Technology is always creating jobs. It's always destroying jobs. But right now the pace is accelerating. It's faster we think than ever before in history. So as a consequence, we are not creating jobs at the same pace that we need to.

Machines already are much smarter than us at so many things. I mean, try to multiply two 10-digit numbers with each other or, you know, sift through a thousand documents. So there's lots of things that machines are better at including in mental task than us. There's many more that they're not as good at, but the direction is pretty obvious and the progress is clear.

Technology has made it easier for different firms to coordinate their activities with one another, and they don't have to be part of one company. They can get the benefits of scale without the inertia of scale.

The heart of science is measurement.

Computers get better faster than anything else ever.

Computers get better faster than anything else ever. A child's PlayStation today is more powerful than a military supercomputer from 1996.

But the broader lesson of the first Industrial Revolution is more like the Indy 500 than John Henry: economic progress comes from constant innovation in which people race with machines. Human and machine collaborate together in a race to produce more, to capture markets, and to beat other teams of humans and machines.