TASK 1.Answer these questions.
- James Bessen
- complains about the ATMs
- raises the question why there are many tellers
- expresses that in spite of all the doom and gloom automation has not replaced human labour.
- ATMs, automated teller machines, had two countervailing effects on bank teller employment…. The word countervailing means:
- The O ring principle has to do with:
- There is no economic law that says that we will use wealth well thanks to the influence of technology
- it is worrying
- it is Worth trying
- it is reliable
- He states that
- Our economic and social hell is to blame for technology
- Technology is to blame for our economic and social hell.
- The social and economic hell are obvious
TASK 2- Complete
An ingenious metaphor for this tragic setting is the O-ring production function, named by Harvard economist Michael Kremer after the Challenger disaster. The O-ring production function -----------------------------------------------------------------of the work as a series of ______________________________________steps, links in a chain. Every one of those links ____________________________________________________the mission to succeed. If any of them fails, the mission, or the product or the service, comes crashing down. This _____________________________ situation has a surprisingly positive implication, which is that improvements in the reliability of any one link in the chain increases (…)
TASK 3: Summarize the two principles: O-ring and the never-get-enough principle.
TASK 4:Paraphrase using your own words:
- And this brings me to the challenge that we face today, the challenge that automation poses for us
- Let me give you a stark example.
- Most of the work that we do requires a multiplicity of skills, and brains and brawn, technical expertise and intuitive mastery, perspiration and inspiration in the words of Thomas Edison
- Rising to this challenge, they took the radical step of requiring that their entire youth population remain in school and continue their education to the ripe old age of 16.
- The first part of the answer is that technology magnifies our leverage, increases the importance, the added value of our expertise, our judgment and our creativity
- These predictions strike me as arrogant.