World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolu­tion, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wear­able sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manu­facturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individu­als. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frame­works that advance progress.

Addressing the big questions about how technological change is transforming economies and societies Rapid technological change—likely to accelerate as a consequence of the COVID-19 pandemic—is reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive. Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. The first volume, Growth in a Time of Change, was published by Brookings in February 2020. The book's underlying thesis is that the future is arriving faster than expected. Long-accepted paradigms about economic growth are changing as digital technologies transform markets and nearly every aspect of business and work. Change will only intensify with advances in artificial intelligence and other innovations. Investors, business leaders, workers, and public officials face many questions. Is rising market concentration inevitable with the new technologies or can their benefits be more widely shared? How can the promise of FinTech be captured while managing risks? Should workers fear the new automation? Are technology-driven shifts in business and work causing income inequality to rise? How should public policy respond? Shifting Paradigms addresses these questions in an engaging manner for anyone interested in understanding how the economic and social agenda is being transformed by today's winds of change.

SHORTLISTED FOR THE FINANCIAL TIMES & MCKINSEY 2020 BUSINESS BOOK OF THE YEAR One of Fortune Best Books of the Year One of Inc. Best Business Books of the Year One of The Times (UK) Best Business Books of the Year A New York Times Book Review Editors’ Choice From an Oxford economist, a visionary account of how technology will transform the world of work, and what we should do about it From mechanical looms to the combustion engine to the first computers, new technologies have always provoked panic about workers being replaced by machines. For centuries, such fears have been misplaced, and many economists maintain that they remain so today. But as Daniel Susskind demonstrates, this time really is different. Breakthroughs in artificial intelligence mean that all kinds of jobs are increasingly at risk. Drawing on almost a decade of research in the field, Susskind argues that machines no longer need to think like us in order to outperform us, as was once widely believed. As a result, more and more tasks that used to be far beyond the capability of computers – from diagnosing illnesses to drafting legal contracts, from writing news reports to composing music – are coming within their reach. The threat of technological unemployment is now real. This is not necessarily a bad thing, Susskind emphasizes. Technological progress could bring about unprecedented prosperity, solving one of humanity’s oldest problems: how to make sure that everyone has enough to live on. The challenges will be to distribute this prosperity fairly, to constrain the burgeoning power of Big Tech, and to provide meaning in a world where work is no longer the center of our lives. Perceptive, pragmatic, and ultimately hopeful, A World Without Work shows the way.

From bestselling writer David Graeber—“a master of opening up thought and stimulating debate” (Slate)—a powerful argument against the rise of meaningless, unfulfilling jobs…and their consequences. Does your job make a meaningful contribution to the world? In the spring of 2013, David Graeber asked this question in a playful, provocative essay titled “On the Phenomenon of Bullshit Jobs.” It went viral. After one million online views in seventeen different languages, people all over the world are still debating the answer. There are hordes of people—HR consultants, communication coordinators, telemarketing researchers, corporate lawyers—whose jobs are useless, and, tragically, they know it. These people are caught in bullshit jobs. Graeber explores one of society’s most vexing and deeply felt concerns, indicting among other villains a particular strain of finance capitalism that betrays ideals shared by thinkers ranging from Keynes to Lincoln. “Clever and charismatic” (The New Yorker), Bullshit Jobs gives individuals, corporations, and societies permission to undergo a shift in values, placing creative and caring work at the center of our culture. This book is for everyone who wants to turn their vocation back into an avocation and “a thought-provoking examination of our working lives” (Financial Times).

Looking for ways to handle the transition to a digital economy Robots, artificial intelligence, and driverless cars are no longer things of the distant future. They are with us today and will become increasingly common in coming years, along with virtual reality and digital personal assistants. As these tools advance deeper into everyday use, they raise the question—how will they transform society, the economy, and politics? If companies need fewer workers due to automation and robotics, what happens to those who once held those jobs and don't have the skills for new jobs? And since many social benefits are delivered through jobs, how are people outside the workforce for a lengthy period of time going to earn a living and get health care and social benefits? Looking past today's headlines, political scientist and cultural observer Darrell M. West argues that society needs to rethink the concept of jobs, reconfigure the social contract, move toward a system of lifetime learning, and develop a new kind of politics that can deal with economic dislocations. With the U.S. governance system in shambles because of political polarization and hyper-partisanship, dealing creatively with the transition to a fully digital economy will vex political leaders and complicate the adoption of remedies that could ease the transition pain. It is imperative that we make major adjustments in how we think about work and the social contract in order to prevent society from spiraling out of control. This book presents a number of proposals to help people deal with the transition from an industrial to a digital economy. We must broaden the concept of employment to include volunteering and parenting and pay greater attention to the opportunities for leisure time. New forms of identity will be possible when the "job" no longer defines people's sense of personal meaning, and they engage in a broader range of activities. Workers will need help throughout their lifetimes to acquire new skills and develop new job capabilities. Political reforms will be necessary to reduce polarization and restore civility so there can be open and healthy debate about where responsibility lies for economic well-being. This book is an important contribution to a discussion about tomorrow—one that needs to take place today.

Technology is constantly changing our world, leading to more efficient production. In the past, technological advancements dramatically increased wages, but during the last three decades, the median wage has remained stagnant. Many of today's machines have taken over the work of humans, destroying old jobs while increasing profits for business owners and raising the possibility of ever-widening economic inequality. Author James Bessen argues that avoiding this fate will require unique policies to develop the knowledge and skills necessary to implement the rapidly evolving technologies. At present this technical knowledge is mostly unstandardized and difficult to acquire, learned through job experience rather than in classrooms. Nor do current labor markets generally provide strong incentives for learning on the job. Basing his analysis on intensive research into economic history as well as today's labor markets, the author explores why the benefits of technology take years, sometimes decades, to emerge. Although the right policies can hasten this process, policy has moved in the wrong direction in recent decades, protecting politically influential interests to the detriment of emerging technologies and broadly shared prosperity.