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Work, Wealth and Welfare in the Age of the Robot
Extraordinary innovations in technology promise to transform the world, but how realistic is the claim that AI will change our lives? In this much needed book the acclaimed economist Roger Bootle responds to the fascinating economic questions posed by the age of the robot, steering a path away from tech jargon and alarmism towards a rational explanation of the ways in which the AI revolution will affect us all. Tackling the implications of Artificial Intelligence on growth, productivity, inflation and the distribution of wealth and power, THE AI ECONOMY also examines coming changes to the the way we educate, work and spend our leisure time.
A fundamentally optimistic view which will help you plan for changing times, this book explains AI and leads you towards a more certain future.
Extraordinary innovations in technology promise to transform the world, but how realistic is the claim that AI will change our lives? In this much needed book the acclaimed economist Roger Bootle responds to the fascinating economic questions posed by the age of the robot, steering a path away from tech jargon and alarmism towards a rational explanation of the ways in which the AI revolution will affect us all. Tackling the implications of Artificial Intelligence on growth, productivity, inflation and the distribution of wealth and power, THE AI ECONOMY also examines coming changes to the the way we educate, work and spend our leisure time.
A fundamentally optimistic view which will help you plan for changing times, this book explains AI and leads you towards a more certain future.
224 pages, Paperback
Published September 10, 2019
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531 people want to read
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Displaying 1 - 23 of 23 reviews
November 8, 2020
Thoughtful, well documented and interesting to read. Recommended.
August 25, 2021
There are many books that talk about new economies that are interesting to read and challenge your thinking. For me, this was not one of those books. Don't get me wrong there is some good content in there, but there are 3 factors that added so much reader friction that I had to work harder to just get through the book let alone benefit from the discussion:
(1) You could almost ignore the title - it has the wrong focus. This is an economics book that occasionally remembers to loop back and focus on the impact of AI and robots. If you want a good discussion about Universal Basic Income (which I did enjoy) - dive in... but remember this is not an AI driven discussion, just one with a tenuous link. Alternatively if you like discussion on GDP, Interest rates and inflation you'll love the first half of the book.
(2) This is a book of signposts. If you were to go on a grand trip with Bootle he'd not enjoy the scenery and would keep giving you details about each signpost that you passed. Bootle tells you what he will do (in moderation this is OK, but there comes a point when you want to say "just start doing it"), then he keeps referencing what he has told you before (to which I kept thinking "Yes I know I read that"), or foreshadowing what he will say later (Ugghhh... Just get on with it). I'm not sure this is reflects that he couldn't get a good editor to help him cull the cruft, whether he couldn't get his thoughts better structured, or whether he was being paid by the word so wanted to pad it out.
(3) Although the book was published in 2019 many of the examples and discussions are already dated. Showing how quickly the Machine Learning and Artificial Intelligence research and commercialisation has progressed,
I believe that some academics and policy wonks will get value from this book, but the larger pool of technologists and entrepreneurial types that might be attracted by the title will be sorely disappointed.
(1) You could almost ignore the title - it has the wrong focus. This is an economics book that occasionally remembers to loop back and focus on the impact of AI and robots. If you want a good discussion about Universal Basic Income (which I did enjoy) - dive in... but remember this is not an AI driven discussion, just one with a tenuous link. Alternatively if you like discussion on GDP, Interest rates and inflation you'll love the first half of the book.
(2) This is a book of signposts. If you were to go on a grand trip with Bootle he'd not enjoy the scenery and would keep giving you details about each signpost that you passed. Bootle tells you what he will do (in moderation this is OK, but there comes a point when you want to say "just start doing it"), then he keeps referencing what he has told you before (to which I kept thinking "Yes I know I read that"), or foreshadowing what he will say later (Ugghhh... Just get on with it). I'm not sure this is reflects that he couldn't get a good editor to help him cull the cruft, whether he couldn't get his thoughts better structured, or whether he was being paid by the word so wanted to pad it out.
(3) Although the book was published in 2019 many of the examples and discussions are already dated. Showing how quickly the Machine Learning and Artificial Intelligence research and commercialisation has progressed,
I believe that some academics and policy wonks will get value from this book, but the larger pool of technologists and entrepreneurial types that might be attracted by the title will be sorely disappointed.
August 4, 2020
This is a very optimistic forecast of the cultural and economic impact of the current technological revolution. I found it hard to take seriously because the author assumes that individuals, corporations, and government itself prioritize the well being of people collectively, which seems naive.
Don’t get me wrong, I want to live in the world Bootle’s assumptions are based on, but The Dictator’s Handbook and The New Confessions of an Economic Hitman seem to have much better models for predicting how power, money, and tribes tend to shift.
Don’t get me wrong, I want to live in the world Bootle’s assumptions are based on, but The Dictator’s Handbook and The New Confessions of an Economic Hitman seem to have much better models for predicting how power, money, and tribes tend to shift.
January 30, 2022
Finished Reading - ‘The AI Economy’ by Roger Bootle - Relieved that ( if he is right ), we humans do not run the risk of being ‘rebooted’ / ‘re-engineered ‘ by a robot / AI system anytime soon 😊
John Kenneth Galbraith ( my all time favourite economist ) said - “The only function of economic forecasting is to make astrology look respectable.”
I took this as the absolute truth till I read Roger Bootle’s - ‘Death of Inflation’ in 1999. Have yet to read a book on economics which has turned out to be more prescient. { This point of ‘Death of Inflation’ having proved Galbraith wrong is regrettably made by Roger Bootle himself in this book. }.
Then Roger Bootle outdid himself with his 2004 book - ‘Money for Nothing’, which most accurately predicted the years of easy money that lay ahead - an absolutely brilliant book that most took as pure fantasy when first published !!!
In ‘What is wrong with markets : Saving Capitalism from itself’ ( published in 2009 ), this great advocate of ‘free market capitalism’ turned against markets and advocated putting markets on a leash and tightly regulating them in order to save Capitalism - and markets are no longer free but on a tight leash since then.
His 2014 book - ‘What is wrong with Europe’ is a must read for anyone interested in global economy in general and European economy in particular. The issues he outlines in that book are still playing out in Europe - it’s a slow train to disaster.
Now, ‘The AI Economy’ is a must read for anyone interested in how the coming Robot / AI economy will change / ( not so much ) our lives. For everyone’s sake hope he is right this time too.
Absolutely Brilliant !!!
John Kenneth Galbraith ( my all time favourite economist ) said - “The only function of economic forecasting is to make astrology look respectable.”
I took this as the absolute truth till I read Roger Bootle’s - ‘Death of Inflation’ in 1999. Have yet to read a book on economics which has turned out to be more prescient. { This point of ‘Death of Inflation’ having proved Galbraith wrong is regrettably made by Roger Bootle himself in this book. }.
Then Roger Bootle outdid himself with his 2004 book - ‘Money for Nothing’, which most accurately predicted the years of easy money that lay ahead - an absolutely brilliant book that most took as pure fantasy when first published !!!
In ‘What is wrong with markets : Saving Capitalism from itself’ ( published in 2009 ), this great advocate of ‘free market capitalism’ turned against markets and advocated putting markets on a leash and tightly regulating them in order to save Capitalism - and markets are no longer free but on a tight leash since then.
His 2014 book - ‘What is wrong with Europe’ is a must read for anyone interested in global economy in general and European economy in particular. The issues he outlines in that book are still playing out in Europe - it’s a slow train to disaster.
Now, ‘The AI Economy’ is a must read for anyone interested in how the coming Robot / AI economy will change / ( not so much ) our lives. For everyone’s sake hope he is right this time too.
Absolutely Brilliant !!!
September 19, 2025
If The AI Economy were a robot waiter, it wouldn’t pour champagne, but it’d bring a very solid coffee, ask politely whether you prefer sugar or not, and possibly comment on the absurdity of talking doorknobs.
Bootle isn’t selling you utopia; he’s selling you a map. A map with realistic terrain, some murky marshes, but also pretty good paths, if policymakers, educators, businesses, and citizens pay attention. He’s less prophet, more pragmatist, which is exactly what the world needs.
🔟 Takeaways:
1. AI = next industrial revolution – huge, disruptive, but not apocalyptic.
2. Humans keep the edge – emotional intelligence, creativity, and dexterity aren’t easily “downloaded.”
3. Jobs will vanish and reappear – but the new ones won’t look like the old ones.
4. Robots won’t conquer everything – many tasks will stay stubbornly human.
5. Exponential growth hits limits – hype about runaway AI ignores history’s S-curves.
6. Wealth won’t spread itself – redistribution, welfare, and education will matter.
7. Work ≠ only money – people crave purpose; job loss is also an identity crisis.
8. Leisure isn’t automatically bliss – free time must be filled with meaning.
9. Policy matters as much as tech – the state can make AI a blessing or a curse.
10. Stay skeptical of extremes – neither the utopia nor the apocalypse is guaranteed.
Why Read It?
Because Bootle gives you a clear-eyed economic map of the AI age — free of sci-fi hysteria and Silicon Valley hype. He’s witty, grounded in history, and practical about what governments, businesses, and ordinary people should actually do.
Bootle isn’t selling you utopia; he’s selling you a map. A map with realistic terrain, some murky marshes, but also pretty good paths, if policymakers, educators, businesses, and citizens pay attention. He’s less prophet, more pragmatist, which is exactly what the world needs.
🔟 Takeaways:
1. AI = next industrial revolution – huge, disruptive, but not apocalyptic.
2. Humans keep the edge – emotional intelligence, creativity, and dexterity aren’t easily “downloaded.”
3. Jobs will vanish and reappear – but the new ones won’t look like the old ones.
4. Robots won’t conquer everything – many tasks will stay stubbornly human.
5. Exponential growth hits limits – hype about runaway AI ignores history’s S-curves.
6. Wealth won’t spread itself – redistribution, welfare, and education will matter.
7. Work ≠ only money – people crave purpose; job loss is also an identity crisis.
8. Leisure isn’t automatically bliss – free time must be filled with meaning.
9. Policy matters as much as tech – the state can make AI a blessing or a curse.
10. Stay skeptical of extremes – neither the utopia nor the apocalypse is guaranteed.
Why Read It?
Because Bootle gives you a clear-eyed economic map of the AI age — free of sci-fi hysteria and Silicon Valley hype. He’s witty, grounded in history, and practical about what governments, businesses, and ordinary people should actually do.
February 3, 2021
Unlike the negative vibe omnipresent in the media, Bootle has a positive take on the future of AI and robots. Regarding work, Bootle concurs that automation will put an end to many of the current jobs, but at the same many new jobs will come up. Bootle especially believes in the rise of human-contact jobs, such as therapist and caretaker, and jobs in the arts. Similarly, after considering some possible negative sides, Bootle believes firmly about a bright prospect of our society in terms of wealth distribution and welfare when AI becomes more advanced.
I find the chapter on work and leisure particularly entertaining, while the ones on work and education very informative.
Overall, I enjoyed reading the book. While looking at the issue from an economic perspective, Bootle's argument was further strengthened with historical evidence. Some might say that his thesis sounds naive, I rather think that it was well supported with convincing evidence. Plus, when the whole world is covid-rife, a doom and gloom view about the future is the last thing we want.
I find the chapter on work and leisure particularly entertaining, while the ones on work and education very informative.
Overall, I enjoyed reading the book. While looking at the issue from an economic perspective, Bootle's argument was further strengthened with historical evidence. Some might say that his thesis sounds naive, I rather think that it was well supported with convincing evidence. Plus, when the whole world is covid-rife, a doom and gloom view about the future is the last thing we want.
January 8, 2025
I had to persist with this book as immediately sensed Bootle’s voice would begin to rile me.
‘… humanity after the Singularity is to plunge into a world that seems like science fiction’.
Does he not get that so much started with someone’s wonderful imagination and brought to life in science fiction.
Whether it’s: ’The Atomic Bomb’ HG Wells, ‘The world set free’, ‘Solar Sails’ Arthur C Clarke, ‘The wind from the sun’, Exoskeletons, Robert Heinlein’s ‘Starship Troopers’, 3D printing, Phillip K Dick’s ‘The man in the high castle’ or a very long list of similar examples.
But persist I did …and overall the journey was not enjoyable, with little that I learned other than it’s probably not for ‘the geeks’, as Roger would describe them or anyone that likes being talked down to.
Lovely phrases like ‘How could I, when some of the greatest scientific minds of our age, such as Sir Stephen Hawking and Lord Rees, have taken these prospects seriously, I am hardly in a position to disparage them’.
How very uppity.
‘… humanity after the Singularity is to plunge into a world that seems like science fiction’.
Does he not get that so much started with someone’s wonderful imagination and brought to life in science fiction.
Whether it’s: ’The Atomic Bomb’ HG Wells, ‘The world set free’, ‘Solar Sails’ Arthur C Clarke, ‘The wind from the sun’, Exoskeletons, Robert Heinlein’s ‘Starship Troopers’, 3D printing, Phillip K Dick’s ‘The man in the high castle’ or a very long list of similar examples.
But persist I did …and overall the journey was not enjoyable, with little that I learned other than it’s probably not for ‘the geeks’, as Roger would describe them or anyone that likes being talked down to.
Lovely phrases like ‘How could I, when some of the greatest scientific minds of our age, such as Sir Stephen Hawking and Lord Rees, have taken these prospects seriously, I am hardly in a position to disparage them’.
How very uppity.
February 26, 2025
Bootle offers a balanced and pragmatic view of AI’s economic impact, challenging dystopian fears of mass unemployment. Instead, he emphasizes AI’s role in boosting productivity and reshaping job markets—just as past technological revolutions have done.
I liked thought-provoking parallels between AI and past industrial revolutions.
Bootle assumes historical labor market adaptations will seamlessly apply to AI. However, AI’s rapid evolution may outpace reskilling efforts, and economic redistribution depends heavily on effective policy implementation—something easier said than done.
A must-read for those curious about AI’s role in shaping our economy!
If you're looking for a more concise breakdown, check out my summary and key takeaways here:
https://medium.com/@murat.girgin/the-...
I liked thought-provoking parallels between AI and past industrial revolutions.
Bootle assumes historical labor market adaptations will seamlessly apply to AI. However, AI’s rapid evolution may outpace reskilling efforts, and economic redistribution depends heavily on effective policy implementation—something easier said than done.
A must-read for those curious about AI’s role in shaping our economy!
If you're looking for a more concise breakdown, check out my summary and key takeaways here:
https://medium.com/@murat.girgin/the-...
March 16, 2023
I liked the opinionated point of view here with somewhat of a omni-present British tone of voice. Some of the predictions made a few years ago have held up quite well but maybe it spreads itself a bit too thin over economics, education, and the red herring of self-driving cars, which I now see as antithetical to human progress. All of which loses somewhat the thread of what the author is talking about when they talk about “AI & robots”
April 11, 2023
I couldn't finish this book for a number of reasons, the first of which being the writing style. I also didn't find the content engaging enough to allow me to overlook it and therefore kept putting it on the backburner before deciding I just couldn't muster the energy to finish it and have decided to DNF.
It is a shame because I had high hopes going into it and was excited to learn more about our growing age of AI.
It is a shame because I had high hopes going into it and was excited to learn more about our growing age of AI.
November 27, 2020
It does says that machines cant fill in the creativity and emotional intelligence...so we are safe with the AI revolution...But what if the future doesn't need creativity (mediocre templatized designs) and emotional intelligence ( people accepting the class divide and there is no need for empathy as we are seeing the countries going back in silos and the democracy failing?)
April 3, 2023
couldn't get a whole lot out of this, didn't like the wrting style
some of my thought processes concerning investing themes in the future:
- exponential growth businesses
- high profit margins (no physical products)
- scarcity (earth materials for digitization)
- only important physical products are those which make digitalization possible (chips)
some of my thought processes concerning investing themes in the future:
- exponential growth businesses
- high profit margins (no physical products)
- scarcity (earth materials for digitization)
- only important physical products are those which make digitalization possible (chips)
July 3, 2024
A lot of insights about the economic and business implications of AI and Robots. It is forward looking. I read it after the outcry of ChatGPT. The progress of AI is stunning and the business is adopting AI and people are adapting to AI.
This book asked the good questions. The author offered some good answers. It is an enjoyable read.
This book asked the good questions. The author offered some good answers. It is an enjoyable read.
October 8, 2020
Much of our current education system is outdated, both in content and in form. What we teach our kids and how we teach it doesn’t reflect the demands of modern society.
To catch up with the move, you know what to do.
To catch up with the move, you know what to do.
This entire review has been hidden because of spoilers.
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January 25, 2021From Follett:In this much-needed book acclaimed economist Roger Bootle responds to the ... economic questions posed by the robot age, steering a path away from tech jargon and alarmism towards a rational explanation of the ways in which the AI revolution will affect us all"--Back jacket flap
June 26, 2023
I am sorry to say, I sat through this entire book, vainly hoping it would get better. It did not. The author's constant tendency to use his book as a platform for unrelated social commentary utterly derails any economic claims he might be making. Awarding it one star is being generous.
November 15, 2020
Very interesting.
Persuasive and thought provoking with occasional humour. Refreshingly positive take on this important topic. 5 more words required for review. Recommended
Persuasive and thought provoking with occasional humour. Refreshingly positive take on this important topic. 5 more words required for review. Recommended
December 25, 2020
It is not all about war with machines. It is about elevation of human capabilities focusing on what we can do and multiplying it by economic of scale by AI.
August 29, 2023
Some interesting ideas thrown up here but history is a cruel mistress as this book is four years out of date.
September 30, 2023
Listened the Blinkist summary. Basic stuff filled with assumptions that are not current anymore.
March 24, 2021
This was interesting & unexpected (for me):
"The idea of a UBI has the most momentum and adherents. Every adult, regardless of means, would receive a stipend from the government – say, $1,000 per month.
What “universal” means in regard to a UBI, and how nations finance it, remain open questions. Prominent digital-economy titans, including Mark Zuckerberg and Elon Musk, have said societies will have no choice but to implement a UBI. Thomas Paine, Bertrand Russell and conservatives like Milton Friedman have supported it.
Opposition to the UBI comes down to its costs and its potential to create a disincentive to work. If AI reduces the amount of available work, discouraging people from working might have a positive effect. Real trials of UBI in Canada and Finland have produced mixed success. Jurisdictions found the trials expensive, but they learned that the tryouts did not discourage people from working.
A UBI would cost trillions of dollars in the United States. To pay for it, governments would have to levy higher taxes among working people, who might reduce their work in response. To afford a UBI, countries would have to keep it low, necessitating the retention of other social benefits. This would negate what advocates on the right love about the UBI – that it could do away with social benefits. In fact, it might add another layer.
The best approach may be to accept inequality. Relative poverty has declined worldwide in the past several decades and will likely continue to do so."
https://www.getabstract.com/en/summar...
How to implement functional UBI (able to remove need for other social benefit programs)?..
"The idea of a UBI has the most momentum and adherents. Every adult, regardless of means, would receive a stipend from the government – say, $1,000 per month.
What “universal” means in regard to a UBI, and how nations finance it, remain open questions. Prominent digital-economy titans, including Mark Zuckerberg and Elon Musk, have said societies will have no choice but to implement a UBI. Thomas Paine, Bertrand Russell and conservatives like Milton Friedman have supported it.
Opposition to the UBI comes down to its costs and its potential to create a disincentive to work. If AI reduces the amount of available work, discouraging people from working might have a positive effect. Real trials of UBI in Canada and Finland have produced mixed success. Jurisdictions found the trials expensive, but they learned that the tryouts did not discourage people from working.
A UBI would cost trillions of dollars in the United States. To pay for it, governments would have to levy higher taxes among working people, who might reduce their work in response. To afford a UBI, countries would have to keep it low, necessitating the retention of other social benefits. This would negate what advocates on the right love about the UBI – that it could do away with social benefits. In fact, it might add another layer.
The best approach may be to accept inequality. Relative poverty has declined worldwide in the past several decades and will likely continue to do so."
https://www.getabstract.com/en/summar...
How to implement functional UBI (able to remove need for other social benefit programs)?..
December 31, 2019
Definitely worth reading. Some topics are much better covered than others. The concept of increased leisure by population or what needs to be done for education for example is not very well supported, but other topics such as why AI should overall be beneficial for the economy and jobs is well discussed and properly optimistic. I really appreciated the assessment of the potential need for policy response to AI and his conclusion that the best course of action is not to overact with things like Universal Basic Income until it was clear a policy response was needed. Politicians such as Elizabeth Warren should consider this before pushing for something that may be unnecessary.
January 13, 2020
new perspective about Ai dominance
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