Many people wonder: Why is technology getting better? Often the answer lies in its ability to solve a problem. In the case of washing machines and dishwashers, the introduction of technology has eliminated many manual tasks, while the IoT has connected all the household’s electronic devices. With the introduction of the IoT, more devices can be controlled by the users remotely, such as refrigerators that can show recipes and even order food online when needed.
The growth of IT has created a new class of companies that will exploit superior productivity to destroy existing competitors and revolutionize industries. By leveraging IT, these new companies will drive the economy forward. The success of companies like Uber and Airbnb has hollowed out the retail industry and disrupted the taxi cab and hotel industries. Alphabet could soon roll out driverless cars powered by Google Maps data. Telemedicine could revolutionize rural health care. And MOOCs can drive down the cost of higher education.
Another breakthrough in AI and robotics has the potential to improve transportation. While these devices will ultimately take away jobs, they may also create better ones. Personal computers eliminated jobs as typists, but created new jobs in graphic design. Similarly, robots could do a variety of tasks that human beings find tedious or dangerous. And robotic exoskeletons could even help disabled people get around. Prosthetic and robotic limbs are already a reality, but a fully-robotic body would offer a whole new level of freedom.