Moore’s Law and Good Enough
27th September 2014
Jerry Pournelle has restarted his column on tech.
As of Summer 2014, a large percentage of jobs – I now believe more than 45% within ten years – can be done by a robot costing no more than a year’s salary to the current human worker. With the government keeping interest rates low this raises the temptation to borrow capital and – instead of paying it to a worker – using it to buy a robot that will pay for itself after a year, and thereafter require only maintenance and power, and when that robot is no longer useful it can be scrapped rather than being paid to retire. This will have an inevitable effect on the economy. It may have a direct effect on you.