century the
productivity in the mid 20th century the step the third Industrial Revolution
step the third Industrial Revolution
step the third Industrial Revolution brought with it the Internet basic
brought with it the Internet basic
brought with it the Internet basic automation and computerized processing
automation and computerized processing
automation and computerized processing power now in the fourth we have the
power now in the fourth we have the
power now in the fourth we have the opportunity not just to further replace
opportunity not just to further replace
opportunity not just to further replace human labor but
human labor but
human labor but intelligence with data machines now this
intelligence with data machines now this
intelligence with data machines now this is an amazing thought in just a couple
is an amazing thought in just a couple
is an amazing thought in just a couple of years I could have machines working
of years I could have machines working
of years I could have machines working right alongside me aiding me in my daily
right alongside me aiding me in my daily
right alongside me aiding me in my daily tasks so for this reason I think we can
tasks so for this reason I think we can
tasks so for this reason I think we can be very excited and very positive about
be very excited and very positive about
be very excited and very positive about what the future may hold but today I
what the future may hold but today I
what the future may hold but today I want to be a bit of a pessimist because
want to be a bit of a pessimist because
want to be a bit of a pessimist because I want to ask a couple of questions that
I want to ask a couple of questions that
I want to ask a couple of questions that I think are being raised by this new
I think are being raised by this new
I think are being raised by this new world in which we are living
world in which we are living
world in which we are living hopefully these questions will get us
hopefully these questions will get us
hopefully these questions will get us thinking about what kind of an economy
thinking about what kind of an economy
thinking about what kind of an economy we might soon have on our hands as well
we might soon have on our hands as well
we might soon have on our hands as well as what kind of opportunities as well as
as what kind of opportunities as well as
as what kind of opportunities as well as responsibilities we and other students
responsibilities we and other students
responsibilities we and other students will have in the future so here’s the
will have in the future so here’s the
will have in the future so here’s the first question
first question
first question how will the innovations of the near
how will the innovations of the near
how will the innovations of the near future transform the global economy and
future transform the global economy and
future transform the global economy and second probably more crucially how
second probably more crucially how
second probably more crucially how individuals in the labor force have to
individuals in the labor force have to
individuals in the labor force have to adapt this new and changing world now I
adapt this new and changing world now I
adapt this new and changing world now I think we can speculate relatively
think we can speculate relatively
think we can speculate relatively accurately on this first question if we
accurately on this first question if we
accurately on this first question if we just look around at what has already
just look around at what has already
just look around at what has already happened we can begin to derive some of
happened we can begin to derive some of
happened we can begin to derive some of the economic trends of the future but
the economic trends of the future but
the economic trends of the future but before we do this I want to make a quick
before we do this I want to make a quick
before we do this I want to make a quick analogy and I want to do it using a
analogy and I want to do it using a
analogy and I want to do it using a little bit of physics so one of the most
little bit of physics so one of the most
little bit of physics so one of the most fundamental laws of the universe states
fundamental laws of the universe states
fundamental laws of the universe states that the average entropy is constantly
that the average entropy is constantly
that the average entropy is constantly increasing essentially we’re always
increasing essentially we’re always
increasing essentially we’re always wasting energy in the form of friction
wasting energy in the form of friction
wasting energy in the form of friction or heat and there’s not much we can
or heat and there’s not much we can
or heat and there’s not much we can really do about that however if you
really do about that however if you
really do about that however if you think about it the purpose of Technology
think about it the purpose of Technology
think about it the purpose of Technology throughout history has generally been
throughout history has generally been
throughout history has generally been been to pushes in the opposite direction
been to pushes in the opposite direction
been to pushes in the opposite direction it makes our lives more frictionless and
it makes our lives more frictionless and
it makes our lives more frictionless and more efficient this idea was first
more efficient this idea was first
more efficient this idea was first introduced to me by a post on a
introduced to me by a post on a
introduced to me by a post on a hungarian website called fun blog and it
hungarian website called fun blog and it
hungarian website called fun blog and it promises that the global economy will
promises that the global economy will
promises that the global economy will only continue to grow more rapidly
only continue to grow more rapidly
only continue to grow more rapidly because in the same way that we
because in the same way that we
because in the same way that we experience less friction in our lives it
experience less friction in our lives it
experience less friction in our lives it also means that businesses experience
also means that businesses experience
also means that businesses experience less friction or overhead which saves
less friction or overhead which saves
less friction or overhead which saves them lots of money in the long run
them lots of money in the long run
them lots of money in the long run consumers to also feel the benefit I can
consumers to also feel the benefit I can
consumers to also feel the benefit I can have any item at my doorstep in a day or
have any item at my doorstep in a day or
have any item at my doorstep in a day or pay for a fridge was just the swipe of
pay for a fridge was just the swipe of
pay for a fridge was just the swipe of my phone so because of these things I
my phone so because of these things I
my phone so because of these things I think we can be very confident in saying
think we can be very confident in saying
think we can be very confident in saying that businesses will have the
that businesses will have the
that businesses will have the opportunity to succeed in the future and
opportunity to succeed in the future and
opportunity to succeed in the future and we know that consumers are already
we know that consumers are already
we know that consumers are already benefiting so this just leaves employees
benefiting so this just leaves employees
benefiting so this just leaves employees where they left in this picture well the
where they left in this picture well the
where they left in this picture well the effect that the new industrial
effect that the new industrial
effect that the new industrial revolution has already had on an
revolution has already had on an
revolution has already had on an employee’s may not be exactly what you
employee’s may not be exactly what you
employee’s may not be exactly what you expect surprisingly the demand for labor
expect surprisingly the demand for labor
expect surprisingly the demand for labor in the US hasn’t decreased while the
in the US hasn’t decreased while the
in the US hasn’t decreased while the proportion working
proportion working
proportion working continues to rise at a very steady rate
continues to rise at a very steady rate
continues to rise at a very steady rate there’s actually a really great TED talk
there’s actually a really great TED talk
there’s actually a really great TED talk by a man named David Otter a professor
by a man named David Otter a professor
by a man named David Otter a professor of economics at MIT in which he explains
of economics at MIT in which he explains
of economics at MIT in which he explains this phenomenon in greater detail
this phenomenon in greater detail
this phenomenon in greater detail essentially although it is true that
essentially although it is true that
essentially although it is true that jobs that are repetitive or easily
jobs that are repetitive or easily
jobs that are repetitive or easily programmable I’ve already begun to be
programmable I’ve already begun to be
programmable I’ve already begun to be replaced by machines because of the
replaced by machines because of the
replaced by machines because of the lower costs businesses can expand more
lower costs businesses can expand more
lower costs businesses can expand more easily and therefore there’s a steady
easily and therefore there’s a steady
easily and therefore there’s a steady supply of new jobs
supply of new jobs
supply of new jobs the real problem does not line how many
the real problem does not line how many
the real problem does not line how many jobs we have but what kind of jobs they
jobs we have but what kind of jobs they
jobs we have but what kind of jobs they are many new jobs today either require a
are many new jobs today either require a
are many new jobs today either require a ton of specialized education or very
ton of specialized education or very
ton of specialized education or very little at all there is a polarization in
little at all there is a polarization in
little at all there is a polarization in the job market this is bad because
the job market this is bad because
the job market this is bad because disparities between the super rich and
disparities between the super rich and
disparities between the super rich and the super poor may grow worse and women
the super poor may grow worse and women
the super poor may grow worse and women across the globe have already suffered
across the globe have already suffered
across the globe have already suffered disproportionately in addition we’re
disproportionately in addition we’re
disproportionately in addition we’re seeing college graduates leaving after
seeing college graduates leaving after
seeing college graduates leaving after graduation unable to find employment
graduation unable to find employment
graduation unable to find employment apart from all of this technology is
apart from all of this technology is
apart from all of this technology is really yet to have the expected positive
really yet to have the expected positive
really yet to have the expected positive impact on the economy global GDP growth
impact on the economy global GDP growth
impact on the economy global GDP growth essentially the amount of stuff we make
essentially the amount of stuff we make
essentially the amount of stuff we make per year has slowed in large part due to
per year has slowed in large part due to
per year has slowed in large part due to stagnation in productivity and no one is
stagnation in productivity and no one is
stagnation in productivity and no one is really sure why so here’s the big
really sure why so here’s the big
really sure why so here’s the big question how do we solve all of these
question how do we solve all of these
question how do we solve all of these problems during previous periods of
problems during previous periods of
problems during previous periods of economic transition the world has always
economic transition the world has always
economic transition the world has always seemed to write itself
seemed to write itself
seemed to write itself VHS became blu-ray Blockbuster became
VHS became blu-ray Blockbuster became
VHS became blu-ray Blockbuster became Netflix people moved to different
Netflix people moved to different
Netflix people moved to different industries and the labor pool adapted
industries and the labor pool adapted
industries and the labor pool adapted adequately but we can’t take this for
adequately but we can’t take this for
adequately but we can’t take this for granted things don’t just happen I
granted things don’t just happen I
granted things don’t just happen I believe that the first steps will line
believe that the first steps will line
believe that the first steps will line the way we educate ourselves because the
the way we educate ourselves because the
the way we educate ourselves because the bottom line is that the people who will
bottom line is that the people who will
bottom line is that the people who will succeed the best in the future are those
succeed the best in the future are those
succeed the best in the future are those people who can capitalize on what
people who can capitalize on what
people who can capitalize on what technology cannot do creativity empathy
technology cannot do creativity empathy
technology cannot do creativity empathy problem-solving skills having the
problem-solving skills having the
problem-solving skills having the ability to ask the proper question in
ability to ask the proper question in
ability to ask the proper question in the proper way
the proper way
the proper way these are innately human skills and
these are innately human skills and
these are innately human skills and thankfully there are already things that
thankfully there are already things that
thankfully there are already things that we are being taught here at handover
we are being taught here at handover
we are being taught here at handover meaning we are uniquely positioned to be
meaning we are uniquely positioned to be
meaning we are uniquely positioned to be prepared for what the future may hold
prepared for what the future may hold
prepared for what the future may hold now at the end of the day my talk today
now at the end of the day my talk today
now at the end of the day my talk today wasn’t meant to add stress to your lives
wasn’t meant to add stress to your lives
wasn’t meant to add stress to your lives although it was a bit of a warning all I
although it was a bit of a warning all I
although it was a bit of a warning all I really ask of you is that you turn a
really ask of you is that you turn a
really ask of you is that you turn a critical eye to the trends that are
critical eye to the trends that are
critical eye to the trends that are emerging around you to be aware that the
emerging around you to be aware that the
emerging around you to be aware that the world is changing and it’s changing fast
world is changing and it’s changing fast
world is changing and it’s changing fast not everyone has the privilege of an and
not everyone has the privilege of an and
not everyone has the privilege of an and over education therefore we must ensure
over education therefore we must ensure
over education therefore we must ensure that what we learned during our time
that what we learned during our time
that what we learned during our time put to good use our schooling will allow
put to good use our schooling will allow
put to good use our schooling will allow us to face challenges of the future
us to face challenges of the future
us to face challenges of the future head-on because ultimately I believe
head-on because ultimately I believe
head-on because ultimately I believe that our generation has been tasked with
that our generation has been tasked with
that our generation has been tasked with navigating the trials of this new world
navigating the trials of this new world
navigating the trials of this new world during previous industrial revolutions
during previous industrial revolutions
during previous industrial revolutions entire swathes of the planet were left
entire swathes of the planet were left
entire swathes of the planet were left in the dark isolated and frozen much the
in the dark isolated and frozen much the
in the dark isolated and frozen much the same way that hungry was so now if we
same way that hungry was so now if we
same way that hungry was so now if we choose to be aware that the world is
choose to be aware that the world is
choose to be aware that the world is changing and we choose to say that yes
changing and we choose to say that yes
changing and we choose to say that yes we’re willing to solve the problems that
we’re willing to solve the problems that
we’re willing to solve the problems that we are already beating beginning to
we are already beating beginning to
we are already beating beginning to identify then we must not allow this to
identify then we must not allow this to
identify then we must not allow this to happen again instead we must ask
happen again instead we must ask
happen again instead we must ask ourselves how best we can aid in the
ourselves how best we can aid in the
ourselves how best we can aid in the global transition towards what could be
global transition towards what could be
global transition towards what could be an unprecedented era of global
an unprecedented era of global
an unprecedented era of global connectedness and prosperity and we must
connectedness and prosperity and we must
connectedness and prosperity and we must do so in such a way that as we move
do so in such a way that as we move
do so in such a way that as we move forward we do not leave a single person
forward we do not leave a single person
forward we do not leave a single person or country far behind thank you
or country far behind thank you
or country far behind thank you [Applause]
”
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