exponential growth in chip processing speed
In terms of raw speed, Moore's Law has broken down for at least six or eight years. Chips have continued to advance in terms of transistors per area and other metrics, but their clock speed now is roughly what it was in 2005; and while parallelisation is nice, it is much more difficult to take advantage of than plain speed advances. Take an algorithm written in 1984 and run it on the hardware of 2004, and you will get an enormous speedup with zero work; but to get a further speedup from the hardware of 2014, you have to think about how to parallelise, and that's hard work even when it's possible - and not every algorithm can be usefully parallelised.
Taking advantage of new hardware has always required changing programs to make better use of the hardware. A Pentium 4 wasn't just a faster Pentium Pro. It had a different architecture, new instructions, different latencies and throughputs for various instructions, and vector processing extensions. To make full use of the P4's power, people definitely had to modify their code, all the way down to the assembly level. In fact early in the release cycle there were reports of many programs actually running slower on P4s than P3s under certain conditions. Softw...
There's a long article in this week's The Economist:
The onrushing wave
discussing the effect of changing technology upon the amount of employment available in different sectors of the economy.
Sample paragraph from it:
(There's a summary online of their previous book: Race Against The Machine: How the Digital Revolution is Accelerating Innovation, Driving Productivity, and Irreversibly Transforming Employment and the Economy)
What do people think are society's practical options for coping with this change?