Question

In: Economics

What could the government do to ease the transition to an automated economy?

Expert Solution

Automation

Automation is the process of creation and application of technology to monitor and control task or process . In ancient period agricultural activities was completely depends up on human capital. Individual skills, attitude and working style was different so agriculture sector was un productive. Now we are using High Yielding Varieties seeds, tractors and machines. irrigation system so agriculture sector became more productive. Like agriculture sector, each and every sector depends up on technology. Invention of computer strengthen the growth of economy. Now a days technology have become fuel of our economy so optimum production, effective distribution and efficient consumption needed automation and technological advancement. It is the era of Artificial intelligence no doubt it will enhance economic growth and standard of living.

Merits of automation

1. Increase in productivity.

2. Increase quality of output.

3. Reduce pressure for human capital.

4. Cost effective method.

5. High accuracy.

6. Reduce occupational injuries.

7. Consistency of output.

Demerits of automation

1. High initial cost.

2. Un predictable maintenance cost and damage.

3. Lead to unemployment.

Government's role to make easy transition to automated economy

1. Set up new Research and Development centers to invent advanced technologies and automation.

2. Provide subsidy and monetary benefits who adopt automation.

3. Provide better training programs to unemployed labors.

4. Provide advanced training for students and engineers in the field of technology.

5. Provide grand and scholarships for students in the field of automation.

6.Fixation of automation standards

7. Conduct exhibitions and fair addressing global technology.

Rahul Sunny answered 8 months ago

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