Tim O'Reilly and the 'WTF?!' Economy (Video)

This is a conversation Tim Lord had with Tim O'Reilly at OSCON. Tim O'Reilly wrote an article titled "The WTF Economy,", which started with these words: "WTF?! In San Francisco, Uber has 3x the revenue of the entire prior taxi and limousine industry." He talks about Uber and AirbnB and how, with real-time measurement of customer demand, "The algorithm is the new shift boss." And then there is this question: "What is the future when more and more work can be done by intelligent machines instead of people, or only done by people in partnership with those machines?"

My (late) father was an engineer. Politically, you could have called him a TechnoUtopian. He believed -- along with most of his engineer, ham radio, and science fiction writer and reader friends -- that as machines took over the humdrum tasks, humans would work less and create more. O'Reilly seems to have similar beliefs, even though (unlike my father) he's seen the beginnings of an economy with self-driving cars and trucks, factory machines that don't need humans to run them, and many other changes the 1950s and 1960s futurists didn't expect to see until we had flying cars and could buy tickets on Pan Am flights to the moon. Listening to these conversations, I remember my father's dreams, but O'Reilly isn't as optimistic as a full-blown TechnoUtopian. He takes a "Something's happening here; what it is ain't exactly clear" view of how work (and pay for work) will change in the near future. Please note that Tim O'Reilly has been called "The Oracle of Silicon Valley," so he's totally worth watching -- or reading, if that's your preferred method of taking in new information.

NOTE: Today we have a "main video," plus a "bonus video" that is viewable only with Flash. But we have a transcript that covers both of them. Enjoy!

Comments

Postcapitalism

[mspohr]

Interesting book by Paul Mason is saying something similar but in a broader context. Things are changing due to technology and better access to information. It's hard to control information. Technology is eroding the price of information. Non-market social organizations are replacing capitalist organizations.
"The neoliberalist capitalist model has resulted in civil wars and economic disaster, and it’s only going to get worse. Unless, Paul Mason argues, we take advantage of the technological revolution we are living through and create a postcapitalist sharing society. If we let prices fall and delink work from wages, we can save the world from disaster"

http://www.theguardian.com/com...

"There is, alongside the world of monopolised information and surveillance created by corporations and governments, a different dynamic growing up around information: information as a social good, free at the point of use, incapable of being owned or exploited or priced. I’ve surveyed the attempts by economists and business gurus to build a framework to understand the dynamics of an economy based on abundant, socially-held information. But it was actually imagined by one 19th-century economist in the era of the telegraph and the steam engine. His name? Karl Marx."

http://www.theguardian.com/boo...

"The main contradiction today is between the possibility of free, abundant goods and information; and a system of monopolies, banks and governments trying to keep things private, scarce and commercial. Everything comes down to the struggle between the network and the hierarchy: between old forms of society moulded around capitalism and new forms of society that prefigure what comes next."
It is the elites – cut off in their dark-limo world – whose project looks as forlorn as that of the millennial sects of the 19th century. The democracy of riot squads, corrupt politicians, magnate-controlled newspapers and the surveillance state looks as phoney and fragile as East Germany did 30 years ago."