What is the impact of technology on our economy ?

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For a few years, technological advances have produced the fourth industrial revolution which has transformed our lives like never before.

The development of digital, 3D and robots are trying to fundamentally change our economy and our ways of consuming. Although this revolution operates differently, depending on whether you’re in a rich country or poor, it does not mean that it affects the whole planet.

The question is whether we are heading towards an economy that is more virtuous that opens up the possibility to more work or, on the contrary, to a shortage and mass unemployment caused by the development of artificial intelligence (AI) and other technological developments ?

Two points of view that oppose

drone cameraAs in all things, we can see the glass half full or half empty. It all depends on from what position you look at it. In theory, the technological advances should be able to enable you to produce more in less time, but some experts such as Robert Gordon of Northwestern University believe that the impact of the technological revolution is behind us and that it will no longer produce big changes in profitability and productivity.

At the opposite extreme we have the “techno-optimists” as Eric Schmidt, former CEO of Google, who think that we have reached a pivotal point in our evolution, and that we’ll soon be plunged into a period of strong growth and productivity.

It may be that differences on the economic future of the planet due to the fact that it is very difficult to measure the impact of new technologies on the production.

Consumption different

It is possible that Airbnb and Uber are not yet counted in the statistics of GDP, but, we consumers, we can clearly measure how these technological innovations have changed our productivity and ease our life. Nowadays it is possible to access nearly all his desires in just a few clicks. One can, if one wishes to find a teacher of Arabic to learn the language, organize a trip to a distant land or you can design yourself-all the elements – graphics that you need to develop the communication of its business, and even build a house with a 3D printer. This fourth industrial revolution helps us so much life that it is difficult not to see its economic impact. However, is the fact of doing things faster increase in productivity ? Not so obvious… The time saved is more devoted to leisure, culture, sport and the production itself.

The robots will take the place of workers

The big fear for the workers it is the arrival of robots on the labour market, and it is not unfounded. Just go in a large surface to realize that little by little the ticket machines to replace the cashier, less expensive, and tireless. The rebots will not be only used in repetitive tasks, but also in functions, which until now appeared untouchable : drivers (taxi without driver), accountants, doctors, and others.

Any time new technologies have destroyed existing jobs, but have at the same time creates other. As in our evolution, the new generations will be more educated in areas that require more skills, leaving those who require less to robots and other artificial intelligences.

It seems, however, urgent challenges in the present, to take steps at policy level to support the workers of today and tomorrow in this economic transformation, otherwise our technological society could quickly degenerate under strong tensions will inevitably occur between those who are experts and highly trained and those that will not.

What is the impact of technology on our economy ?

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