The global economy has gone through several phases over the past centuries and is now entering a new phase that will involve much more significant changes than previous ones. First, there was the phase of standardization during the Industrial Revolution in the late 18th and early 19th centuries. This era was characterized by the advent of industrial manufacturing processes, which significantly improved production efficiency and consistency. Key developments included the introduction of assembly lines, mass production techniques, and the use of interchangeable parts. Next came the phase of automation, which began in the mid-20th century, particularly after World War II. This period was marked by the widespread adoption of machines and software that enabled large-scale production at a fixed cost. Early examples of automation included industrial robots, computerized numerical control (CNC) machines, and automated production lines. These advancements allowed manufacturers to reduce labor costs and increase production capacity significantly. Today, we are entering the phase of autonomy, starting in the early 21st century, driven by the rise of artificial intelligence (AI). This phase is characterized by the development and deployment of autonomous systems capable of performing complex tasks without human intervention. Key examples include autonomous agents, self-driving vehicles, AI-driven personal assistants, and robotic process automation. This shift towards autonomy promises unprecedented economies of scale and transformative impacts across various industries. The unique aspect of an economy based on autonomy is the potential for exponentially greater economies of scale compared to an automation-based economy. Automation enabled the reduction of manufacturing costs as production scaled up. Autonomy allows this on a much larger scale and at a much faster pace. The consequences are that businesses will grow much more rapidly. This might seem daunting, but if we take the time to understand what’s happening, it’s actually quite promising.
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Selasa, 25 Juni 2024
The New Economic Transformation
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