How the Information Revolution Remade Business and the Economy

person icon Business Expert Press

How the Information Revolution Remade Business and the Economy

A Roadmap for Progress of the Semiconductor Industry

person icon Apek Mulay

ebook icon Business Expert Press

language icon Language - English

updated on icon Updated on Oct, 2022

architecture icon Information,Business,Economics


This eBook includes

Formats : PDF (Read Only)

Pages : 175

ISBN : 9781631575891

Language : English

About the Book

Book description

Tremendous technological progress in the last half century has exponentially grown productivity as well as increased automation to reduce the costs of operation for businesses. On one hand, ever-growing productivity has reduced requirements for manual labor through automation. But, on other hand, huge unemployment created from reduction of workforce due to automaÂtion, has reduced the consumer purchasing power and is indirectly hurting the Return on Investments (RoI). This brings any further progress of technology to a standstill. For technology to progress both supply and demand have to grow. The supply comes from producÂtivity of workforce and demand comes from their wages. Hence, free markets must ensure that wages  automatically catch up with ever-growing productivity, with minimal government inÂtervention. To avoid automation from destroying jobs in an economy, free markets should ensure that working hours of workforce be reduced during the waning phase of economy and increased during its waxing phase.

How the Information Revolution Remade Business and the Economy

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Business Expert Press

Since 2008, Business Expert Press has been providing business students and professionals with precise, business information written by experts in their fields. Available in both print and eBook formats, our books can be obtained by consumers through a variety of sources including direct purchase on our website and major online bookstores. Business librarians can purchase our entire Digital Library, published and updated annually, in total, or in various configurations such as topical e-collections or custom bundles, through perpetual access or subscription.


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