In the past few years, we have been flooded with examples of impressive technology. Algorithms have been around for hundreds of years, but they have only recently begun to 'escape' our understanding. We are so impressed by what they can do that we give them a lot of agency. But because they are so hard to comprehend, this leads to all kinds of unintended consequences.
In the twentieth century, we had the economy of corporations. In the first two decades of the twenty-first century, we saw the emergence of the economy of people, otherwise known as the digital economy, enabled by platforms like Uber, Airbnb, and Facebook. The next stage after people is algorithms. Algorithms are driving our economy. They are making decisions about engaging with customers, deciding prices, and distributing products and services.
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