This document summarizes a research paper on China's experiences with technology, trade, and inclusive development in the context of globalization. The research examined China's patterns of trade, technology, and investment to analyze their impact on development. It found that while foreign direct investment, trade, and economic growth were in long-run equilibrium, they also created a wide income inequality gap. The researchers conclude it is important for policymakers to address obstacles and improve absorptive capacity to maximize inclusive development and equality.
The document discusses the opportunities and challenges of the Fourth Industrial Revolution. It describes how the Fourth Industrial Revolution builds on previous revolutions through new technologies like artificial intelligence, robotics, and the Internet of Things that are blurring lines between the physical, digital and biological spheres. While this disruption may lower barriers for entrepreneurs and improve lives through customized robots and a connected world, it also risks exacerbating inequality as low-skilled jobs are automated and a skills gap emerges between roles that are replaced and roles that require more advanced skills. Overall, managing this transition poses challenges around ensuring the benefits of innovation reach all members of society.
The document discusses the Fourth Industrial Revolution, which involves emerging technology like artificial intelligence, robotics, nanotechnology, and biotechnology. It is building upon the Third Industrial Revolution of digital technologies. The Fourth Industrial Revolution will significantly impact economies, businesses, societies, and individuals by automating jobs, requiring new skills, and potentially exacerbating inequality. While it offers opportunities to improve lives, it also poses challenges around workforce disruption, security, and maintaining traditional values and systems. Careful management will be needed to ensure the benefits are widely shared.
This document discusses how computer technology has impacted work and labor markets in developed countries. It begins by outlining the rapid improvements in computing power and declining costs predicted by Moore's Law. While some argue this heralds a "Second Machine Age" that could automate many jobs and lead to widespread unemployment, others believe technological change is slowing. The document then examines lessons from history on how technological developments have affected employment, finding that overall employment is relatively unchanged as jobs shift between sectors. Computers are shown to contribute more to rising inequality by replacing routine tasks and polarizing the job market. The main policy challenges are changing skill demands and inequality, not mass unemployment.
4th Industrial Revolution & Korean Historical IdentitySoojin Shin
Korean strategy for 4th Industrial Revolution should be accompanied by the grand scale shifts of national paradigm. The proud miracle of Han-River was achieved by the swift pursuit of predictable objective through the quick follower strategy. However, the quick follower strategy which focuses on efficiency is not appropriate to adopt the 4th Industrial Revolution.
The future vision is based on the history; therefore, the national consciousness on the shared national vision and values should be formed. The country that has lost its pride in history has never became the first-class nation.
We need to perceive this 4th Industrial Revolution era as the opportunity from the sky for us to transform the paradigm of the past follower strategy.
AI driven automation will create wealth and expand economies. Find out the views of the Executive Office of the US President in this AI Government led initiative.
Future of work An initial perspective by Andrew Curry of The Futures CompanyFuture Agenda
An initial perspective on the future of work by Andrew Curry of The Futures Company. This is the starting point for the global future agenda discussions taking place through 2015 as part of the futureagenda2.0 programme. www.futureagenda.org
The Fourth Industrial Revolution: What it means and how to respondPhu H. Nguyen
This presentation discusses industry 4.0 and the role of cyber-physical systems, and how to respond to these changes. Industry 4.0 involves technology becoming embedded in societies and people's lives. Cyber-physical systems will transform how people interact with technology, connecting the physical and digital worlds. The presentation addresses opportunities like smart energy grids and healthcare, as well as risks to consider with emerging technologies.
1. Innovation is about faster collaboration across disciplines and specialties using a multidisciplinary approach. The concept of intellectual property is being reexamined in light of these collaborative demands.
2. Innovation requires wider collaboration between knowledge economy regions like Silicon Valley, Taiwan, China, and between the government, industry, and knowledge centers in the triple helix approach.
3. Examples from Silicon Valley and Europe show that innovation thrives in networks and clusters that bring together entrepreneurs, universities, money, and infrastructure in a supportive culture and environment.
The document discusses the opportunities and challenges of the Fourth Industrial Revolution. It describes how the Fourth Industrial Revolution builds on previous revolutions through new technologies like artificial intelligence, robotics, and the Internet of Things that are blurring lines between the physical, digital and biological spheres. While this disruption may lower barriers for entrepreneurs and improve lives through customized robots and a connected world, it also risks exacerbating inequality as low-skilled jobs are automated and a skills gap emerges between roles that are replaced and roles that require more advanced skills. Overall, managing this transition poses challenges around ensuring the benefits of innovation reach all members of society.
The document discusses the Fourth Industrial Revolution, which involves emerging technology like artificial intelligence, robotics, nanotechnology, and biotechnology. It is building upon the Third Industrial Revolution of digital technologies. The Fourth Industrial Revolution will significantly impact economies, businesses, societies, and individuals by automating jobs, requiring new skills, and potentially exacerbating inequality. While it offers opportunities to improve lives, it also poses challenges around workforce disruption, security, and maintaining traditional values and systems. Careful management will be needed to ensure the benefits are widely shared.
This document discusses how computer technology has impacted work and labor markets in developed countries. It begins by outlining the rapid improvements in computing power and declining costs predicted by Moore's Law. While some argue this heralds a "Second Machine Age" that could automate many jobs and lead to widespread unemployment, others believe technological change is slowing. The document then examines lessons from history on how technological developments have affected employment, finding that overall employment is relatively unchanged as jobs shift between sectors. Computers are shown to contribute more to rising inequality by replacing routine tasks and polarizing the job market. The main policy challenges are changing skill demands and inequality, not mass unemployment.
4th Industrial Revolution & Korean Historical IdentitySoojin Shin
Korean strategy for 4th Industrial Revolution should be accompanied by the grand scale shifts of national paradigm. The proud miracle of Han-River was achieved by the swift pursuit of predictable objective through the quick follower strategy. However, the quick follower strategy which focuses on efficiency is not appropriate to adopt the 4th Industrial Revolution.
The future vision is based on the history; therefore, the national consciousness on the shared national vision and values should be formed. The country that has lost its pride in history has never became the first-class nation.
We need to perceive this 4th Industrial Revolution era as the opportunity from the sky for us to transform the paradigm of the past follower strategy.
AI driven automation will create wealth and expand economies. Find out the views of the Executive Office of the US President in this AI Government led initiative.
Future of work An initial perspective by Andrew Curry of The Futures CompanyFuture Agenda
An initial perspective on the future of work by Andrew Curry of The Futures Company. This is the starting point for the global future agenda discussions taking place through 2015 as part of the futureagenda2.0 programme. www.futureagenda.org
The Fourth Industrial Revolution: What it means and how to respondPhu H. Nguyen
This presentation discusses industry 4.0 and the role of cyber-physical systems, and how to respond to these changes. Industry 4.0 involves technology becoming embedded in societies and people's lives. Cyber-physical systems will transform how people interact with technology, connecting the physical and digital worlds. The presentation addresses opportunities like smart energy grids and healthcare, as well as risks to consider with emerging technologies.
1. Innovation is about faster collaboration across disciplines and specialties using a multidisciplinary approach. The concept of intellectual property is being reexamined in light of these collaborative demands.
2. Innovation requires wider collaboration between knowledge economy regions like Silicon Valley, Taiwan, China, and between the government, industry, and knowledge centers in the triple helix approach.
3. Examples from Silicon Valley and Europe show that innovation thrives in networks and clusters that bring together entrepreneurs, universities, money, and infrastructure in a supportive culture and environment.
The document summarizes Ju-Ho Lee's presentation on Korea's need to transform from a fast follower to a first mover in innovation to succeed in the Fourth Industrial Revolution. Some key points:
- Korea is lagging other Asian countries in readiness for the Fourth Industrial Revolution according to World Economic Forum rankings.
- To achieve growth, Korea must transform its innovation ecosystem from one focused on fast following to one producing original products and platforms to become a first mover. This requires nurturing startups and collaboration between companies, universities and research.
- Korea also needs a "learning revolution" with education reform that emphasizes creativity, lifelong learning and 21st century skills rather than rote memorization, to prepare workers
The Fourth Industrial Revolution & 21st Century Skillseucunet
The document discusses the relationship between education and industrial revolutions throughout history. It outlines how the skills needed have changed with each revolution from a focus on physical skills to an emphasis on information and technology skills. The 4th Industrial Revolution involves cyber-physical systems and merging of information technology and operational technology. It will require multi-disciplinary and 21st century skills like creativity, collaboration and adaptability. Several frameworks for 21st century skills are discussed, including a focus on skills like communication, digital literacy, problem solving and learning to learn. Overall education must adapt to focus on these types of skills to prepare students for jobs and life in this new era.
This document discusses the rapid progress being made in artificial intelligence and how it will transform society. It notes that improvements in processing power, data, algorithms, and funding are fueling advances in AI. While human-level AI may be 50-100 years away, narrow AI is already achieving human-level performance in some tasks. The document outlines some of the societal challenges posed by AI, such as threats to privacy, lack of transparency, issues of trust, and unfair outcomes. It also discusses the potential impacts of AI on the workplace and economy, and argues that Australia needs to be at the forefront of AI development given its economic situation.
The global, long term picture to set the context for the day – trends in population, geopolitics, technology, the massive issues of climate change, migration, resource and energy scarcity.
Book review by Luca Lamera
"The Fourth Industrial Revolution". Klaus Schwab, founder of the World Economic Forum.
-
topics: IoT, Industry 4.0, Tech, Innovation, Future, Robotics, Automation.
-
Please do not hesitate to contact me if you have any questions.
Luca Lamera
Harnessing Opportunities for Young People in a Fast-Changing World: The Futur...IdowuKunlereMNESMScH
A short presentation on the threats posed by technological disruptions to traditional jobs in developing economies like Nigeria’s, and how workers in various affected sectors can adapt and flourish in the emerging economy.
This document discusses the future of cities that integrate humans and technology through neural interfaces and sensors. It envisions a future where artificial intelligence is integrated with human brains and cities through technologies like neural lace. This could allow human cognition to be augmented and connect humans more closely with intelligent built environments. The document argues that as humans become more integrated with technology through things like brain-computer interfaces, the distinction between human and intelligent city systems will blur, leading to a new stage of "conscious technology." It presents this as the next phase after the information age and discusses how collective intelligence systems could help cities anticipate and track rapid technological change.
This is follow-up from the IBM Almaden Sept 27th meeting on "Regional Upward Spirals: The Co-Evolution of Future Technologies, Skills, Jobs, and Quality-of-Life"
The document discusses the importance of innovation to economic growth and competitiveness. It argues that while the private sector is the primary driver of innovation, the government plays an important supporting role through funding basic research, providing incentives for commercial research, using procurement to drive new technologies, establishing intellectual property protections, and addressing other market failures. It provides examples of how government investments, policies and programs can help spur private sector innovation to address national priorities.
This document outlines three potential global scenarios for work and technology in 2050:
1) "It's Complicated" - A mixed future with 2 billion employed, 2 billion self-employed, and 1 billion unemployed or in transition.
2) "Political/Economic Turmoil" - Increased unemployment and informal economy due to economic and political instability.
3) "If Humans Were Free" - A self-actualizing economy with 1 billion employed, 3 billion self-employed, and 1 billion unemployed or in transition.
It discusses the impact of emerging technologies like artificial intelligence, robotics, synthetic biology and issues countries may face in long-term strategic planning to manage technological disruption to work and employment
Economic Impact of Digital Revolution_JM_073015JIM MUKERJEE
Paper for Oxford University (Merton College) course on "Did the Victors lose the Peace?", Summer 2015.
(International Relations & Economics, 1945-2015)
The Second Machine Age: An Industrial Revolution Powered by Digital TechnologiesCapgemini
The interview discusses the impacts and implications of emerging digital technologies. Erik Brynjolfsson and Andrew McAfee explain that the world is entering a "Second Machine Age" where machines are able to perform cognitive tasks previously done by humans. This will have widespread economic and social effects and transform organizations. They emphasize that technology will significantly disrupt jobs but can also create new opportunities if individuals and organizations adapt skills. Overall, the key message is that emerging technologies will continue advancing rapidly, and a proactive response is needed to harness potential benefits and address inequalities.
Jamaica a logistics centred economy thriving in the Fourth Industrial Revolut...Ainsley Brown
How can a small island developing state like Jamaica thrive in the Fourth Industrial Revolution?
The answer is simply: having and implementing a vision that will allow it to secure its future in this age of disruption — the Global Logistics Hub Initiative. Jamaica’s Global Logistics Hub Initiative is Jamaica’s response for building a resilient and sustainable nation in the Fourth Industrial Revolution.
Artificial Intelligence (AI), robots, automation, and the Internet of Things (IoT) — the Fourth industrial Revolution — are all tech terms that have moved into the mainstream of our everyday conversations. Unfortunately the talk is usually one of doom and gloom, punctuated by predictions such as: Robots could displace 800 million jobs. With such grim predictions, who would not pay attention? So what can a small island developing state like Jamaica do to get ready for this future?
It’s important to understand that, as William Gibson stated: “The future is already here — it’s just not very evenly distributed.” The Fourth industrial Revolution is already here — it’s just not evenly distributed. And this represents an opportunity for Jamaica.
The Fourth Industrial Revolution can be boiled down to three things:
1. Connectivity
2. Flows
3. Management of connectivity and flows.
In a word: logistics.
Competitiveness, in our globalized world is increasingly based on one’s ability to understand, connect and manoeuvre within and between the various networks that make the world work. The Logistics Performance Index (LPI) 2014 put it succinctly: “Improving logistics performance is at the core of the economic growth and competitiveness agenda.”
The document discusses how to succeed in the 4th Industrial Revolution. It argues that we must (1) focus on systems change rather than just new technologies, (2) empower societies to shape technologies rather than be shaped by them, and (3) prioritize designing desirable futures rather than accepting defaults. It also stresses focusing on values like equity in technology development to avoid increased disparities.
The document discusses the future of skills and learning. It makes several key points:
1. Work has changed dramatically since 2000 due to factors like contingent workers, globalization, and new technologies. The nature of work and organizations is also changing.
2. Significant changes to work are expected by 2030 due to advances in artificial intelligence, robotics, 3D printing, and demographic shifts. Many jobs may be lost to automation.
3. There is a need to rethink skills development and learning to address these changes. Learning needs to focus on competencies over credentials and be available flexibly for lifelong learning. This includes reconsidering apprenticeships and implementing a "skills guarantee" for workers.
The influential economic theorist looks ahead to a world of virtually free energy and zero marginal cost production, and to a desperate race against climate change.
This document discusses building cooperative relationships between patients and doctors in treating HIV/AIDS. It emphasizes that patients should take an active role in their healthcare by learning about their condition, preparing for appointments, and openly communicating their needs and viewpoints to their doctor. Doctors are encouraged to support their patients' interests, be flexible in their responses, and describe multiple perspectives on issues to establish trust and shared decision making. The document provides tips for both parties on how to handle disagreements respectfully.
This document summarizes a study examining the relationship between foreign direct investment (FDI), trade, and economic growth in BRICS countries. The study finds that FDI, trade, and economic growth in BRICS indicate a long-run sustainable relationship. It also discusses how China has performed well by attracting FDI inflows and maintaining a trade balance. The literature review discusses previous research that generally finds FDI increases capital accumulation and productivity, though the effects may depend on the industry and host country characteristics.
This document discusses basic software research in image-guided therapy. It describes how research progresses from algorithms and prototypes, to tools for translational research, and eventually to commercially available clinical devices. It emphasizes that open-source software can help reduce duplication of efforts, facilitate collaboration between researchers, and provide a platform for interfacing research applications with clinical devices. The document also provides an overview of the Advanced Multimodality Image Guided Operating suite and some of the clinical research it enables.
On chromosome 2 of one organism, there is a gene with 1,567 nucleotides that codes for a growth protein and results in a short, stout body size. However, in another organism, a mutation was found where a series of nucleotides was duplicated, altering the gene such that it now produces a short, thin body instead of the typical short, stout body.
The document summarizes Ju-Ho Lee's presentation on Korea's need to transform from a fast follower to a first mover in innovation to succeed in the Fourth Industrial Revolution. Some key points:
- Korea is lagging other Asian countries in readiness for the Fourth Industrial Revolution according to World Economic Forum rankings.
- To achieve growth, Korea must transform its innovation ecosystem from one focused on fast following to one producing original products and platforms to become a first mover. This requires nurturing startups and collaboration between companies, universities and research.
- Korea also needs a "learning revolution" with education reform that emphasizes creativity, lifelong learning and 21st century skills rather than rote memorization, to prepare workers
The Fourth Industrial Revolution & 21st Century Skillseucunet
The document discusses the relationship between education and industrial revolutions throughout history. It outlines how the skills needed have changed with each revolution from a focus on physical skills to an emphasis on information and technology skills. The 4th Industrial Revolution involves cyber-physical systems and merging of information technology and operational technology. It will require multi-disciplinary and 21st century skills like creativity, collaboration and adaptability. Several frameworks for 21st century skills are discussed, including a focus on skills like communication, digital literacy, problem solving and learning to learn. Overall education must adapt to focus on these types of skills to prepare students for jobs and life in this new era.
This document discusses the rapid progress being made in artificial intelligence and how it will transform society. It notes that improvements in processing power, data, algorithms, and funding are fueling advances in AI. While human-level AI may be 50-100 years away, narrow AI is already achieving human-level performance in some tasks. The document outlines some of the societal challenges posed by AI, such as threats to privacy, lack of transparency, issues of trust, and unfair outcomes. It also discusses the potential impacts of AI on the workplace and economy, and argues that Australia needs to be at the forefront of AI development given its economic situation.
The global, long term picture to set the context for the day – trends in population, geopolitics, technology, the massive issues of climate change, migration, resource and energy scarcity.
Book review by Luca Lamera
"The Fourth Industrial Revolution". Klaus Schwab, founder of the World Economic Forum.
-
topics: IoT, Industry 4.0, Tech, Innovation, Future, Robotics, Automation.
-
Please do not hesitate to contact me if you have any questions.
Luca Lamera
Harnessing Opportunities for Young People in a Fast-Changing World: The Futur...IdowuKunlereMNESMScH
A short presentation on the threats posed by technological disruptions to traditional jobs in developing economies like Nigeria’s, and how workers in various affected sectors can adapt and flourish in the emerging economy.
This document discusses the future of cities that integrate humans and technology through neural interfaces and sensors. It envisions a future where artificial intelligence is integrated with human brains and cities through technologies like neural lace. This could allow human cognition to be augmented and connect humans more closely with intelligent built environments. The document argues that as humans become more integrated with technology through things like brain-computer interfaces, the distinction between human and intelligent city systems will blur, leading to a new stage of "conscious technology." It presents this as the next phase after the information age and discusses how collective intelligence systems could help cities anticipate and track rapid technological change.
This is follow-up from the IBM Almaden Sept 27th meeting on "Regional Upward Spirals: The Co-Evolution of Future Technologies, Skills, Jobs, and Quality-of-Life"
The document discusses the importance of innovation to economic growth and competitiveness. It argues that while the private sector is the primary driver of innovation, the government plays an important supporting role through funding basic research, providing incentives for commercial research, using procurement to drive new technologies, establishing intellectual property protections, and addressing other market failures. It provides examples of how government investments, policies and programs can help spur private sector innovation to address national priorities.
This document outlines three potential global scenarios for work and technology in 2050:
1) "It's Complicated" - A mixed future with 2 billion employed, 2 billion self-employed, and 1 billion unemployed or in transition.
2) "Political/Economic Turmoil" - Increased unemployment and informal economy due to economic and political instability.
3) "If Humans Were Free" - A self-actualizing economy with 1 billion employed, 3 billion self-employed, and 1 billion unemployed or in transition.
It discusses the impact of emerging technologies like artificial intelligence, robotics, synthetic biology and issues countries may face in long-term strategic planning to manage technological disruption to work and employment
Economic Impact of Digital Revolution_JM_073015JIM MUKERJEE
Paper for Oxford University (Merton College) course on "Did the Victors lose the Peace?", Summer 2015.
(International Relations & Economics, 1945-2015)
The Second Machine Age: An Industrial Revolution Powered by Digital TechnologiesCapgemini
The interview discusses the impacts and implications of emerging digital technologies. Erik Brynjolfsson and Andrew McAfee explain that the world is entering a "Second Machine Age" where machines are able to perform cognitive tasks previously done by humans. This will have widespread economic and social effects and transform organizations. They emphasize that technology will significantly disrupt jobs but can also create new opportunities if individuals and organizations adapt skills. Overall, the key message is that emerging technologies will continue advancing rapidly, and a proactive response is needed to harness potential benefits and address inequalities.
Jamaica a logistics centred economy thriving in the Fourth Industrial Revolut...Ainsley Brown
How can a small island developing state like Jamaica thrive in the Fourth Industrial Revolution?
The answer is simply: having and implementing a vision that will allow it to secure its future in this age of disruption — the Global Logistics Hub Initiative. Jamaica’s Global Logistics Hub Initiative is Jamaica’s response for building a resilient and sustainable nation in the Fourth Industrial Revolution.
Artificial Intelligence (AI), robots, automation, and the Internet of Things (IoT) — the Fourth industrial Revolution — are all tech terms that have moved into the mainstream of our everyday conversations. Unfortunately the talk is usually one of doom and gloom, punctuated by predictions such as: Robots could displace 800 million jobs. With such grim predictions, who would not pay attention? So what can a small island developing state like Jamaica do to get ready for this future?
It’s important to understand that, as William Gibson stated: “The future is already here — it’s just not very evenly distributed.” The Fourth industrial Revolution is already here — it’s just not evenly distributed. And this represents an opportunity for Jamaica.
The Fourth Industrial Revolution can be boiled down to three things:
1. Connectivity
2. Flows
3. Management of connectivity and flows.
In a word: logistics.
Competitiveness, in our globalized world is increasingly based on one’s ability to understand, connect and manoeuvre within and between the various networks that make the world work. The Logistics Performance Index (LPI) 2014 put it succinctly: “Improving logistics performance is at the core of the economic growth and competitiveness agenda.”
The document discusses how to succeed in the 4th Industrial Revolution. It argues that we must (1) focus on systems change rather than just new technologies, (2) empower societies to shape technologies rather than be shaped by them, and (3) prioritize designing desirable futures rather than accepting defaults. It also stresses focusing on values like equity in technology development to avoid increased disparities.
The document discusses the future of skills and learning. It makes several key points:
1. Work has changed dramatically since 2000 due to factors like contingent workers, globalization, and new technologies. The nature of work and organizations is also changing.
2. Significant changes to work are expected by 2030 due to advances in artificial intelligence, robotics, 3D printing, and demographic shifts. Many jobs may be lost to automation.
3. There is a need to rethink skills development and learning to address these changes. Learning needs to focus on competencies over credentials and be available flexibly for lifelong learning. This includes reconsidering apprenticeships and implementing a "skills guarantee" for workers.
The influential economic theorist looks ahead to a world of virtually free energy and zero marginal cost production, and to a desperate race against climate change.
This document discusses building cooperative relationships between patients and doctors in treating HIV/AIDS. It emphasizes that patients should take an active role in their healthcare by learning about their condition, preparing for appointments, and openly communicating their needs and viewpoints to their doctor. Doctors are encouraged to support their patients' interests, be flexible in their responses, and describe multiple perspectives on issues to establish trust and shared decision making. The document provides tips for both parties on how to handle disagreements respectfully.
This document summarizes a study examining the relationship between foreign direct investment (FDI), trade, and economic growth in BRICS countries. The study finds that FDI, trade, and economic growth in BRICS indicate a long-run sustainable relationship. It also discusses how China has performed well by attracting FDI inflows and maintaining a trade balance. The literature review discusses previous research that generally finds FDI increases capital accumulation and productivity, though the effects may depend on the industry and host country characteristics.
This document discusses basic software research in image-guided therapy. It describes how research progresses from algorithms and prototypes, to tools for translational research, and eventually to commercially available clinical devices. It emphasizes that open-source software can help reduce duplication of efforts, facilitate collaboration between researchers, and provide a platform for interfacing research applications with clinical devices. The document also provides an overview of the Advanced Multimodality Image Guided Operating suite and some of the clinical research it enables.
On chromosome 2 of one organism, there is a gene with 1,567 nucleotides that codes for a growth protein and results in a short, stout body size. However, in another organism, a mutation was found where a series of nucleotides was duplicated, altering the gene such that it now produces a short, thin body instead of the typical short, stout body.
The document discusses the petroleum industry, which is divided into upstream (exploration and production), midstream (transportation and storage), and downstream (refining and processing) sectors. It contributes greatly to economic development by creating employment opportunities. The UK petroleum market is dominated by four major companies - British Petroleum, Esso, Shell, and Tesco - which collectively account for over 50% of the market share. The Office of Fair Trading investigated whether decreases in crude oil costs were being passed on to consumers and if supermarkets were limiting competition in some areas. While its goals of stabilizing prices and ensuring fair competition are reasonable, some questioned if its findings fully captured the various factors that influence gas prices.
This document discusses winter nutrition and foods that nourish kidney energy according to traditional Asian medicine. It recommends eating soups, stews, roasted and baked foods cooked in healthy fats to warm the body in winter. Foods like beans, seaweed, nuts and grains nourish the kidneys, while spices, citrus, meat and animal products boost kidney yang energy. Recipes for a stir fry and trail mix incorporating kidney-nourishing ingredients are also provided.
1. Siswa mengisi soal pengenalan diri dengan menulis nama dan tanggal.
2. Soal memilih kata yang tepat untuk mengisi kalimat yang ada gambarnya.
3. Pilihan ganti nama untuk mengisi kalimat.
The document provides guidance on conducting a needs assessment for an English for Specific Purposes (ESP) course. It outlines interviewing administrators, content instructors, and students to understand students' English language needs and goals. The needs assessment helps the teacher identify what language skills students require to perform tasks in their field and tailor the ESP program accordingly. It also allows the teacher to assess students' current English comprehension levels to effectively prepare initial lessons. The needs assessment process provides critical insight for developing a successful ESP program that meets students' specific purposes for learning English.
This Presentation is an abstract of discussion I had during my Session with Participants of a Webinar at Regional Center of IGNOU, Patna on Future Skills & Career Opportunities in POST COVID-19
This document discusses the rise of artificial intelligence and its implications. It argues that while the definition of AI remains contested, experts agree we are witnessing an AI revolution enabled by advances in big data, machine learning, and cloud computing. This revolution could generate significant economic and social benefits through increased productivity, improvements to healthcare, transportation, education and more. However, it also poses major policy challenges around balancing power and regulating new technologies, adapting social systems, and ensuring the benefits are widely shared. International cooperation will be needed to guide development of AI in an ethical manner and avoid exacerbating inequalities. The potential benefits of AI are substantial if societies can successfully navigate these challenges.
This document provides a summary of the impacts of increasing automation and artificial intelligence on the accounting industry. It begins by outlining the concerns about how technology may replace certain accounting jobs in the short run while not being able to fully replace the profession in the long run of 50-100 years. The paper then discusses how technology is currently impacting young accounting students and professionals by requiring additional technical skills. While some efficiencies have been gained through technology, there is a threat that routine tasks may be automated or outsourced. Overall, the paper hypothesizes that technology will replace many but not all accounting jobs over the next 50-100 years based on current trends and expert opinions that view technology as a tool rather than a threat.
The Second Machine Age - an industrial revolution powered by digital technolo...Ben Gilchriest
There have been two big turning points in human history. The first was the industrial revolution, where machines replaced muscle power. The Second Machine Age is the time when machines are now able to take over a lot of cognitive tasks that humans can do. In this Capgemini interview with Erik Brynjolfsson and Andrew McAfee, authors of the recent book "The Second Machine Age" (www.secondmachineage.com), we get a summary view of what the 2nd Machine Age is, what it means for established companies, and how they should react.
I throughly recommend reading this book. It's an excellent summary of the impact and importance of digital and why it's important for companies to do more.
Artificial Intelligence And Its Impact On Future Work And JobsBrittany Brown
The document provides an analysis of artificial intelligence (AI) and its impact on future work and jobs. It makes the following key points:
1) AI is advancing rapidly through technologies like machine learning, robotics and algorithms, and this fourth industrial revolution will significantly impact economies and labor markets.
2) While some experts warn that AI will displace many human jobs, the document argues that AI will not result in long-term unemployment. Throughout history, new technologies have changed the composition of jobs rather than eliminating all work.
3) AI is still in the early "hype cycle" stage, but the author believes it will have a lasting impact like other major innovations. As AI capabilities improve through computational advances,
The document discusses how technological change, particularly the rise of the information society, impacts government policy and the welfare state. It explores how societies have shifted from industrial to post-industrial or information-based economies. It also analyzes the implications of technological change for issues like employment, inequality, and the role of the government and welfare state in providing services and support. Competing visions are discussed, like Finland's model of an information-based welfare state with investments in education and technology innovation.
This document discusses the potential economic impacts of artificial intelligence (AI) driven automation. It finds that AI will open up new economic opportunities but may also disrupt jobs and increase inequality if not properly managed. While AI could boost productivity and economic growth, many jobs may be automated, requiring workers to gain new skills. The report outlines three policy strategies to maximize the benefits of AI: 1) Investing in developing beneficial AI technologies, 2) Educating and training workers for future jobs, and 3) Assisting workers impacted by automation and ensuring the benefits of AI are broadly shared. With the right policies, AI could improve living standards while mitigating costs through retraining and support for displaced workers.
This document discusses the potential economic impacts of artificial intelligence (AI) driven automation. It finds that AI will open up new economic opportunities but may also disrupt jobs and increase inequality. While AI could boost productivity and economic growth, many workers may need to transition to new jobs and skills. The report outlines three policy strategies to maximize the benefits of AI: 1) Investing in developing beneficial AI technologies, 2) Educating and training workers for future jobs, and 3) Providing support to help workers transition and ensure the benefits of AI are broadly shared.
Advances in Artificial Intelligence (AI) technology and related fields have opened up new markets and
new opportunities for progress in critical areas such as health, education, energy, economic inclusion,
social welfare, and the environment. In recent years, machines have surpassed humans in the performance
of certain tasks related to intelligence, such as aspects of image recognition. Experts forecast that rapid
progress in the field of specialized artificial intelligence will continue. Although it is unlikely that
machines will exhibit broadly-applicable intelligence comparable to or exceeding that of humans in the
next 20 years, it is to be expected that machines will continue to reach and exceed human performance on
more and more tasks.
AI-driven automation will continue to create wealth and expand the American economy in the coming
years, but, while many will benefit, that growth will not be costless and will be accompanied by changes
in the skills that workers need to succeed in the economy, and structural changes in the economy.
Aggressive policy action will be needed to help Americans who are disadvantaged by these changes and
to ensure that the enormous benefits of AI and automation are developed by and available to all.
Following up on the Administration’s previous report, Preparing for the Future of Artificial Intelligence,
which was published in October 2016, this report further investigates the effects of AI-driven automation
on the U.S. job market and economy, and outlines recommended policy responses.
This report was produced by a team from the Executive Office of the President including staff from the
Council of Economic Advisers, Domestic Policy Council, National Economic Council, Office of
Management and Budget, and Office of Science and Technology Policy. The analysis and
recommendations included herein draw on insights learned over the course of the Future of AI Initiative,
which was announced in May of 2016, and included Federal Government coordination efforts and crosssector
and public outreach on AI and related policy matters.
Beyond this report, more work remains, to further explore the policy implications of AI. Most notably, AI
creates important opportunities in cyberdefense, and can improve systems to detect fraudulent
transactions and messages.
Artificial Intelligence, other emerging technologies, and social inventionsJerome Glenn
The document summarizes a study on the future of work and technology conducted by The Millennium Project. It outlines three potential global scenarios for work and technology by 2050: 1) "It's Complicated" with mixed outcomes, 2) "Political/Economic Turmoil" resulting in widespread despair, and 3) "If Humans Were Free" leading to a self-actualizing economy. It then lists over 90 actions identified to address issues across different sectors in the various scenarios. The study utilized numerous futures research methods including literature reviews, Delphi studies, and workshops to explore the long-term impacts of emerging technologies on work and develop strategic recommendations.
This document provides an introduction to a class on the global technology revolution. It discusses how technology is transforming organizations and changing business, economics, and society. The class will examine how technology is impacting different areas of life and propose a framework for understanding these transformations based on Karl Marx's concepts of the base and superstructure. Examples of how technology has historically contributed to the development of democracy and how current technologies like YouTube and the internet are changing politics are provided. Topics to be covered in the class and some proposed "rules" describing how life and work may be revolutionized by technology are also outlined.
Intuition forms over time. When McKinsey began publishing t.docxmariuse18nolet
Intuition forms over time. When McKinsey began publishing
the Quarterly, in 1964, a new management environment was just
beginning to take shape. On April 7 of that year, IBM announced the
System/360 mainframe, a product with breakthrough flexibility
and capability. Then on October 10, the opening ceremonies of the
Tokyo Olympic Games, the first in history to be telecast via satellite
around the planet, underscored Japan’s growing economic strength.
Finally, on December 31, the last new member of the baby-boom
generation was born.
Fifty years later, the forces symbolized by these three disconnected
events are almost unrecognizable. Technology and connectivity have
disrupted industries and transformed the lives of billions. The
world’s economic center of gravity has continued shifting from West
to East, with China taking center stage as a growth story. The
baby boomers have begun retiring, and we now talk of a demographic
drag, not a dividend, in much of the developed world and China.
We stand today on the precipice of much bigger shifts in each of these
areas, with extraordinary implications for global leaders. In the
years ahead, acceleration in the scope, scale, and economic impact of
technology will usher in a new age of artificial intelligence, con-
sumer gadgetry, instant communication, and boundless information
while shaking up business in unimaginable ways. At the same time,
the shifting locus of economic activity and dynamism, to emerging
Management intuition
for the next 50 years
The collision of technological disruption, rapid
emerging-markets growth, and widespread
aging is upending long-held assumptions that
underpin strategy setting, decision making,
and management.
Richard Dobbs, Sree Ramaswamy, Elizabeth Stephenson,
and S. Patrick Viguerie
S E P T E M B E R 2 0 1 4
22
markets and to cities within those markets, will give rise to a new
class of global competitors. Growth in emerging markets will occur
in tandem with the rapid aging of the world’s population—first in
the West and later in the emerging markets themselves—that in turn
will create a massive set of economic strains.
Any one of these shifts, on its own, would be among the largest eco-
nomic forces the global economy has ever seen. As they collide,
they will produce change so significant that much of the management
intuition that has served us in the past will become irrelevant. The
formative experiences for many of today’s senior executives came as
these forces were starting to gain steam. The world ahead will be
less benign, with more discontinuity and volatility and with long-term
charts no longer looking like smooth upward curves, long-held
assumptions giving way, and seemingly powerful business models
becoming upended. In this article, which brings together years
of research by the McKinsey Global Institute (MGI) and McKinsey’s
Strategy Practice,1 we strive to paint a picture of the road ahead, .
Energing Technology and the Creative EconomyJerome Glenn
This document discusses emerging technologies and the creative economy. It identifies several emerging technologies like the internet of things, 3D printing, synthetic biology and nanotechnology that governments should invest in to support new creative economic activities. It also mentions increasing intelligence and retrofitting buildings for energy production. The document then discusses concepts like the post-information age and humans becoming cyborgs. It provides an overview of several emerging technologies and their potential impacts. It emphasizes investing in a diverse set of new creative economic activities to support future economic growth rather than specific industries like panda bears.
Artificial Intelligence The Future Of Labour And EmploymentJoe Andelija
Artificial intelligence will have a profound impact on the world of labor. There are differing opinions on whether AI will destroy jobs through mass technological unemployment or create new jobs as previous technologies have done. The article explores both the potential threats and opportunities of AI in the labor market. While AI may eliminate some jobs and professions, it also raises productivity and creates new types of work. However, the benefits of AI are more likely to go to richer countries, while the costs of unemployment will fall hardest on poorer, less qualified populations. The choices made around how AI is developed and applied will shape the future of work.
This article aims to demonstrate the need for restructuring the education system in all countries of the world as a consequence of the profound changes that are occurring in the world of work due to the technological advance, especially with the use of artificial intelligence in productive activities.
THE FUTURE OF WORK AND EDUCATION IN THE WORLD
Fernando Alcoforado.
Abstract: This article aims to demonstrate the need for restructuring the education system in all
countries of the world as a consequence of the profound changes that are occurring in the world of work
due to the technological advance, especially with the use of artificial intelligence in productive activities.
Keywords: Technological advancement, Future of working, New education system required.
AN OBNOXIOUS LACUNA ON DISCOURSES AND COUNTER DISCOURSES OVER ARTIFICIAL INTE...gerogepatton
Artificial intelligence is the highest form of human development and sound outcome of human conscience
till the date. But the very development seems to be devastating to human future ahead and has been heavily
projected accordingly. More than it may be to decay and destroy the world, the negative and chilling views
on the prospective damages of AI that scholars are percolating to public are costing many times on
humans; and that is plunging human mindset into irreparable pessimism and negativity. This article
explores the way that AI is being depressingly explored and investigated to browbeat public. In addition,
this write-up highlights the serious lacuna, which the advanced academic engagement has still grossly
failed to fill up, of a great deal in course of mainstreaming views and discussions for noble cause of human
development and societal well-belling . Further, it unmasks the dire need in making constructive,
encouraging and optimistic mind-set building academic pursuits and writings then makes an alarming call
to the all prominent scholars to engage with due compliance of it .
AN OBNOXIOUS LACUNA ON DISCOURSES AND COUNTER DISCOURSES OVER ARTIFICIAL INTE...ijaia
Artificial intelligence is the highest form of human development and sound outcome of human conscience
till the date. But the very development seems to be devastating to human future ahead and has been heavily
projected accordingly. More than it may be to decay and destroy the world, the negative and chilling views
on the prospective damages of AI that scholars are percolating to public are costing many times on
humans; and that is plunging human mindset into irreparable pessimism and negativity. This article
explores the way that AI is being depressingly explored and investigated to browbeat public. In addition,
this write-up highlights the serious lacuna, which the advanced academic engagement has still grossly
failed to fill up, of a great deal in course of mainstreaming views and discussions for noble cause of human
development and societal well-belling . Further, it unmasks the dire need in making constructive,
encouraging and optimistic mind-set building academic pursuits and writings then makes an alarming call
to the all prominent scholars to engage with due compliance of it .
One fact is clear: society lives, more than ever, under the auspices under the auspices and domains of science and technology. Advertising that makes about science and technology is so intense that a significant portion of people believe that they only bring only benefits to society. For man, the technology makes life easier, cleaner and longer. Man cultivates a growing dependency in relation to science and technology in contemporary era. It is a usual behavior of much of society considers science and technology as liberators of humanity of labor burdens and threats posed by the forces of nature. Adding to all this, there is a widespread view that scientific and technological progress brings not only the advancement of knowledge, but also as a real improvement, inexorable and effective in all aspects of human life. Science is not only seen as liberating, but also as dehumanizing and enslaving of human life. Uncontrolled growth of technology has contributed to destroy the vital sources of our humanity to create a culture without a moral basis. The technology has shaped our lives because we are at the mercy of interconnected systems, which is serious because we are submissive to his authority, shaping us in its functioning. The omnipresence of technology in today's world, coupled with its increased complexity, gives rise to a very problematic situation.
1. Investment Management and Financial Innovations, Volume 12, Issue 2, 2015
180
Akhilesh Chandra Prabhakar (Malaysia), Abdul Razak Ahmad (Malaysia),
Shazida Jan Bt. Mohd Khan (Malaysia)
Evaluation of technology, trade, and inclusive development:
Chinese experiences
Abstract
The present study begins by surveying, broadly supports the assertion that technology, trade, sustainability and
development-led globalization is the path in the Chinese context not adequately paid to attention except with very few
original or significant contributions. This research examines the existing pattern in the areas of trade, technology,
investment with a view to locate in the development context in the era of globalization. This study also investigates
theories of trade, technology movement under capitalist paradigm along with the empirical one. The survey broadly
supports the frequent, through usually undocumented, assertion that China’s socialist market paradigm was not
different from the capitalist mode of production as tended to neglect and to which they had made few if any original or
significant contributions. Alongside, this study used secondary data and analyzed, where the results confirmed that
foreign direct investment (FDI), trade and economic growth indicated the presence of long-run sustainable equilibrium
relationship between them but created income inequality gap widely among people. It is, thus, important for
policymakers to remove obstacles and improve the respective absorptive capacity in order to reap maximized positive
inclusive development with equality basis.
Keywords: technology, outsourcing, competitiveness, world manufacturing data, manufacturing competitiveness,
China manufacturing, Chinese economy, labor compensation costs etc.
JEL Classification: O33.
Introduction
Technology is a motor-force and always plays an
important role in socio-economic-cultural activities
of human life. Any debates on how best to promote
sustainable and inclusive development are
incomplete without a full consideration of issues of
science, technology and innovation (STI). Access to
new and appropriate technologies promote steady
improvements in living conditions, which can be
lifesaving for the most vulnerable populations, and
drive productivity gains which ensure rising incomes
(UN SYSTEM TASK TEAM ON THE POST 2015
UN DEVELOPMENT AGENDA, 2011).
Historically, we have seen in the first Industrial
Revolution, starting in the late 18th century, and the
second one, around 100 years later, had their victims
who lost their jobs to Cartwright’s power loom and
later to Edison’s electric lighting, Benz’s horseless
carriage and countless other inventions that changed
the world. But those inventions also immeasurably
improved many people’s lives, sweeping away old
economic structures and transforming society. They
created new economic opportunity on a mass scale,
with plenty of new work to replace the old.
Akhilesh Chandra Prabhakar, Abdul Razak Ahmad, Shazida Jan Bt.
Mohd Khan, 2015.
Akhilesh Chandra Prabhakar, Dr., Senior Lecturer in Development
Economics, School of Economics, Finance and Banking, College of
Business, University Utara Malaysia, Malaysia.
Abdul Razak Ahmad, Dr., Associate Professor in Economics, Department of
Economics, Universiti Pertahanan Nasional Malaysia, Malaysia.
Shazida Jan Bt. Mohd Khan, Dr., Senior Lecturer, School of
Economics, Finance and Banking, College of Business, University
Utara Malaysia, Malaysia.
A third great wave of invention and economic
disruption, set off by advances in computing and
information and communication technology (ICT) in
the late 20th century, promises to deliver a similar
mixture of social stress and economic transformation.
It is driven by a handful of technologies including
machine intelligence, the ubiquitous web and
advanced robotics capable of delivering many
remarkable innovations: unmanned vehicles; pilotless
drones; machines that can instantly translate hundreds
of languages; mobile technology that eliminates the
distance between doctor and patient, teacher and
student. Whether the digital revolution will bring mass
job creation to make up for its mass job destruction
remains to be seen.
Powerful, ubiquitous computing was made possible
by the development of the integrated circuit in the
1950s. Under a rough rule of thumb known as
Moore’s law (after Gordon Moore, one of the founders
of Intel, a chipmaker), the number of transistors that
could be squeezed onto a chip has been doubling every
two years or so. This exponential growth has resulted
in ever smaller, better and cheaper electronic devices.
The smartphones now carried by consumers the world
over have vastly more processing power than the
supercomputers of the 1960s.
Moore’s law is now approaching the end of its
working life. Transistors have become so small that
shrinking them further is likely to push up their cost
rather than reduce it. Yet commercially available
computing power continues to get cheaper. Both
Google and Amazon are slashing the price of cloud
computing to customers. And firms are getting
much better at making use of that computing power.
2. Investment Management and Financial Innovations, Volume 12, Issue 2, 2015
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1. Literature review
In a book published in 2011, “Race Against the
Machine”, Erik Brynjolfsson and Andrew McAfee
cite an analysis suggesting that between 1988 and
2003 the effectiveness of computers increased 43m-
fold. Frank Levy and Richard Murnane described
driving a car on a busy street as such a complex task
that it could not possibly be mastered by a
computer. Yet only a few years later Google
unveiled a small fleet of driverless cars. Most
manufacturers are now developing autonomous or
near-autonomous vehicles.
Recently machines have found it difficult to
“understand” written or spoken language, or to deal
with complex visual images, but now they seem to
be getting to grips with such things. Apple’s Siri
responds accurately to many voice commands and
can take dictation for e-mails and memos. Google’s
translation program is lightning-fast and
increasingly accurate, and the company’s computers
are becoming better at understanding just what its
cameras (as used, for instance, to compile Google
Maps) are looking at.
At the same time, hardware, from processors to
cameras to sensors, continues to get better, smaller
and cheaper, opening up opportunities for drones,
robots and wearable computers. And innovation is
spilling into new areas: in finance, for example,
crypto-currencies like Bitcoin hint at new payment
technologies, and in education the development of
new and more effective online offerings may upend
the business of higher education.
This wave is likely to bring vast improvements in
living standards and human welfare, but history
suggests that society’s adjustment to it will be slow
and difficult. At the turn of the 20th century writers
conjured up visions of a dazzling technological
future even as some large, rich economies were
limping through a period of disappointing growth in
output and productivity. Then, as now, economists
hailed a new age of globalization even as geo-
political tensions rose. Then, as now, political
systems struggled to accommodate the demands of
growing numbers of dissatisfied workers.
Some economists are offering radical thoughts on
the job-destroying power of this new technological
wave. Carl Benedikt Frey and Michael Osborne, of
Oxford University, recently analyzed over 700
different occupations to perceive how easily they
could be computerized, and concluded that 47
percent of employment in America is at high risk of
being automated away over the next decade or two.
Messrs Brynjolfsson and McAfee ask whether
human workers will be able to upgrade their skills
fast enough to justify their continued employment.
Other authors think that capitalism itself may be
under threat.
2. The digital revolution is opening up a great
divide between a skilled & wealthy few
& the rest of society
The digital revolution is opening up a great divide
between a skilled and wealthy few and the rest of
society. In the past, new technologies have usually
raised wages by boosting productivity, with the
gains being split between skilled and less-skilled
workers, and between owners of capital, workers
and consumers.
Now technology is empowering talented individuals
as never before and opening up yawning gaps
between the earnings of the skilled and the
unskilled, capital-owners and labor. At the same
time, it is creating a large pool of underemployed
labor that is depressing investment.
The effect of technological change on trade is also
changing the basis of tried-and-true methods of
economic development in poorer economies. More
manufacturing work can be automated and skilled
design work accounts for a larger share of the value
of trade, leading to what economists call “premature
deindustrialization” in developing countries. No
longer can governments count on a growing
industrial sector to absorb unskilled labor from rural
areas. In both the rich and the emerging world,
technology is creating opportunities for those
previously held back by financial or geographical
constraints; yet new work for those with modest
skill levels is scarce compared with the bonanza
created by earlier technological revolutions.
All this is sorely testing governments, beset by new
demands for intervention, regulation and support. If
they get their response right, they will be able to
channel technological change in ways that broadly
benefit society. If they get it wrong, they could be
under attack from both angry underemployed
workers and resentful rich taxpayers.
Workers in America, Europe and Japan have been
through a difficult few decades. In the 1970s the
blistering growth after the Second World War
vanished in both Europe and America. In the early
1990s Japan joined the slump, entering a prolonged
period of economic stagnation. The digital
economy, far from pushing up wages across the
board in response to higher productivity, is keeping
them flat for the mass of workers while
extravagantly rewarding the most talented ones.
Between 1991 and 2012 the average annual increase
in real wages in Britain was 1.5 percent and in
America 1 percent, according to the Organisation
for Economic Co-operation and Development
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182
(OECD) (Technology is not working, 2014). Real
wage growth in Germany from 1992 to 2012 was
just 0.6 percent; Italy and Japan saw hardly any
increase at all. It seems difficult to square this
unhappy experience with the extraordinary
technological progress during that period, but the
same thing has happened before.
Most economic historians reckon there was very
little improvement in living standards in Britain in
the century after the first Industrial Revolution. In
July 1987 Robert Solow wrote a book review, “The
Myth of the Post-Industrial Economy”, by Stephen
Cohen and John Zysman, lamented the shift of the
American workforce into the service sector and
explored the reasons why American manufacturing
seemed to be losing out to competition from abroad.
One problem, the authors reckoned, was that
America was failing to take full advantage of the
magnificent new technologies of the computing age,
such as increasingly sophisticated automation and
much-improved robots. Solow commented that the
authors, “like everyone else, are somewhat
embarrassed by the fact that what everyone feels to
have been a technological revolution has been
accompanied everywhere by a slowdown in
productivity growth”.
This failure of new technology to boost productivity
(apart from a brief period between 1996 and 2004)
became known as the Solow paradox. Economists
disagree on its causes. Robert Gordon of
Northwestern University suggests that recent
innovation is simply less impressive than it seems,
and certainly not powerful enough to offset the
effects of demographic change, inequality and
sovereign indebtedness. Progress in ICT, he argues,
is less transformative than any of the three major
technologies of the second Industrial Revolution
(electrification, cars and wireless communications)
(Technology isn’t working, 2014).
The big leap in American economic growth took
place between 1939 and 2000, when average output
per person grew at 2.7 percent a year. Both before
and after that period the rate was a lot lower: 1.5
percent from 1891 to 1939 and 0.9 percent from
2000 to 2013. And the dramatic dip in productivity
growth after 2000 seems to have coincided with an
apparent acceleration in technological advances as the
web and smartphones spread everywhere and machine
intelligence and robotics made rapid progress.
The service sector dominated in financial, military
and higher education, for example, the development
of online courses could yield a productivity bonanza,
allowing one professor to do the work previously done
by legions of lecturers. Once an online course has been
developed, it can be offered to unlimited numbers of
extra students at little extra cost.
Similar opportunities to make service-sector
workers more productive may be found in other
fields. For instance, new techniques and
technologies in medical care appear to be slowing
the rise in health-care costs in America. Machine
intelligence could aid diagnosis, allowing a given
doctor or nurse to diagnose more patients more
effectively at lower cost. The use of mobile
technology to monitor chronically ill patients at
home could also produce huge savings. Such
advances should boost both productivity and pay for
those who continue to work in the industries
concerned, using the new technologies.
At the same time, those services should become
cheaper for consumers. Health care and education
are expensive, in large part, because expansion
involves putting up new buildings and filling them
with costly employees. Rising productivity in those
sectors would probably cut employment.
The McKinsey Global Institute found that global
nonfarm employment rose by about 1.1 billion, of
which about 900 million was in developing countries
between 1980 and 2010. The integration of large
emerging markets into the global economy added a
large pool of relatively low-skilled labor which many
workers in rich countries had to compete with. That
meant firms were able to keep workers’ pay low. And
low pay has had a surprising knock-on effect: when
labor is cheap and plentiful, there seems little point in
investing in labor-saving (and productivity-enhancing)
technologies. By creating a labor glut, new
technologies have trapped rich economies in a cycle of
self-limiting productivity growth.
Fear of the job-destroying effects of technology is as
old as industrialization. It is often branded as the
lump-of-labor fallacy: the belief that there is only so
much work to go round (the lump), so that if
machines (or foreigners) do more of it, less is left
for others. This is deemed a fallacy because as
technology displaces workers from a particular
occupation it enriches others, who spend their gains
on goods and services that create new employment
for the workers whose jobs have been automated
away. A critical cog in the re-employment machine,
though, is paid. To clear a glutted market, prices
must fall, and that applies to labor as much as to
wheat or cars. Where labor is cheap, firms use more
of it. Carmakers in Europe and Japan, where it is
expensive, use many more industrial robots than in
emerging countries, though China is beginning to
invest heavily in robots as its labor costs rise. In
Britain a bout of high inflation caused real wages to
tumble between 2007 and 2013. This is as an
unusual shape of the country’s recovery, with
employment holding up well but productivity and
GDP performing abysmally.
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Productivity growth has always meant cutting down
on labor. In 1900 some 40 percent of Americans
worked in agriculture, and just over 40 percent of
the typical household budget was spent on food.
Over the next century automation reduced
agricultural employment in most rich countries to
below 5 percent, and food costs dropped steeply.
But in those days excess labor was relatively easily
reallocated to new sectors, thanks, in large part, to
investment in education. That is becoming more
difficult. In America the share of the population
with a university degree has been more or less flat
since the 1990s. In other rich economies the
proportion of young people going into tertiary
education has gone up, but few have managed to
boost it much beyond the American level.
At the same time technological advances are
encroaching on tasks that were previously
considered too brainy to be automated, including
some legal and accounting work. In those fields
people at the top of their profession will in future
attract many more clients and higher fees, but white-
collar workers with lower qualifications will find
themselves displaced and may, in turn, displace
others with even lesser skills.
A new paper by Peter Cappelli, of the University of
Pennsylvania, concludes that in recent years over-
education has been a consistent problem in most
developed economies, which do not produce enough
suitable jobs to absorb the growing number of
college-educated workers. Over the next few
decades demand in the top layer of the labor market
may well centre on individuals with high abstract
reasoning, creative, and interpersonal skills that are
beyond most workers, including graduates.
Most advanced economies have made a poor job of
finding lucrative jobs for workers displaced by
technology, and the resulting glut of cheap,
underemployed labor has given firms little incentive to
make productivity-boosting investments. Until
governments solve that problem, the productivity
effects of this technological revolution will remain
disappointing. The impact on workers, by contrast,
is already blindingly clear.
3. A theoretical discussion on technology &
trade
UNCTAD has argued that calls to “free trade” can
lock countries into an established pattern of
production that – even if it makes efficient use of a
country’s resource endowments – may not generate
the more dynamic productivity gains that drive
catch-up growth. These depend on a variety of
macroeconomic, structural and technological factors
that need to be in place for a strong investment –
export nexus to emerge, including in the context of
global value chains, and to support a more
diversified economic structure (UNCTAD, 2011).
There is a difference between innovation and
technology: innovation is the actual development of
science and “know-how”; technology is the
application of this “know-how” in terms of
production and society. It is the latter that matters
when it comes to actual increases in productivity
and economic growth.
Nevertheless, technology is the main motor force to
develop the productive forces: to increase our
knowledge of and mastery over nature; to reduce
the socially necessary labor time needed to produce
and reproduce the conditions of life; to improve
lifestyles and raise the standards of living
(Innovation pessimism, 2013). Technology
promotes trade and development, produces wealth
(in terms of both quantity and quality of goods and
services), and achieves sustainability and
inclusiveness with comparative advantage through
reducing cost of production. It means that technology
reduces burden of mankind.
The full range of amenities which underpin the
Millennium Development Goals agenda, including,
inter alia, environmental protection, the containment
of health epidemics, mitigating climate change,
requires access to a range of appropriate
technologies. Much of the required technology is
already available in the public domain but accessing
and linking them to the required knowledge and
skills within countries is neither automatic nor
costless. It calls for investments in dynamic
capabilities, particularly those that shape the ability
of national stakeholders to uptake and absorb
technologies and make improvements in line with
local circumstances (Stiglitz, 2007).
While the constant search for higher profits through
the introduction of new machinery and technology
into the production process may be a logical thing to
do for the individual capitalist, for capitalism as a
whole it is disastrous. In other words, if all
capitalists attempt to produce more goods at cheaper
prices and with fewer workers, then, eventually,
there will be a lack of demand for their products
resulting in a crisis of overproduction.
Today there is innovation everywhere, but the actual
impact of this on society is not dramatic. Great
advances have been made in some areas, in many
respects society is still the same today as it was 40
years ago: domestic lifestyles are largely
unchanged; we still travel around on the same trains,
planes, and automobiles; and average life expectancy
world-wide (including the USA where each third
person is poor). As in the 1970s, Mandel stated that it
is hard to deny that American workers participated to a
5. Investment Management and Financial Innovations, Volume 12, Issue 2, 2015
184
certain degree in the benefits of US imperialism’s
monopoly of advanced industrial productivity of
technology (Bieler, 2012).
Some level of technological capabilities in countries
is critical to ensure the provision of these amenities
to all. At the same time, the critical importance of
such amenities spans beyond individual countries or
regions. In such a case, the international community
as such, has a collective responsibility to ensure the
provision of these goods (Stiglitz, 2007).
Technological change, particularly in developing
countries, is not only about innovating at the
frontier, but also at adapting existing products and
processes to achieve higher levels of productivity as
applicable to their local contexts. In this process, the
ability of local firms and enterprises to access
technological know-how is fundamental to shaping
their ability to provide products and services, both
of the kind that are essential to improve living
standards, and that could also promote growth and
competitiveness (Stiglitz, 2007).
There are more people today involved in research
and development than ever before, and yet it is
estimated that technology and innovation
contribute seven times less towards growth than
in 1950. It is the existence of private ownership,
not only over the material means of production,
but also over the ideas and knowledge generated
by society (i.e., patents and intellectual property),
that is stifling the actual development and
implementation of technology. Rather than co-
operating and sharing knowledge to produce the
best phone possible, companies such as Apple and
Samsung instead embroil themselves in an endless
series of legal cases over the infringement of
various patents or fairly investing in education and
applying the most modern techniques in the
advanced industrial countries, the capitalists instead
take advantage of the abundant supply of cheap
labor in Asia and Africa or elsewhere; or simply
choose to speculate parasitically in the financial
markets, or moderately employing the most
advanced production techniques, such as 3D
printers, which have the potential to provide
another industrial revolution, such technologies
are held back for fear of exacerbating the already
existing excess capacity – i.e., overproduction –
in the system and generating yet more
unemployment by replacing workers with
machines. Then questions arise here, why invest
in real production when there is already excess
capacity and when you could make billions on the
stock exchange or in various financial derivatives
instead? Why spend on R&D in Britain and the
USA when you could simply employ hundreds of
low-paid workers in China?
The increasingly parasitic nature of capitalism and the
use of off-shoring in terms of industry have not
helped innovation and technology. On the one
hand, they have created greater inequality
everywhere, with profits accumulating in the hands
of the big multinationals at one end and with an
ever more impoverished working class at the other.
But on the other, they have also helped to create
the largest and most interconnected working class
that has ever existed.
4. An inclusive development & capitalism
The Economist’s article (published in 2013) shows
that there has been a slowdown in the growth of
productivity – i.e., the economic and productive output
per person – that precedes the crisis and goes back
several decades to the 1970s (Innovation pessimism,
2013). This article explains how economic growth can
primarily be broken down into two categories:
extensive and intensive. Extensive growth refers to the
increase in output due to an increase in the factors of
production by expanding the workforce.
Intensive growth, by contrast, is the increase in
output for a given size of the workforce. This
reflects an increase in the productivity or intensity
of labor – what Marx refers to as an increase in
“relative surplus value” in terms of capitalism. The
difference between “extensive” and “intensive”
growth, therefore, is a difference of quantity and
quality: extensive growth merely increases the
quantity of the productive forces; intensive growth
increases their quality.
Marx explained how capitalism, in its early,
progressive phase, gave a huge impetus to the
development of the productive forces. Competition
between different capitalists, in the pursuit of
increased profits and greater markets, led not only to
extensive growth – through accumulation and
reproduction – but also to intensive growth, as the
capitalists reinvested profits into the development of
new machinery, technologies, and productive
techniques. Those who could not keep up with the
application of the latest technology and technique
produced at a higher cost and were undercut by their
competitors. The weak went under and were
consumed by the strong, leading over time to a
concentration and centralization of capital in the
hands of the few, as Marx describes in Capital:
“Hand in hand with this centralization, or this
expropriation of many capitalists by few, other
developments take place on an ever-increasing
scale, such as the growth of the co-operative form of
the labor process, the conscious technical
application of science, the planned exploitation of
the soil, the transformation of the means of labor
into forms in which they can only be used in
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common, the economising of all means of
production by their use as the means of production
of combined, socialized labor, the entanglement of
all peoples in the net of the world market, and, with
this, the growth of the international character of the
capitalist regime (Capital)”.
This, then, was the historical role of capitalism: to
concentrate the previously scattered means of
production into giant monopolistic firms; to
establish an interconnected capitalist world market;
to develop the means of production and thus lay the
material basis for socialism – that is, the creation of
a society not of scarcity, but of superabundance.
5. A so-called socialist market paradigm
of China
The growth of China’s economy is overwhelming: it
produced US$9.5 trillion-worth of goods and
services in 2013, nearly three times more than in
2007. But question arises here: has that growth come
simply from deploying more labor and capital? Or did
total factor productivity – the efficiency with which
those two inputs are used – also increase? As we
know, a period of high growth does not necessarily
involve a rise in productivity. The more people are in
employment, and the more factories and roads are for
them to use, the bigger an economy will be. But those
workers and roads may not be put in good use. As long
as the amount by which labor and capital grow
outpaces any fall in productivity, GDP will still
increase. Growth of this sort, however, can last only
so long. Neither labor nor capital is infinite.
In the long run, improving the productivity with
which they are used is the magic ingredient for any
economy, the only path to sustainable growth.
Concerning China, productivity increased just 1.5
percent a year between 1997 and 2012, according to
the People’s Bank of China (The Weak World
Economy, 2014).
In China, the initial success in the late 1970s and
early 1980s was mainly due to agricultural reforms.
From the late 1980s, China entered a period of
large-scale rural industrialization and active reform
of the urban industrial sectors. The change of state
policy on international trade played an important
role in creating a good external environment for
sustainable economic growth. China’s trade policy
changed from import-substitution and self-reliance
before economic reforms to export-promotion and
openness after reforms (Groves et al., 1994, 2001).
The export promotion policy was pursued with a
number of radical reforms, including liberalization
of the foreign exchange market, encouragement of
foreign direct investment (FDI), and industrial
restructuring to exploit China’s comparative
advantages in international trade.
The Chinese government has re-orientated their
economy away from export-led growth and towards
investment. The reasons for this are straightforward:
with a collapse in demand in the USA and Europe –
China’s main export markets – as a result of the crisis,
the Chinese economy needed to find a new source of
growth or face a crisis and collapse of its own.
In order to maintain their blistering pace of
economic growth, China effectively enacted one of
the world’s largest ever Keynesian experiments,
with credit expanded massively to fund an
enormous surge in investment; lending in China
rose from 122 percent of GDP in 2008 to 171
percent in 2010 a larger increase of credit than
that seen in the USA in the run up to the financial
crisis of 2007 and, as a result, the total debt-to-GDP
ratio (including household, corporate, and government
debt) now stands at around 200 percent.
This investment binge has created enormous
contradictions, both within China and on a world
scale. The expansion of credit has led to a huge
build-up of local government debt in China and the
central governments are under pressure to try to
deflate this credit bubble without bursting it in the
process. Meanwhile, the massive amount of
investment in China – accounting for up to 50
percent of Chinese GDP – has further increased the
productive forces in China, and, thus, globally also,
which, in turn, only exacerbates the existing excess
capacity and crisis of overproduction. As the views
of Paul on the Chinese economy:
“Investment should expand an economy’s capacity to
meet the needs of its consumers or its export markets.
But in China, Krugman argues, much investment
spending is Sisyphean: it is simply adding to the
economy’s capacity to expand its capacity.
“...It is clear that China should lower its investment
rate. But Krugman and others say that a lower
investment rate could precipitate a crash. Their
concern echoes a 70-year-old model of growth
devised by Roy Harrod and Evsey Domar, in which
the economy is balanced on a knife-edge between
boom and bust.
“The model recognizes that investment plays a dual
role in an economy. It is both “a source of extra
capacity” and a “source of demand”. Sometimes
these two roles work at cross purposes. If growth
slows, then the economy will not need to add as
much capacity. That implies less investment. But
because investment spending is a source of demand,
less of it also implies less demand, lowering growth
still further. In avoiding excess capacity, the
economy ends up creating more of it.
China as a whole is thrifty: its saving rate is even
higher than its investment rate. But savers and
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186
investors are not usually the same. Standing
between them is China’s financial system, which
transfers vast resources from the first to the second.
The IMF criticized about China’s growth, it has
become ‘too reliant on investment and an
unsustainable surge in credit’. However, China is in
the midst of a precarious shift from investment-led
growth to a more balanced, consumption-based model.
Its investment surge has prompted plenty of bad debts.
6. “Go global” development strategy of China
China recorded enormous growth rates based on the
growth of exports through adopting “Go Global”
strategy. The government becomes the supplier of
information and assistance services, as well as
promoter of incentives and reduction in investment
risks. There were also published guidelines, covering
outward FDI to some countries and sectors, and there
were conducted many infrastructural projects,
connected with acquiring relatively small, but
technologically advanced enterprises in developed
countries and allocating production there. Chinese
firms are taking to expand into international markets.
6.1. The most competent Chinese business agency.
Alibaba operates a series of online marketplaces in
China and elsewhere, handling more transactions than
Amazon and eBay combined. Online retailer Alibaba
says it sold $2bn (£1.2bn) of goods in the first hour of
China’s annual “Singles’ Day”. That compares to
$3.1bn in sales seen in the first half of last year’s event
considered the world's biggest online retail sales day.
Last year, Alibaba shipped more than 150 million
packages or about $5.75bn in gross merchandise
volume. Since then, it has gone on to become a
massive day of sales for China’s fast growing e-
commerce market. The market is expected to grow
at an annual rate of 25 percent over the next few
years, from $390bn in 2014 to $718bn in 2017.
Conclusions
Any effective global partnership supporting inclusive
development, therefore, needs to frame development
for all as the overall goal. This will need a rebalance of
priorities and concerns globally to achieve a paradigm
shift where the relevance of cross cutting issues, such
as technology and innovation, is not contestable. Such
a new global deal will need fresh thinking, supported
by effective policies and instruments in order to
provide a roadmap for action.
Technological learning and innovation capacity that
is critical to enable the provision of essential
amenities to all is fundamental to ensuring overall
sustainable development. Simply put, a country
develops capabilities to innovate, and the absence of
such capabilities results in limitations to apply
existing technologies in all sectors, including those
of public importance, such as health, agriculture and
climate change.
Economic development concentrated in a few
geographical (where mainly focusing on specific areas
like IT sector, technology trade, military or defense
trade), among specific social groups and is increasing
in urban areas, ultimately, whole exercise is focused
on how to promote international trade for private
corporate sectors to maximize profits through
competitiveness and more liberalization. This
oligopolists-led globalization, worldwide poverty,
malnutrition, income inequality, unemployment,
and environmental degradation rigorously
increased. Overcoming poverty requires a context-
specific multi-pronged strategy that includes: a
basic societal needs approach, a human rights
entitlement approach, a natural resource
management and properly utilization approach,
and a focus on inclusive economic development in
all sectors: agriculture, manufacturing, and service,
including health, education etc. Only through adopting
multiple capability approach, it will create job
opportunity to all with people’s freedom and choices.
Recommendations & policy implications
For achieving inclusive development with
sustainability, it requires investment not only in higher
value manufacturing industries but also into sectors
that contribute to broader public policy goals (such as
health and nutrition, education, agriculture, and
environment) as well as across a range of activities that
support overall development, including also
marketing, management and financial services.
Such investments, over a period of time, help to
increase absorptive capacity and the ability to adapt
and apply existing technologies, thereby leading to a
gradual increase in productivity and social welfare.
Learning opportunities for innovation arise regularly
from a variety of sources, such as from investments in
new machinery and equipment, technology suppliers,
mobility of labor, interactions with other knowledge
agents, trade and investment. External opportunities,
such as contract manufacturing for export and
supplying to global value chains, are additional
sources of learning.
However, because learning does not occur
automatically or without costs, it requires appropriate
incentives, policies and institutions... Trade rules,
intellectual property rights and investment are means
to achieve overall development, including through
technological change. There is a need to ensure that
they are coherent with overall technological
development objectives of countries. There is also a
need for efforts to ensure that existing agreements
maximize policy space and, where appropriate, expand
it in sectoral areas of interest to developing countries to
ensure inclusive, sustainable development.
8. Investment Management and Financial Innovations, Volume 12, Issue 2, 2015
187
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Appendix
Cheap labor and competitiveness
Source: U.S. Bureau of Labor Statistics, International Labor Comparisons.
Note: Data for India refer to the organized manufacturing sector only.
Fig. 1. Average hourly compensation costs in India and China, as a percent of costs in the United States, 2002-2009
9. Investment Management and Financial Innovations, Volume 12, Issue 2, 2015
188
Source: U.S. Bureau of Labor Statistics, International Labor Comparisons.
Note: Data for India refer to the organized manufacturing sector only. For a description of the economic groups, see the technical
notes at www.bls.gov/ilc/ichcctn.pdf, Table 2.
Fig. 2. Average hourly compensation costs for all employees in manufacturing, selected economies and regions, 2000-2010
Source: U.S. Bureau of Labor Statistics, International Labor Comparisons.
Note: Data for India refer to the organized manufacturing sector only.
Fig. 3. Average hourly compensation costs in India and China, as a percent of costs in the United States, 2002-2009