Bottom line: the cost of public debt may be substantially smaller than current consensus. Therefore austerity policy is never the answer as it is too costly
Olivier Blanchard presidential address at the American Economic Association meeting
What makes a good economist?
What are the challenges for the next generation?
After the publication of their book, the Second Machine Age, Andrew McAfee and Erik Brynjolfsson give an interview on their thoughts on the acceleration of technical progress and its impact on the economy, on the labor market and on education.
The first industrial revolution was an automation of physical tasks (steam machine). It helped to reduce physical efforts.The current industrial revolution is a cognitive revolution where due to rapid acquisition and accumulation of information, the machine can decide in place of men.
This will change dramatically the forms of labor. The two authors say that the change will probably go faster than what we imagine. We will have to be reactive and proactive.
For information, visit their dedicated website http://www.secondmachineage.com/