Think about the trends in what and how goods and services are produced in the U.S....

Think about the trends in what and how goods and services are produced in the U.S. and global economies. Do you think that at some future time, there will be no jobs in the United States and all the jobs will be in developing economies? Why or why not?

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Expert Solution

I don't think this is going to happen.

Firstly, the jobs that go to the developing countries are mainly lower-end jobs like data-entry, back-end processes, customer support, etc. or jobs which are labor-intensive like manufacturing automobiles, parts, or shoes, etc. These types of jobs are labor-intensive and these are going to developing countries as developing countries has low wage rate. However, the wage rate in developing countries will eventually rise and there will be a time when it will be no more profitable to send these jobs to developing countries.

Secondly, many new types of jobs are being created in the USA. These jobs are mainly high-end sophisticated jobs in domains such as automation, data science, artificial intelligence, financial services, etc. These types of jobs require highly-skilled manpower with sophisticated training and education. These types of jobs will keep growing in the USA.

Rahul Sunny answered 1 year ago

What goods and services will be produced?

in a market economy who decides what goods and services will be produced?

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