Assess The Impact Of Technological Change On The Economy
Technological change is an increase in the efficiency of a product of a product or process that result in an increase in output. Structural unemployment occurs when a firm is looking for a worker and an unemployed worker is looking for a job, but the particular characteristics the firm us looking for do not match up with the characteristics the worker offers. Technological change is one source of structural unemployment.
First, the impact of technology on employment is that there will be massive unemployment as technological changes increases. Few studies predict large employment losses from such changes. Neither does it appear that, as a result of technological change. The skills required to get a job or keep a job in the future will be substantially …show more content…
different from what they're today. Technological change and productivity growth are associated with real earning. Example is U.S economy which has been cited by some economist as contributing to lower earning growth and a more unequal distribution of income, there is a little evidence to suggest that technology, as opposed to slow economic growth.
Secondly, the impact of technological change on future production, to explain this I will use the Agricultural sector to illustrate this cinario. There is a lot of innovation in the mobile/IT and energy spaces that have the potential to make a huge impact on the farm. For example, smart power systems, precision agriculture tools, farm management software, and affordable sensors are all within reach of even the smallest farmers today. Entrepreneurs are taking advantage of new technology that makes these products possible.The Internet and the big data that comes along with it, as well as in clean technology advances from ambient energy, to waste-to-energy, to renewable sources. Ultimately, we think that all of these technologies, when deployed effectively, will work towards achieving efficiency in farm management and resource efficiency, traceability, supply chain efficiency in future
Thirdly, the impact of technological change in the economy Rapid advances in the technologies have worked as the catalyst in the process of globalisation.
Though the process of globalisation existed in its nascent state for quite a long time, but there have been many changes in the globalisation process in the last two decades that makes it distinct from earlier existences. Rather than commodities or other products- information and capital have become the major thing to be traded in today’s global market. Technological changes now a days allow capital to move almost instantaneously. Earlier products and capital were more rooted to a place. Today, many of the things traded and produced in the global market, such as knowledge and computer technology, are extremely mobile or rootless. All this has been made available by a vast network of satellites orbiting at twenty-two thousand miles in space, underseas fibre optic cables, wired and wireless networks, cellular phones, palmtop and laptop wireless computers etc. Thanks to this electronic nerve system which spans the globe. The global knowledge economy, i.e. a technology driven global economy, manifests itself in many different ways, such as profound changes in industry and firm structure, the emergence of the online economy, the rising value of knowledge, low inflation and rapid social change. In all developed economies, industry structure and the activities are changing rapidly. Output and employment in knowledge-based and
person-based service industries are growing rapidly, and these are supplanting traditional goods industries, which are growing slowly.
Fourthly, an economy can recover from structural unemployment, Moving workers from old jobs to new jobs is often a messy, long and costly business, in both economic and social terms. Large parts of the population might need to be completely retrained and re-skilled to match new technologies. And even with training programs some people typically end up unemployed for long periods of time.
Finally, Government can help facilitate this recovery by creating more jobs in the job market and also encourage more people to take education seriously .
First, the impact of technology on employment is that there will be massive unemployment as technological changes increases. Few studies predict large employment losses from such changes. Neither does it appear that, as a result of technological change. The skills required to get a job or keep a job in the future will be substantially …show more content…
different from what they're today. Technological change and productivity growth are associated with real earning. Example is U.S economy which has been cited by some economist as contributing to lower earning growth and a more unequal distribution of income, there is a little evidence to suggest that technology, as opposed to slow economic growth.
Secondly, the impact of technological change on future production, to explain this I will use the Agricultural sector to illustrate this cinario. There is a lot of innovation in the mobile/IT and energy spaces that have the potential to make a huge impact on the farm. For example, smart power systems, precision agriculture tools, farm management software, and affordable sensors are all within reach of even the smallest farmers today. Entrepreneurs are taking advantage of new technology that makes these products possible.The Internet and the big data that comes along with it, as well as in clean technology advances from ambient energy, to waste-to-energy, to renewable sources. Ultimately, we think that all of these technologies, when deployed effectively, will work towards achieving efficiency in farm management and resource efficiency, traceability, supply chain efficiency in future
Thirdly, the impact of technological change in the economy Rapid advances in the technologies have worked as the catalyst in the process of globalisation.
Though the process of globalisation existed in its nascent state for quite a long time, but there have been many changes in the globalisation process in the last two decades that makes it distinct from earlier existences. Rather than commodities or other products- information and capital have become the major thing to be traded in today’s global market. Technological changes now a days allow capital to move almost instantaneously. Earlier products and capital were more rooted to a place. Today, many of the things traded and produced in the global market, such as knowledge and computer technology, are extremely mobile or rootless. All this has been made available by a vast network of satellites orbiting at twenty-two thousand miles in space, underseas fibre optic cables, wired and wireless networks, cellular phones, palmtop and laptop wireless computers etc. Thanks to this electronic nerve system which spans the globe. The global knowledge economy, i.e. a technology driven global economy, manifests itself in many different ways, such as profound changes in industry and firm structure, the emergence of the online economy, the rising value of knowledge, low inflation and rapid social change. In all developed economies, industry structure and the activities are changing rapidly. Output and employment in knowledge-based and
person-based service industries are growing rapidly, and these are supplanting traditional goods industries, which are growing slowly.
Fourthly, an economy can recover from structural unemployment, Moving workers from old jobs to new jobs is often a messy, long and costly business, in both economic and social terms. Large parts of the population might need to be completely retrained and re-skilled to match new technologies. And even with training programs some people typically end up unemployed for long periods of time.
Finally, Government can help facilitate this recovery by creating more jobs in the job market and also encourage more people to take education seriously .