Technological Revolutions

Competition, the drive for efficiency, and continuous improvement ultimately push businesses toward automation and later towards autonomy. If a business can operate without human intervention, it will minimize its operational cost. If Uber can remove the expense of a driver with an autonomous vehicle, it will provide its service cheaper than a competitor who can't. If an artificially intelligent trading company can search, find, and take advantage of some arbitrage opportunity, then it can profit where its competitors cannot. A business that can analyze and execute in real-time without needing to wait for a human to act, is a business that will be able to take advantage of brief inefficiencies from other markets or businesses.

Competition, the drive for efficiency, and continuous improvement ultimately push businesses toward automation and later towards autonomy. If a business can operate without human intervention, it will minimize its operational cost. If Uber can remove the expense of a driver with an autonomous vehicle, it will provide its service cheaper than a competitor who can't. If an artificially intelligent trading company can search, find, and take advantage of some arbitrage opportunity, then it can profit where its competitors cannot. A business that can analyze and execute in real-time without needing to wait for a human to act, is a business that will be able to take advantage of brief inefficiencies from other markets or businesses.

As we enter a new millennium, it is clear that we are in the midst of one of the most dramatic technological revolutions in history that is changing everything from the ways that we work, communicate, participate in politics, and spend our leisure time. The technological revolution centers on computer, information, communication, and multimedia technologies, is often interpreted as the beginnings of a knowledge or information society, and therefore ascribes technologies a central role in every aspect of life.

American transportation has undergone many technological revolutions: from sailing ships to steamships; canals to railroads; steam to diesel; horsecars to electric streetcars; passenger trains and urban rail transit to airplanes and automobiles. Normally, the federal government has allowed and encouraged these revolutions, but today it continues to spend billions of dollars trying to preserve and build obsolete rail transit, passenger train lines, and high-speed trains.