Globalization
What was the world like economically before Globalization 1.0. (3 Details)
Most people poor, got things locally, trade reserved for rich and raw materials.
What is a product that was creatively destroyed? Be specific, phone or tv is not a good answer.
CDs, Film Cameras (to a degree), Cassette Tapes, DVDs. Blue Ray
What are the two theories about AI will effect economic growth?
Modest Growth/ Explosive Growth
What does AI stand for?
Artificial Intelligence?
Switched from Trading Cards to Video Games
Nintendo.
What led to globalization 1.0.
Steamships and Railroads.
What is Creative Destruction?
New and better technologies get rid of older less efficient and convenient ones. OR from Investopedia ( the dismantling of long-standing practices in order to make way for innovation and is seen as a driving force of capitalism.)
Why has growth slowed in "rich" countries? (3details)
Less kids= less new ideas/ don't need to invent new ways to make more food.
What is a fear about the future when it comes to AI?
That there will be no jobs.
Cloudbased team communication platform
Slack
What led to Globalization 2.0?
Electricity, Telephones, Even better shipping.
What led to a significant decline in Movie Theater Attendance? (need specific invention)
the VHS and VCR
What is faster to make more of: humans or robots, why?
Robots, need to raise children to working age and teach skills, feed them etc.
What happens to industries as they become more and more automated?
They become less important parts of the economy.
Finnish Company that has shifted from paper to rubber products and eventually telecommunications
Nokia
What led to Globalization 3.0? What does this allow for?
The internet, communication across the globe to be instant.
What two industries have seen a rapid decline in the percentage of the work force? What is the cause of this? (Need to have both)
Manufacturing and Agriculture - Automation
Which sectors of the economy have gotten more productive? Which ones have slowed down? Why?
Manufacturing and Agriculture- Healthcare, Education, Construction. Depends what robots are good at?
What assumption drives the disagreement about how many jobs AI will be able to do in the future?
AI will eventually be able to do everything that Humans can
Name of the two companies mentioned in the creative destruction lesson.
Kodak, Polaroid.
What is globalization?
The process of ideas and technology spreading around the world to make it more interconnected.
What are the Pros and Cons of Creative Destruction?
Better standard of living - Loss of Jobs
What can't AI do that humans can?
Think analytically.
Define productivity
The amount of money a worker is able to generate for the economy.
Name of Warren Buffet's company
Berkshire Hathaway.