I know the coffee’s ready because the light in the Quartz kitchen is purple, not pink. The light knows the coffee is ready is because there are sensors—heat and pressure—taped to the coffee maker. This is the Internet of things. It will save us all from economic ruin.
Or at least that’s what a new estimate from innovation guru Michael Mandel says. He figures (pdf) that the “Internet of things”—the increasing number of machines equipped with internet-connected sensors—will expand the US economy by $600 billion and $1.4 trillion in 2025, roughly the equivalent of boosting GDP by 2 percent to 5 percent over the intervening time period. That could be the difference between so-so growth to the kind of stable growth that drives down debt and unemployment.