We live in a world where productivity, a key pillar of long-term economic growth, has crumbled. In the United States, Europe, and other advanced economies, productivity growth has slowed so drastically in the past decade that economists debate whether we have entered a new era of stagnation — and this at a time when we need productivity growth more than ever to sustain growth, as working populations in countries from Germany to Japan age and shrink.
The False Choice Between Automation and Jobs
The world needs productivity growth, and technology can provide it.
February 05, 2018
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Summary.
As more and more business tasks become automated, many industries are experiencing significant disruption. What will it take to maintain a healthy business ecosystem while reaping the benefits of automation? The authors suggest three main priorities for business leaders and policymakers to consider: First, investing in skills and training. Next, developing more fluid labor markets. Finally, reevaluating income support policies. There are no easy answers, but with careful preparation and intelligent, compassionate decision-making, we can develop a system that works for everyone.