Second Machine Age at least as significant as Industrial Revolution
The reason we talk about the second machine age is a direct reference to the first machine age, the industrial revolution, which automated and augmented our muscle power. Now we're at the dawn of a second machine age, which is augmenting our brains; our mental capacity. We think that the effects of the second machine age will be at least as big as those of the industrial revolution. Well, for us, it's clearly important for us to be able to automate muscle work, but being able to take mental work is at least as important, and the technologies are advancing at a faster rate than they did in the industrial revolution. The steam engine was an amazing breakthrough. We did some research, we found that it doubled in power about every 70 years. Four times as much efficiency in 140 years. We all know that Moore's law is a lot faster than that. Computer power doubles about every 18 to 24 months and digitisation is becoming much more pervasive. As recently as the year 2000, most of the information in the world was in analogue format. Today, most of it is digital.