economic

US manufacturing output reaches ‘all-time high’

Manufacturing output in the US has reached an “all-time high”, signaling the industry’s strength, according to the National Association of Manufacturers.

For the past two years, manufacturers have been setting new records when it comes to manufacturing output, and through the first quarter of 2019, the industry has continued to reach new heights.

Four out of five manufacturers remain positive about their company’s outlook, according to the National Association of Manufacturers’ latest Outlook Survey, and new Bureau of Economic Analysis data find that manufacturers’ level of output hit an all-time high once again. [Read more…] about US manufacturing output reaches ‘all-time high’

‘Trump’s trade war will trigger the biggest wave of automation in history’, says expert

US President Donald Trump’s trade policies will “trigger the biggest wave of automation in history”, according to an economics expert writing on Forbes.com.

Trump has spoken out against a variety of international trade agreements to which the US had previously signed up to.

And since he became president, Trump has taken the US out of the Trans-Pacific Partnership and is discussing how to also take it out of the North American Free Trade Agreement, or Nafta. [Read more…] about ‘Trump’s trade war will trigger the biggest wave of automation in history’, says expert

Artificial intelligence takes centre stage at World Economic Forum

Sergey Brin, co-founder of Google, at Davos 2017

In a number of talks and statements at this year’s World Economic Forum, held in Davos, Switzerland, artificial intelligence has been taking centre stage, with many saying that while no one really knows the limit of the technology, it has already had profound effects on business and society.

One of Google’s original founders, Sergey Brin, said he looked at AI a few years back, and didn’t really know AI would develop to the extent it has done.

“I didn’t pay attention to it at all, to be perfectly honest,” he said in a discussion at WEF. “Having been trained as a computer scientist in the 90s, everybody knew that AI didn’t work. People tried it, they tried neural nets and none of it worked.” [Read more…] about Artificial intelligence takes centre stage at World Economic Forum

The effect of industrial espionage on economic growth

In an interesting article on The Diplomat website, the question is asked, “How does industrial espionage affect economic growth?”

The article is based on a study by Erik Meyersson, an assistant professor at Stockholm School of Economics, who teamed up with Albrecht Glitz, an associate professor at Pompeu Fabra University.

The two academics analysed almost 200,000 informant reports in the old East German Ministry for State Security, otherwise known as the Stasi. [Read more…] about The effect of industrial espionage on economic growth

Obama warns of divisiveness of automation technology

In his farewell address to the nation, US President Barack Obama warned of the dangers of automation technology.

Obama said: “The next wave of economic dislocations won’t come from overseas. It will come from the relentless pace of automation that makes a lot of good, middle-class jobs obsolete.”

The Obama administration has been looking the whole issue of robotics, automation and artificial intelligence, and consulting on the possible impact of those technologies on the US economy. [Read more…] about Obama warns of divisiveness of automation technology

Foxconn and Apple negotiating with Indian government on manufacturing and retailing

Apple and its main manufacturer Foxconn are negotiating with the Indian government over the possible establishment of a manufacturing plant and retail stores in the country.

This is according to reports on the AppleInsider.com website, which quotes India’s Economic Times newspaper.

Indian business regulations require foreign companies to source at least 30 per cent of their goods from local suppliers, a requirement which has stalled Apple’s plan to open up a number of stores in the country of 1 billion people. [Read more…] about Foxconn and Apple negotiating with Indian government on manufacturing and retailing

GoDaddy boss says AI and automation to shift power from big business toward small enterprise

Blake Irving, CEO, Go Daddy. Picture courtesy of AllThingsD

The chief executive of GoDaddy, the largest domain registrar in the world, says his company wants to transfer global economic power from large businesses to small enterprises with the help of artificial intelligence and automation technologies.

In an article published on Medium.com, Blake Irving makes a distinction between what he describes as “strong” AI – as practised by Darpa, MIT, Berkeley, IBM, Google and others – and “applied” AI, or AAI, such as machine learning and predictive analytics.

Irving writes: “GoDaddy’s vision is to radically shift the global economy toward small business by empowering people to easily start, confidently grow and successfully run their own ventures.

“We didn’t come to that vision by chance, but rather by identifying the intersection of technological and global economic opportunities — and Applied AI is at the heart of both.”

He adds that there are many benefits to be gained from increasing utilisation of AI and automation, but cautions that these technologies will inevitably lead to global economic upheaval, and result in millions of job losses. [Read more…] about GoDaddy boss says AI and automation to shift power from big business toward small enterprise