Category: Book review
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Uncertainty and Artificial Intelligence
In a world where perfect information supposedly rules across the board, uncertainty certainly challenges mainstream economists. While some of the tenets of such assumption have already been addressed – via the theory of information asymmetries and the development of the rational expectations school, for example, uncertainty still poses critical questions. For starters, uncertainty should not…
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Towards a Philosophy of Technology
Written back in 1984, the content of Albert Borgmann’s book loudly resonates today. Borgmann argues that contemporary life is shaped by technology that stamps its imprint all over the place, and can even define its whole character. However, such a pattern is not usually evident nor always utterly dominant as technology has to compete with…
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Blockchain and the Future of Society
Alongside artificial intelligence and robotics, Blockchain technology is enjoying widespread popularity around the globe. The surrounding hype seems to increase by the minute. Pundits and supporters see a plethora of applications for the technology not limited just to the financial sector. But to the average person, Blockchain technology is mystifying, given its technical complexity. If you…
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Is Postcapitalism on its way?
For most people, including many well-known economists, the 2007 global economic crisis was a rude awakening: It seemed to have come out of nowhere, but it certainly managed to bring deep pain to billions of people – and pockets. Soon thereafter, calls to revisit Marx’s theory of capitalism became frequent from both left and right.…
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Saving Capitalism – or Democracy?
Few will doubt both globalization and technology are putting many people under economic stress. Symptoms of this in the US and other industrialized countries include raising inequality, stagnant wages, less opportunities and decreased social mobility, and little to no improvement in living standards for most. Together, they have created an environment characterized by widespread distrust…
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State Formation in Latin America
Contrary to accepted views, Latin American(LA) States are still comparatively incipient and have been so since independence in the 19th Century. But they have also managed to avoid large-scale and continuous wars between them, in sharp contrast with Western European states. How can we explain this apparent paradox while taking into account regional differences among…
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Technology and Development in History
Nowadays, the diffusion pace of technologies on a global scale is unprecedented. This is true for Information and Communications Technologies (ICTs) best represented by the Internet (and all its newer platforms) and mobile technologies. Most will also agree that technologies somehow play a decisive role in fostering economic development and economic growth. While that might be true…
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Economics and Long Term Ideas
No doubt economics has come a long way since the times of Adam Smith almost 250 years ago. If we were to summarize its dynamics of change, we could say that economics has moved from a broad political economy approach to a more narrow and now mainstream focus where mathematics seems to play a vital…
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Innovation and Inequality in an Unequal World
Innovation has taken the world by storm. More than a pure storm, it is now looking more like a stationary looping hurricane. No escape. Embrace or die. Only a few have opted for the latter. In any event, this is, without doubt, a critical development. New technologies are creating wave after wave of innovation, perhaps…
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Robotics and job creation: Is this time different?
Debates on the impact of automation on job creation are certainly not new. On the one side, we find those who argue that automation is the trigger for massive unemployment. On the other side are those who say automation can actually create more (and new) jobs. Historical evidence seems to show that both sides a…
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The future of automation and the automation of the future
Chaplin’s 1936 Modern Times, by now a classic of silent cinema, offers an inside glimpse of the automation of industrial production in the first part of the 20th Century. Our little tramp has somehow found a job in a factory, which is in the middle of an unspecified city, and spends his time doing the…