The Big Data Heist

Every day, people give away their data to just a few shareholders using corporate giants as wealth managers. These data funds, such as Google or Facebook, then spin off AI-powered applications, that in turn become privately owned assets. As productive resources, data, AI and their byproducts are about to replace most jobs of the working class, even those of relatively senior executives. Many predict that AI-correlated jobs will only compensate for a tiny bit of those redundancies. This issue of “jobless growth” is a core characteristic of our transition into industry 4.0, and has pushed even Bill Gates to suggest that a tax on AI should be an option.

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