In the report, the researcher has discussed the Schumpeter’s article “Angst for the educated”, particularly, the effects that globalization has in the job market of the rich countries an effect of technology on the job market highlighted in the article. …
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This research will begin with the statement that Schumpeter’s article, “Angst for the educated”, talks about the new trends in the job market in relation to education. It has the notion that among people, education is the gate pass to a life of financial success and security in all parts of the world. This has made education, especially in the developed countries, to be highly regarded especially among the older generation. Most parents ensure that their children get university education because they believe that this is the way that they can increase the chance of getting a well-paying job. Indeed, statistics show that educated people are expected to earn more money in their lifetime than their uneducated counterparts in the United States. The gap between the two keeps in increasing. There are now changes that are taking place the today world that is changing this. It is now emerging that this relationship between education and jobs is about to change due to new developments such as deregulation, globalization, and change in technology. The article highlights the effects that globalization has in the job market of the rich countries. Globalization has benefits such as increasing the market for company’s product thereby increasing job opportunities. The disadvantage, however, is the drain to developing countries. The graduates from universities of the rich countries have to compete with those of poorer countries. This has been enabled by globalization because firms are able to find employees from all over the world easily....
These graduates are willing to work more for less. Firms are finding it viable to switch to these countries in spite of the impact this has to the home countries. This is because the firms have to enhance their competitive advantage by lowering the costs of the firm. The other issue is the effect of technology on the job market. The article acknowledges that we are in age where technology is improving very fast. The technology is being used to perform tasks that were being performed by human beings, and, it is emerging that, in future, many of the jobs done by the educated people will be replaced by machines. This is mostly the repetitive jobs, therefore; the jobs that are likely to be affected are those in the mid level in factories. The new technology also enables an uneducated person to perform tasks that only an educated person could perform. This has greatly affected the professionals such as accountants where accounting programs are able to be handled by people with very little knowledge of accounting. Some of the jobs such that have been well paying and require high level of education such as medicine and law are also being affected. The effect of such jobs is in different forms but is due to advancement in technology. Some of the reason are due to the fact that the customers do not have to use the service of the these professions, for instance patients can get advice straight from the Internet on health, they, therefore, do not have to use a doctor for this service. This lowers the demand for doctors. Another reason is due to the outsourcing companies, for instance, many of the jobs in a hospital do not relate to treating patients alone. Just like in any other firm, the hospital has supporting functions such
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