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Over the last decade, Europe and most advanced economies have experienced a decline in productivity, leading to political unrest and rising uncertainty about the future. A new production revolution, enabled in part by artificial intelligence (AI), is now emerging, bringing a new wave of technologies, but there are widespread fears that these changes will also bring a big rise in unemployment as machines replace human beings in large numbers. History tells us that we should not be afraid of industrial change. AI will take over some tasks, but this will not happen all of a sudden and there will be plenty of work left for humans. Restricting or slowing down new technology will not help the world economy. Instead, nations need to help people adjust to more technically advanced jobs, while education should focus more on "21st century skills" such as teamwork and critical thinking. These are our next real challenges. This is the second essay in the Big Ideas series created by the European Investment Bank. The EIB has invited international thought leaders to write about the most important issues of the day. These essays are a reminder that we need new thinking to protect the environment, promote equality and improve people's lives around the globe.

Over the last decade, Europe and most advanced economies have experienced a decline in productivity, leading to political unrest and rising uncertainty about the future. A new production revolution, enabled in part by artificial intelligence (AI), is now emerging, bringing a new wave of technologies, but there are widespread fears that these changes will also bring a big rise in unemployment as machines replace human beings in large numbers. History tells us that we should not be afraid of industrial change. AI will take over some tasks, but this will not happen all of a sudden and there will be plenty of work left for humans. Restricting or slowing down new technology will not help the world economy. Instead, nations need to help people adjust to more technically advanced jobs, while education should focus more on "21st century skills" such as teamwork and critical thinking. These are our next real challenges. This is the second essay in the Big Ideas series created by the European Investment Bank. The EIB has invited international thought leaders to write about the most important issues of the day. These essays are a reminder that we need new thinking to protect the environment, promote equality and improve people's lives around the globe.

Abstract'Innovation mercantilism' is on the rise with the result: less global innovation. Policy makers should: create an Innovation Trade Agreement whereby tariffs on all innovation products are eliminated; make development aid contingent upon nations renouncing innovation mercantilist policies; empower multinational firms to fight back by providing antitrust exemptions for cooperation to resist forced technology transfer requirements; develop new multilateral own trade agreements with real measures to stop innovation mercantilism; and develop cooperative international agreements to better support innovation and R&D.