“We are on the cusp of a technology-driven ‘supertransition’” - RMIT expert says deep economic change is occurring with profound consequences for business

“We are on the cusp of a technology-driven ‘supertransition’” - RMIT expert says deep economic change is occurring with profound consequences for business

RMIT economist Dr. Darcy Allen says the world is in an economic ‘supertransition’: profound economic change driven by the simultaneous combination of technologies.

In a keynote address as part of the RMIT Future Ready Business series in Jakarta, Allen explained that simultaneous technology combinations are propelling us into a digital economy at an accelerated rate.

“Today's business environment is shaped by an unprecedented number of simultaneous technological advances, including blockchains, generative artificial intelligence, quantum computing, and low Earth orbit satellites,” he said. 

Allen said that businesses and society must begin to look at technological change more holistically, instead of viewing each advancement in isolation.

“We must understand how these technologies are combining in unique and unexpected ways, and business and policymakers must rapidly adapt,” he said.

“These technology combinations are reshaping how we organise society. They give us new ways to organise people and trade, not just physical things.”

“For instance, artificial intelligence and blockchains combine to create new types of autonomous economic agents that act on your behalf using smart contracts and cryptocurrencies.”

12 November 2024

Share

Dr. Darcy Allen on stage in front of PowerPointPowerPoint slide reading 'The Supertransition' RMIT economist Dr. Darcy Allen presenting in Jakarta.

Allen said as well as affecting how we organise society, this supertransition is creating a digital economy that differs in structure from today’s economy, with consequences for business. 

“The digital economy we are heading towards will be more open, global, and complex,” he said.

“Entrepreneurs will increasingly access new digital tools, enabling them to create valuable, global companies at much lower cost. They also face new competitive pressures and uncertainty as we accelerate through the supertransition.”

Allen said that policymakers faced a growing problem with the pace of change, with existing policy settings, public service systems and legislative frameworks unable to keep up with the pace of change. 

“Policymakers have long faced the challenge of keeping up with new technologies - this problem will only be exacerbated during the supertransition,” he said. 

“There will be a need for new mechanisms to evolve regulatory frameworks.”

Allen gave his keynote address as part of RMIT’s Future Ready Business series in Jakarta. The global series showcases the expertise of RMIT’s leading researchers in working with key industries to unpack and explore trends that will help businesses to become ready for the future.

 

Story: Finn Devlin

12 November 2024

Share

  • CoBL
  • Science and technology
  • Blockchain
  • Business
  • Future World of Work
  • AI
Engage

Related News

Dr. Darcy Allen on stage in front of PowerPointPowerPoint slide reading 'The Supertransition'

“We are on the cusp of a technology-driven ‘supertransition’” - RMIT expert says deep economic change is occurring with profound consequences for business

RMIT economist Dr. Darcy Allen says the world is in an economic ‘supertransition’: profound economic change driven by the simultaneous combination of technologies.

BComm_1220x732.jpg

Brand-new BCom launches for tech-minded business leaders of the future

RMIT is partnering with Accenture, ANZ, L’Oréal and Salesforce to deliver a new undergraduate degree designed for students with a keen eye on leadership.

hammersmith-fulham-thumbnail.jpg

RMIT partners with London Borough of Hammersmith & Fulham to boost cross-border tech innovation

The new agreement will connect the White City and Melbourne Innovation Districts to create new opportunities and strengthen economic growth.

Future Europe Series France.jpg

Future Europe Series: Latest report aims to support French investment in Victoria

The latest report out of the Future Europe Series delivered by RMIT Europe and the State of Victoria’s European Trade and Investment office, has made recommendations in skills and talent, innovation and digitalisation for French companies investing in Victoria, Australia.

Show more
aboriginal flag
torres strait flag

Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Sentient' by Hollie Johnson, Gunaikurnai and Monero Ngarigo.

More information