Nexus of Technology, Innovation, Wealth, Jobs and Policy

Nexus of Technology, Innovation, Wealth, Jobs and Policy

by Dr. Rokon Zaman.

One after another report is showing up with the projection of a massive job loss threat due to technology progression. A recent report published by McKinsey states that 800 million jobs, equivalent to more than a fifth of today’s global labor force, are likely to be lost by 2030. Although technology has been blessing to us for centuries, but we are now facing growing fear out of technology progression. Basically, we need to create more wealth from depleting resources, while causing less harm to the environment. For this reason, we need technology to innovate solutions to get job done better with less. Invariable, our innovation focuses on delegating roles from human to machines, causing job loss. But, innovation does not meant to be job loss all the time. We can pursue certain innovations not to find substitutes to humans' roles in existing productive activities, rather to empower humans to perform certain wealth creation activities which could not be performed before, thereby creating jobs and wealth together. For example, the journey of invention and innovation in wearable healthcare devices creates wealth and new jobs simultaneously. Policy of giving incentives, and placing or removing roadblocks influences type of innovation we are going to pursue, whether just to destroy jobs, or also to create new jobs in our relentless journey of creating wealth. It happens to be that special interest groups favour those policies which kill jobs to monopolise wealth creation and ownership. We need to keep understanding the nexus between technology, innovation, wealth, jobs and policy, and influencing policies accordingly, so that wealth and jobs are created simultaneously.

Instead of just getting scared with the impending massive job loss threat, let's share our thinking about the Nexus of , , , and , so that we can accumulate wisdom about the possibilities in for smarter decisions to act today.

Originally Posted at Techpolicyviews on Blogspot

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