The
increase in usage of technology in production or value creation whether it’s
producing products or services is affecting our lives. Some studies show that
these robots, algorithms or digital tools are taking over jobs that previously
required humans. These tools ability to make the job is improving and in some
cases are perfect. Corporate profits are higher than they ’ve ever been, but
these businesses are not hiring at the same ratio. The need of hiring human
labour in the future will decrease. We are heading to a society that will be
very productive but will not need as many human workers.
Andrew McAfee
claims that the most important human development is technology. This technology
has caused stabilisation in prices, elimination of waste and improved life
quality. In the future, technology will have a more significant role. It will
be freeing our time and giving us the opportunity to do other things such as
reducing poverty and misery around the world and living more lightly around the
planet.
Mr McAfee’s
positive vision of the future is very inspiring. However, I do believe that
people at the bottom of the pyramid will not benefit from these innovations.
The massive increase of profits will only benefit corporate shareholders. Improved technology will lead to higher
consumption of natural resources, and we will run out of these resources sooner
than expected. Higher unemployment will
also lead to lower consumption that in return will make it more difficult for
the economy to grow, and a recession will be expected. We are currently facing a slow growth in
economy thanks to governmental stimulants of the market. These stimulants had a
more positive impact on corporate profits than employment; a major factor could
be the use of and the investment in technology rather than investing in human
labour. If not everyone in economical terms can benefit from the improved technology;
we will see a world with a huge gap between rich and poor people and an
increase in conflicts. A reallocation of
resources and change in taxation of corporate profits might be an effective
tool to reduce the gape in a society where the technology has taken over.
Maha El Khalil
