Lifeboat Foundation

China may have the clear lead in the development of artificial intelligence (AI) systems in the region, but Japan’s government, realising how vital the sector is to its economic future, has intervened in the hopes of levelling the playing field.

Japan announced in late August that it is planning to invest billions of yen to fund next-generation semiconductors and other technologies critical to AI development.

Billions of yen in public investment could help firms innovate, but analysts say the nation may never catch up with China and the US, global tech leaders that show no signs of slowing down.

Continue reading “Japan brings out the bazooka in AI war with China” »

These are a tiny fraction of the examples of how our economy differs from the 20th century industrial economy. Similar changes are under way in the developing world, as labor gives way to robotics and basic goods become affordable and accessible to the planet’s billions. Given those changes, why would 20th century models of prices and rates and money supply work as they used to work?

We like to believe that there are “laws of economics” and past patterns to guide us, but, as Yellen indicated, there is now “considerable uncertainty.” It may feel safer to trust that past patterns will reassert themselves. But maybe policymakers should weigh more heavily the chance that the patterns have changed.

The Federal Reserve takes a 20th-century approach to managing a 21st-century economy.

Continue reading “No Inflation? Technology May Have Left it Back in the 20th Century” »

Every 100 years or so, our Sun gives off a great big belch that sends an intense wave of charged particles towards Earth. This wasn’t a problem in the past, but our high-tech civilization is now disturbingly vulnerable to these solar storms. A new study quantifies the economic risks posed by these extreme solar storms, while also proposing a super-futuristic solution to the problem: an Earth-sized shield built in outer space.

The term “solar storm” is used to identify the various nasties the Sun can hurl our way, including x-rays, charged particles, and magnetized plasma. In 1859, a series of powerful coronal mass ejections (CMEs) hit our planet head on, disrupting telegraph stations and causing widespread communication outages. If we were to be hit by an equally powerful solar storm today, it would knock out satellites and electrical grids, disrupting global communications, transportation, and supply chains. Total worldwide losses could reach up to $10 trillion, with recovery taking many years.

GomSpace Group, a company listed on the Nasdaq First North Premier exchange, and the Luxembourg Economy Ministry agreed in principle to establish in the country a company focused on satellite operations and data processing and distribution.

By 2021 the company could employ up to 50 full-time staff, GomSpace said in a statement. The ministry will provide funding through its Luxembourg space programme as well as grants for research and development that will happen in the country, it said.

“By choosing the Grand-Duchy for their international expansion, GomSpace acknowledges the substantial efforts of the government over the last years to put in place the necessary measures to support the continued strengthening and diversification of its space sector,” Economy Minister Etienne Schneider said.

Continue reading “Investment: GomSpace to establish space company in Luxembourg” »

Will any of the jobs that exist today still be around in 20 years? Fast Future’s Steve Wells, Alexandra Whittington and Rohit Talwar explore whether automation is destined to rewrite all our futures.

Continue reading “Will artificial intelligence mean the end of jobs?” »

Most of America is deteriorating economically.

Economic prosperity is concentrated in America’s elite ZIP Codes, but economic stability outside of those communities is rapidly deteriorating.

Continue reading “The large parts of America left behind” »

Tech startup fund Y Combinator has announced plans for a new basic income trial in the U.S. in which participants receive $1,000 monthly.

The United States would realize roughly $9 billion a year in economic gains by instituting a simple, nationwide policy change: starting public school classes no earlier than 8:30 a.m.

That’s according to an exhaustive new study by the Rand Corporation, the first of its kind to model the nationwide costs and benefits of later school start times.

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