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The new economy - Essay Example

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In my vision, the new economy will lessen human labor while at the same time increasing global productivity and prosperity. It is true that…
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The New Economy Technology has revolutionised the way business and this new economy will continue to influence business not only in America but globally. In my vision, the new economy will lessen human labor while at the same time increasing global productivity and prosperity. It is true that technology is creating a lot of jobs for individuals while at the same time it reduces dependence on human labor. The Kaiser Family Foundation in recent study found that 35% of Americans in the ages of 25-54 believe they have been displaced by technology. Whereas it is true that software have the capability of doing more word as compared to humans, it is also true that technology has helped many people monetize their homes and even employ others.
A perfect example of how technology creates jobs is the Agriculture sector. The percentage of persons working on farms declined from 41%-2% in the last century. Over the same period agricultural production rose and farmers got employed in factories and cubicles. Economists have linked the shrinking American middle class to technological displacement of human labor. More jobs coming up are for Ph.D.s and casual labourers such as home cleaners. Drivers and self-driven cars threaten the jobs of chauffeurs & drivers. Software threatens the jobs of their very developers. However as these jobs go, others are created; according to Airbnb CEO Brian Cheskey, the firm may employ only 16000 but has 30 million users. It creates more jobs of the 21st century through creation of income for hosts monetizing their homes, as well local business & service providers (Foroohar, 2015).
The new economy will therefore be more about individuals. Persons with good education, who are smart and have entrepreneurial minds, will thrive well in the new economy. The government should thus respond to the threat of displacement by reforming education, increasing training for the workforce as well as the social services net to accommodate the slack. Global supply chains will be affected by increased integration hanks to technology. This means that survival in the new economy and the evolving supply chains & logistics will require high calibre skills. I content that technology will increase output and therefore prosperity and thus going forward this knowledge will really influence my approach to things.
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Works Cited.
1. Rana Foroohar. “Hard Math in the New Economy,” Time, 2015. Available at: http://time.com/3733113/hard-math-in-the-new-economy/ Read More
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