Technological advance will change our economy tremendously. Of course it will! Since it makes everything more efficient. Engines made transportation easier and internet gave us unlimited amount of information. This influences our living standards, productivity, and much more. Of course there are other factors like governmental regulations (which affects our economy’s growth by a big margin as well, both good and bad) but today I’d like to go over how Innovations like artificial intelligence and android, which will soon power everything around us, affect our jobs in the future. Educating yourself on what’s coming is important for younger generation because inequality will get worse if you don’t. Learning about these technological advance and how it works will help us better our future by helping us make better decisions.
Our technological advance is a double edged sword. If you are not prepared, you will lose your jobs to robots, whether you like it or not. We need to educate ourselves because jobless future that technology brings will be a reality. Instead of putting blame on something like china, the government, the corporation, or trade issues for your unpreparedness, one need to look at what’s really happening in the US as citizens and educate ourselves early in the game to prepare.
Main thing the younger generation worry about is education. Choosing a particular degree program and school will be the most important decision that kids will make in the future. Especially during the era of technological innovation, when the demand for specific skilled workers is high. People should think hard about what jobs will be in demand, what jobs will disappear, what pays good, and what jobs will be more competitive, because choosing the wrong degree program can be a negative factor on your resume.
Some economists say technology will affect future employment while other economists say the opposite. What I can tell you is that technology may or may not reduce the total amount of jobs, but it will for sure affect what jobs will increase or decrease. It may also tell you what new jobs will appear as well. It can also tell you what certain job’s salary will be like as well if you research to a certain extent. People fear and say that rapid technological change has been destroying jobs faster than creating jobs, but neoclassical economists predicted that technological change will not spawn mass unemployment because people will find new jobs by adjusting and learning. This is true for most part, but one will face a period of unemployment if he or she can’t adjust and learn fast enough. People need to learn the skills fast enough to be employed for new jobs that are constantly getting created and destroyed, which means that you’ll have to be prepared in advance to avoid unemployment (This is why education is important and is why you should continuously improve yourself). It will fluctuate as we go through constant innovation, so it’s definitely something to keep your eyes on.
Technological advance affects our median income, unemployment rate, growth of inequality, and much more. There will be a lot of people who will be majoring in a program that will soon be low in demand, which will make it more competitive. However, humans are smart and will continue to advance to adapt to what’s coming next, even if that means more education or more work (there are some who aren’t as smart and prepared, and those are the ones who gets stuck with bad transient jobs). Even during the time when they’ve introduced the car engines or steam engines, when particular jobs were at stake, people were able to learn new skills for the new jobs that has been created.
So back to education. Be sure to consider factors that really matter instead of emotional factors.
Emotional factors like how close it is to your family, is the university in the city, what friends will attend the university, and how fun it will be are something you should leave out. Important factors like school’s employment rate upon graduation, is the university’s level right for you (really important!), demographics diversity (you can learn from people all over the world and see his or her input), how good are the professors, does the college support the town and have friendly relationships with the employers/have great connections, tuition rate, type of major it offers and the employment rate for that major, the average salary upon graduation, study abroad opportunities, accreditation (most for profit universities don’t have this), and much more should be considered instead. Of course these are the basics factors, you also need to look towards the future and see how these factors will change in the future. For example, you can read the news (for example, the government have taken computer security issues more seriously than before due to hacking. Many firms who uses technology have been affected, meaning that computer security major will an important asset down the road) or continue educating yourself on new topics (get certifications, licenses, and experience).
Technology is already getting adopted by manufacturing, clerical, medical, retail, law, finance, education, and much more. Technology evolves fast, so it’s good keep up and predict what it can affect.
All in all, people should look into this and learn how government react to it. Policymakers need to consider how they can help workers adjust to these shocks in the labor market.
As new technologies arise, there will be both more opportunities and challenges that policy makers should watch for. However, I think people should be educated as well so they can agree or disagree on what policies and regulations are being created. A great example would be Trans-pacific partnership agreement which have been thrown away by the congress after the 2016 presidential election, thanks to people who’ve educated themselves on how bad that policy was.