The Impact Of Technology On The New Economy Essay example

The Impact Of Technology On The New Economy Essay example

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Technology has significantly changed our lives over the last couple centuries. From the industrial revolution to the digital revolution, it has affected not only the way we work and create things, but also the way we interact with information and even with each other. However, just like with the industrial revolution, some argue that today’s the rapidly evolving technology is replacing labor instead of complementing it and contributing, if not instigating, the wide disparity in income and the stagnant lower and middle-class wages observed in developed economies. In **Technology and Inequality**, **Teach Leaps, Job Losses and Rising Inequality**, **Technology didn’t kill the middle class jobs, public policy did**, and **The Onrushing Wave**, authors David Rotman, Eduardo Porter, Dean Baker, and an unnoted author take a look at the various leading economic theories that attempt to define the role of technology in the new economy.
The common ground of all four authors seems to be in recognizing that there does indeed exist an issue of the accumulation or creation of wealth only reaching the very top of the economic spectrum, whether it be hot start-up founders, the corporate elite, or aristocratic figures. Similarly, all authors do well to identify the poor state of the middle class worker, all noting something along the lines of, as Rotman put it, **inflation-adjusted wages of low- and middle-income workers has been flat or declining since the later 1970’s in the United States...** (Rotman 1).
That is as far the authors agree, however, as they disagree on exactly what the role of technology is in the economy. Rotman takes a more balanced and comprehensive approach, exploring all the different ideologies and quoting various contra...

... middle of paper ...

...own research, which indicates that the growth in employment is in the low-skilled sector which should see sharp rises in wages if Autor or Brynjolfsson are correct. Baker goes on to express dissent against policies like open trade, tax-cuts for the elite, the weakening of unions and the deregulation of traditional industries, which allows firms to undercut wages.
In all, the jury is still out on what the role of technology is in today’s economy. What the authors do unanimously agree on is that a very major issue does exist and that we have to address it somehow. Additionally, virtually all the authors agree that there are things we can address now, regardless of whose theory is right and whose theory is wrong. For example, a lack of widely available equality education is a clear issue, as indicated by the authors, that people and institutions can address right now.

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