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Digital economy
Digital economy
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Digital economy

  1. 1. Digital Economy
  2. 2. • According to Where is Technology Taking the Economy?, in McKinsey Quarterly, the digital revolution passed through the following three eras: Where is Technology Taking the Economy?
  3. 3. The first era of computational assistance: • Semiconductor technologies during the 1970s and 1980s • Use of Information Technologies (IT) in a wide variety of applications, from financial services and oil exploration, to computer-aided design and office systems. Digital Revolution: Phase 1
  4. 4. The second era of interconnected machines: • The advances in technology in 1990s and 2000s • Sharing of information on a global scale due to the linked computers which gave rise to the virtual economy Digital Revolution: Phase 2
  5. 5. The third era of associative intelligence: • The rise of smartphones, ubiquitous sensors, Internet of Things (IoT) devices in the 2010s • Searching for patterns and doing something with the results, including computer vision, natural-language processing, language translation, face recognition and digital assistants. Digital Revolution: Phase 3
  6. 6. • Intelligence in this context doesn’t mean conscious thought or deductive reasoning or understanding. • Associative intelligence- the ability to make appropriate associations in order to make sense of a situation- arises from the constant interactions among machines, software and processes. Meaning of Intelligence
  7. 7. • With the invention of the printing press by Johannes Gutenberg, information was no longer stored in hand-written manuscripts, as it became possible to externalize all that information. • Similarly, everything that was previously electrified will now be cognitized thanks to the advances in the field of Artificial Intelligence (AI). From Electrification to Cognizitation
  8. 8. • English economist Keynes mentioned back in 1930s that the unemployment because of the means of commercialising the use of labour would outpace new uses for labour. Keynes referred to this new disease as technological unemployment. According to Keynes, the standard of living in advanced economies would be so much higher in 2030 that human-beings would not know how to spend their free time. Technological Unemployment
  9. 9. • This new economic ear will no longer be about production, but about distribution so that individuals receive a reasonable share of what’s being produced. This new distributive economy era will necessitate everything from trade policies to government projects to commercial regulations to be evaluated by distribution. New Distributive Economic Era
  10. 10. • The changing criteria for policy assessment: While the previous economy based on production valued anything that helped economic growth, the distributive economy would value anything as long as it creates jobs. Policy Changes
  11. 11. • The changing criteria for measuring the economy: As the GDP does not entail virtual services, it results in unmeasured benefits for the user while its costs are unpriced. So replacing priced physical services with free virtual ones will result in a lower GDP. Eventually, productivity (GDP per worker) will also get reduced. Policy Changes
  12. 12. • The difficulty of supporting free-market philosophy; Although unregulated market behavior may lead to efficiencies, in the new era, this will no longer be justifiable as it creates whole classes of people who lose. Policy Changes
  13. 13. • The political nature of the new era: While the production of more goods is an economic and engineering problem, its distribution access is a political problem. So, better access to the economy should be resolved based on political grounds. Policy Changes
  14. 14. • In order to develop a reasonable path forward access to economic output is a must! • How will we find meaning in a society where jobs are scarce? • How will we deal with privacy in a society where our movements are tracked? • Do we really want some of our daily decisions on such as how to drive our cars or even what to eat outsource to some other external sources? Reasonable Path Ahead?
  15. 15. Final Remarks • “Indeed, Allah enjoins justice, and the doing of good to others; and giving like kindred; and forbids indecency, and manifest evil, and wrongful transgression. He admonished you that you may take heed.” (Al Quran 16:91)

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