How the Information Revolution Remade Business and the Economy e-bog
117,81 DKK
(inkl. moms 147,26 DKK)
Tremendous technological progress in the last half century has exponentially grown productivity as well as increased automation to reduce the costs of operation for businesses. On one hand, ever-growing productivity has reduced requirements for manual labor through automation. But, on other hand, huge unemployment created from reduction of workforce due to automaAtion, has reduced the consumer ...
E-bog
117,81 DKK
Forlag
Business Expert Press
Udgivet
8 december 2016
Længde
150 sider
Genrer
Macroeconomics
Sprog
English
Format
epub
Beskyttelse
LCP
ISBN
9781631575907
Tremendous technological progress in the last half century has exponentially grown productivity as well as increased automation to reduce the costs of operation for businesses. On one hand, ever-growing productivity has reduced requirements for manual labor through automation. But, on other hand, huge unemployment created from reduction of workforce due to automaAtion, has reduced the consumer purchasing power and is indirectly hurting the Return on Investments (RoI). This brings any further progress of technology to a standstill. For technology to progress both supply and demand have to grow. The supply comes from producAtivity of workforce and demand comes from their wages. Hence, free markets must ensure that wages automatically catch up with ever-growing productivity, with minimal government inAtervention. To avoid automation from destroying jobs in an economy, free markets should ensure that working hours of workforce be reduced during the waning phase of economy and increased during its waxing phase.