Economists Duke It Out, complete with Hip-Hop music video

The intersection of boxing, hip-hop, and economics: not much could be better than that.

This video, titled “Fight of the Century: Keynes vs. Hayek Round Two,” really speaks for itself.  Click below to watch it.

From Wikipedia:

John Maynard Keynes spearheaded a revolution in economic thinking, overturning the older ideas of neoclassical economics that held that free markets would in the short to medium term automatically provide full employment, as long as workers were flexible in their wage demands. Keynes instead argued that aggregate demand determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment.

Friedrich August Hayek is best known for his defense of classical liberalism and free-market capitalism against socialist and collectivist thought. Hayek’s account of how changing prices communicate signals which enable individuals to coordinate their plans is widely regarded as an important achievement in economics.Hayek also produced significant work in the fields of systems thinking, jurisprudence, neuroscience and the history of ideas.

The lyrics for Round Two can be found here. The video for Round One is here.

Still Hard at Work, Years Later

One of the popular topics at the World Future 2010 Convention last week was extending life expectancy.  In his presentation at the opening plenary, Wendell Wallach shared that life expectancy in America has doubled in the last century and a half.  In 1850, it was 40 years.  Today, it’s about 80.  Ramez Naam talked about how we might achieve longer life expectancy through genetic tools.  Dennis Bushnell asked what people will do with all of this extra time.

One thing is certain; the aging population will have to stay in the workforce for longer.

Today, Catherine Rampell posted an article on the New York Times’s Economix blog titled “Seniors Outnumber Teenagers in Job Force.” “For the first time on record,” she writes, “there are more seniors than teenagers in the American labor force.”  See the below chart:

Why is this happening?  Rampell identifies a few possibilities.

  • The Baby Boom generation has been aging.
  • Older people are having to work longer, for a variety of reasons.
  • Teenagers are having a tough time in the job market.

What other factors might contribute to such a shift?

World Future Wrap-up: The Virtualization of America (And the World)

Michael Rogers is an author, journalist, and futurist.  He attended Stanford, where he double-majored in physics and creative writing.  After graduating, he turned down a job at Intel to write for Rolling Stone.

I always look forward to hearing journalists speak, and Rogers did not disappoint.

After a jam-packed weekend of ideas, theories, and predictions, Rogers’s talk was the perfect capstone.  He provided a snapshot of the current state of affairs in the world of technology and touched on a number of points that had been discussed throughout the weekend.  Rogers elegantly drew together many different ideas, and, without overwhelming his audience, succinctly summarized the weekend.  Here are a few of the topics he discussed and how they related to the rest of the event.

Rogers identified three main challenges going forward concerning the virtualization of the world.

  1. Creating New Laws.  This was addressed at a both the Nebulous aspects of Cloud Computing break-out session and the Space Tourism break-out session.  The main issue here is that the internet is essentially the Wild West of computing — there are no overarching governmental standards or regulations at the moment.
  2. Implementing Accountability via Real Identities. The future of anonymity on the internet was one of the topics discussed at the Pew Research Internet Evolution break-out session.
  3. Employing Taxation or a Virtual Currency.  Edie Weiner touched on the virtual currency aspect of this at the Unemployment Conundrum break-out session.  Many break-out sessions, such as the Nebulous Aspects of Cloud Computing and the Human-Computer Interface, also referenced issues surrounding virtual ownership.

Rogers ended the session with a question.  In the transition from the physical world to the virtual world, Rogers asked, what will be lost?  What aspects of the physical world will not be translatable to the virtual world?

This weekend has been a whirlwind of ideas.  Right now, they’re simmering in my head, waiting to be sorted and dissected over the next few weeks.  This weekend has been inspirational on a variety of levels, not the least of which is that it has reaffirmed my desire to return to school.  The world seems full of possibilities for the future – both global and personal – in a way that it didn’t a week ago.  Short-term, however, many posts on blog posts exploring many of these topics will follow.

While Rogers asks what we will lose in this transition, I want to leave you with a different question.  All of these ideas – technical, biological, virtual, faith-related, academic – open doors for new opportunities to explore and understand the human condition.  Yes, we may lose some things, but that always happens when technology advances.  Rather, I would like you to ask yourselves the following.

In the transition from the physical world to the virtual world, what will we learn about ourselves?  At the end of the day, what will we gain?

The Unemployment Conundrum

Usually, I’m not very interested in hearing theories about unemployment.  A lot of people have a lot of opinions on the topic, and it seems like many of those ideas are rehashed versions of other, similar ideas.

At a break-out session today, Edie Weiner, president of Weiner, Edrich, Brown, Inc., in New York, presented an interesting theory on the future of jobs.  She suggested that there are eight main “spaces” of future job growth in what she termed the “Metaspace” economy. Over the next decade, these types of jobs will see growth at levels much higher than other job types.  In no order, here they are.

  1. Interspace Jobs. Jobs requiring knowledge of what makes human beings and other organisms tick, from the inside out.
  2. Microspace Jobs. Jobs concerning bits, atmos, antimatter, neurons, genes, frequencies, ultra and infraspectral energies, and light.
  3. Outerspace Jobs. Jobs pertaining to satellite, space tourism, and even extra terrestrial intelligence, which Weiner admitted was a little strange.
  4. Cyberspace Jobs. Jobs related not just to the internet, but the virtual world, where virtual money – “points” – are traded, creating their own economies.
  5. Timespace Jobs. Jobs involving understanding multitasking, and addressing the issue of treating time itself as a luxury item.
  6. Green-to-Blue space Jobs. Jobs related to helping the environment.  Weiner defined “Blue” as giving more back to the environment than you took away.
  7. Design space Jobs. Jobs in the field of any sort of design.
  8. Closet space, or storage space Jobs. Jobs concerning understanding how things like data, nuclear waste, and e-waste are disposed of or stored.

Is she missing any?  What other “spaces” will see disproportionate job growth in the next 10 or 20 years?

Too Much Spare Time?

Machines are improving.  Some futurists hypothesize that, one day, perhaps in the not-too-distance future, humans will be obsolete.  Sentient, self-aware robots will be able to complete tasks much more efficiently than humans.

If and when that happens, how will humans spend their time?

Dennis Bushnell is a chief scientist at the NASA Langley Research Center.  In his talk, “Technology Futures and Their Massive Potential Societal Impacts,” he covered a broad range of topics, many of which I will write about in separate posts.  One of the most interesting was the issue of down-time.  How will we spend our time when machines are better at our work than we are?

Bushnell suggested the following possibilities:

  • “Make” work – creating work for people to do that doesn’t necessarily contribute anything to society.
  • Perpetual vacation – virtual or otherwise.
  • Personal Quests
  • “Hanging Out” or “Lurking” in the virtual world.
  • Arts

What would you spend your time doing if you didn’t have to work or go to school?

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