Human Capital Development in the Age of Artificial Intelligence

Abstract

Improvement in standards of living can be attributed to emerging innovations and technological changes. Innovations in farming methods, for example, triggered the Agricultural Revolution in Britain, which then set off the Industrial Revolution in 1750. Back then, the coal-powered steam engine significantly benefitted the iron industry, textile trade, and transportation. Since then, a series of innovations have emerged and successfully solved certain human inefficiencies and increased overall productivity. Although the British initially prohibited the export of technology and skilled workers, the Industrial Revolution nevertheless spread to other European countries and the United States.