Global perspective

Individual report

student Name: kamgo tchomte steve

Course instructor: Mr. Akong nickson
 Introduction
The topic I have selected for my global perspective report is “digital world”.
This topic can further be divided into other branches but today, I
am going to focus/highlight on “how can an advance in technology impact the
rate of employment” .The reason why I have opted for this topic is because
over recent years critics worldwide have raised argument about how could
technology help in the advancement in the world.
An advance in technology has been highly seen since the beginning of the prehistoric
period ,from the invention of materials such as arrows and spears (used to hunt)to the
creation of the first calculating machine.

The development of technology has been exceptionally fast during the 20th and the 21tth
With electronic technology and machine being created and improved every day. Every
day various companies attempt to manufacture something more advanced in order to
attract new customer
 “how can an advance in technology impact the rate of
employment” .
GLOBAL PERSPECTIVE:
 Technology has always help to increase economic growth,
ameliorate standards of living, and opened up path to new and
better type of work. Recent improvement in artificial
intelligence and machine learning, which brought us to self-
driving cars, mark the beginning of a very determinant shift in
the world as we know it.
 Current technological advancement has led to a higher relative
demand for skilled workers and a lower relative demand for
workers performing regular activities. The use of computers in
the workplace has been the main force driving changes in the
salary of skilled workers relative to the wages of unskilled
workers.
“how can an advance in technology impact the rate of
employment” .
national/local perspective

 According to “times of India” (a very popular source of information in India) It

increases the bar of efficiency, productivity, and safety which is not attainable
by humans alone. Also, it will not be for the first time when there will be a
considerable switch in employment due to technology. History has been evidence
of the fact that technology has been the creator of jobs than the destroyer.

 In economics, it is generally accepted that technology is the main driver of

economic growth of countries, regions and cities. Technological progress helps for
the more efficient production of more and better goods and services, which is
what prosperity depends on.

 However, most of the labor force will be in the tech industry. Robots may
eventually decrease human employment, but the robotics industry will also give
rise to new jobs. According to a recent news, between 2017 and 2037, robots will
replace around 7 million people at work.
Possible scenarios
The negative impact of Technology on jobs:
The immediate consequence of new technologies will be job losses because most jobs
will become redundant. Machines and automation will replace low-skilled workers. If
any enterprise do not replace human labor with technology, it is susceptible to losses
due to heavy rivalry from other companies which use technology. So, it is unavoidable
for companies to catch up with the technologies. In this process, low-skilled workers
will be the first section to be separate from the jobs. As a consequence of that,
income inequalities are further spread.

The positive impact of Technology on jobs:

Technological innovations consequence in improved lifestyles, and
hence consumerism increased and thereby results in more employment
opportunities. For example, the industrial revolution generated more jobs than it
eliminated. If we take the example of 3D printing technology, constructing houses
by 3D printing is a great technological innovation. Eventually, it will cause some
job losses in the construction industry at least in the starting. But this innovation
will result in creating cheaper homes and hence more and more people may want
to buy a house. And so, with more consumers, more houses will be constructed and
hence will create so many jobs but of a different kind.
To conclude , I firstly want to mention that making researches about
“the impact of technology of an economy” was quite very educative and
interesting
Also, I personally think that technology will have a positive impact on the
rate of employment because product of higher quality shall be produce
in a larger quantity and at a faster rate

End