At Last Economists See the Robot Revolution. Here's Why They Worry.


by Fabius Maximus,

Summary: When I first warned about the "robot revolution" (the 3rd industrial revolution) 3 years ago, I was one of a minority. Experts assured us it would produce quick benefits without much disruption (unlike the previous 2). Time has brought new evidence, and now concern has replaced confidence. Today we review the problem. The next few posts will consider solutions.

"An increase in the productivity of labour means nothing more than that the same capital creates the same value with less labour, or that less labour creates the same product with more capital."

- Karl Marx"s "A Contribution to the Critique of Political Economy" (1857/58).


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What We Read Today 04 March 2015

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.

This feature is published every day late afternoon New York time. For early morning review of headlines see "The Early Bird" published every day in the early am at GEI News (membership not required for access to "The Early Bird".).


Every day most of this column ("What We Read Today") is available only to GEI members.

To become a GEI Member simply subscribe to our FREE daily newsletter.

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 more features, analysis, studies, and news published in the last week

Could Ebola Mutate Faster than We can Develop Treatments?

by Peter White, The Conversation

As the worst known epidemic of the Ebola virus continues in West Africa, scientists around the world are trying to develop treatments for those infected. But a process of viral mutation, known as "genetic drift", could potentially compromise their efforts.


Infographic Of The Day: Homeless Transgender Youth

Transgender people can be straight, gay, lesbian or bisexual. Q stands for questioning – someone who is questioning their sexual and/or gender orientation. Sometimes, the Q stands for “queer,” a term reclaimed by some LGBTs for political reasons. 

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Video of the Day:

Watch out GoPro, China's Xiaomi Yi Action Camera is coming after you. After shaking up the global smartphone industry with its low cost handsets, Xiaomi is moving to its next target-the action camera. The Yi will sell for about $64 US dollars which is half the price of the $130 GoPro Hero. Tech Analysts say it will be a formidable competitor. Both cameras have similar features, But the Yi weighs less, offers more storage and boasts more powerful video capabilities.

video of day picture

 more investing, markets, precious metals & forex

How to Avoid Exorbitant 401(k) Retirement Fees and Save More For Your Nest Egg

 more opinion

From Market Failure to Market Success

Become a Public Policy Thinker in Three Easy Steps

by Ajay Shah, ajayshahblog

Step 1:What"s the market failure?

Each of us tends to get unhappy at some feature of the world or the other. As an example, I don"t like rap music. But value judgements of this nature do not justify the use of State power - either to ban rap music or to encourage classical music. Such coercion by the State is just abuse of power.


Written by Phil DeAngelo, Focused Wealth Management

401(k) retirement plan fees may appear negligible at a few pennies on the dollar. However they add up to a colossal amount of money for your nest egg over the span of your entire career. The vast majority of the 53 million people who take part in an work-sponsored 401(k) plan in the U.S. don"t know how much they"re paying in annual expenses and that they could be paying a lot less. If they do know about the high fees, it"s tough to complain for fear of offending the one who signs the paychecks.


 USA economy at a glance (boxed items are updates in last 7 days)

March 2015 Beige Book: Economy Continues to Grow

Econintersect: The consolidated economic report from the 12 Federal Reserve Districts (Beige Book) said "that economic activity continued to expand across most regions and sectors from early January through mid-February". The previous report said "that national economic activity continued to expand during the reporting period of mid-November through late December, with most Districts reporting a "modest" or "moderate" pace of growth". Seems like the rate of growth is unchanged.

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