Lecture 6 - The Social and Economic Spheres in the Age of Automation

In the age of barter, the social environment was the economic environment

In the age of barter, the social environment was the economic environment

As time passed, the ability to more efficiently interact

Surprises along the way

Surprises along the way

Surprises along the way

Efficiency rapidly expanded in the Age of Industrialization

Along with technological developments came social concerns

Along with technological developments came social concerns

Luddites, the Swing Riots, and sabotage?

On the other hand, there is a point to Pangloss

Exploring the growing technological foundations in the social and economic spheres

Exploring the growing technological foundations in the social and economic spheres

Exploring the growing technological foundations in the social and economic spheres

Exploring the growing technological foundations in the social and economic spheres

The surprising real economics of the Internet

Direct economic effects

Direct economic effects: financial engineering

Then consider the world of "Flash Boys"

Paul Wilmott's take

"Unfortunately, as the mathematics of finance reaches higher levels so the level of common sense seems to drop. There have been some well publicised cases of large losses sustained by companies because of their lack of understanding of financial instruments... . It is clear that a major rethink is desperately required if the world is to avoid a mathematician-led market meltdown."

And then came the cryptocurrencies

And then came the cryptocurrencies

But interactions are not limited to the economic

But interactions are not limited to the economic

"24.—War is a mere continuation of policy by other means.

"We see, therefore, that war is not merely a political act, but also a real political instrument, a continuation of political commerce, a carrying out of the same by other means. All beyond this which is strictly peculiar to war relates merely to the peculiar nature of the means which it uses. ... But however powerfully this may react on political views in particular cases, still it must always be regarded as only a modification of them; for the political view is the object, war is the means, and the means must always include the object in our conception." Clausewitz

The future of warfare

Fluid battlefields become home grounds

Can privacy be enhanced by technology?

When the technology becomes the expert