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Average is Over

Tyler Cowen, Marginal Revolution, My TechCrunch interview about *Average is Over*, here. Calling a market top for Average. Nasdaq, HP,  The London Whale’s White Elephant, and NYT Business Section say the market top call is too soon.

 …Cowen isn’t a dystopian and he doesn’t believe that smart machines are taking jobs from human beings. ‘The smartest and most successful people in the future, he believes, will manage the smart machines. And as these smart machines become more central in how we manage our education and healthcare, he says, “human psychology” – the art and science of motivation – will become increasingly valuable. This is what he calls “the next big thing.” In the future, Cowen insists, power will lie with the humans who partner with rather than own the algorithm. And in this age of the smart human/machine partnership, traditional algorithm-centric companies like Google will be old businesses – “like GM”, he predicts.

 

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