Question

In: Economics

3 pages and   The essay must be, double-spaced, 12 point, with 1” margins, Two factors that will...

3 pages and   The essay must be, double-spaced, 12 point, with 1” margins,

Two factors that will affect you in the 21th century is computerization, and automation. Oxford University reported that nearly half the jobs in the U.S. will be affected by automation and computerization by 2020. And that will grow. It is now beginning to reach into professional and creative industries that long seemed immune, from law clerking to journalism. And the pace of change is accelerating. Combine this with "Moore's Law", and it leads to a troubling and disruptive future for the unprepared.
These developments illustrates a recurring theme in capitalism. As workers become more powerful and higher paid, the historic pressure on capitalism is to automate. In our society, we have always valued capital over labor. What will we do when automated vehicles take over the largest employer of white male Americans, the trucking industry? or checkout clerks from McDonalds, to Publix disappear. who will employ these obsoleted jobs.
So my question to you is, how will this affect you, and those who are not prepared for lifelong learning to succeed in the future. How does our economy handle a surplus of workers , from menial jobs to the profession you have chosen? If you can imagine a computer doing your job, it will...

Solutions

Expert Solution

The labour composition is changing fast in the 21st century from labour force to machinery. It has increased the level of unemployment in the economy as machinery can do more work in less time as compare to the labor force so employers prefer more machinery than labors. The computerization and automation of the works in the workplace has reduces many employment opportunities making many people workless and jobless.

It is affecting every economy of the world and every individual because either we have to make ourselves more productive than the machineries to get the job or we have to learn modern skills and techniques to get the work. It is not only reducing our employment opportunities but also affecting our wages. We have to agree with the minimum wages set by the employer to get the employment as the automation and computerization of work has increased exploitation of labour force by employers.

The computerization and automation negatively affects the employees who are not prepared for lifelong learning to succeed in the future because employers replaces them with more skilled labours who have knowledge of modern techniques and always ready to learn new skills to get success. The employees who are not prepared to learn lifetime gets low wages due to their less skills and lack of productive approach towards the work. The employers always wants highly productive labour force for their institutions so if they feel that their employees are contributing less and will not be beneficial in the future than they will replace them with more effective machinery and high skilled workers.

It becomes difficult for our economy to handle the situation of surplus labour as the computerization and automation has taken the job of large number of workers. Our government creates new employment opportunities by investing more in development projects and using more labour force then machinery for the works which can be done manually. Government starts many policies and plans to make the workers and youth more skilled and productive.


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