Economic Factors And The High Level Of National Productivity

Course Description Principles of Macroeconomics deals with consumers as a whole, producers as a whole, the effects of government spending and taxation policies, and the effects of the monetary policy carried out by the Federal Reserve Bank. Macroeconomics is concerned with unemployment, inflation, and the business cycle. Text Required: Macroeconomics, Roger A. Arnold, 7th Edition, 2005 Recommended: Macroeconomics Study Guide, Roger A. Arnold, 7th

Robots can effect employment in a negative way,as said by the author Kelly “It may be hard to believe… 70 percent of today’s occupation will likewise be replaced by automation...even you will have your job taken away by machines”(Kelly Page.300), this quote comes to show the negative aspect of robots taking over the world in the near

In society, where it is already hard enough to obtain a job, the creation of AI will take away jobs from countless people. In total there will be a 47% loss of jobs and specifically in the

The term “Artificial Intelligence or AI” is no longer an obscure term to us. Being surrounded by smart and intelligent devices in our everyday life has made us aware about this technical jargon called “Artificial Intelligence or AI”, which is used to refer to machine intelligence in the field of Computer Science. As artificial intelligence continues to progress, machines are becoming smarter and more efficient than human beings. So, people are getting more concerned and apprehensive regarding their jobs after witnessing their jobs being replaced by robots and machines. Artificial Intelligence replacing human jobs frequently gets media attention and it has been made a huge deal even though it is not. AI gradually taking all our jobs and destroying the economic system is just an absurd and exaggerated claim made by few media outlets and self-proclaimed tech pundits. On the contrary, AI has potential to help us to get better at our jobs and create more job opportunities in the long run.

There are several factors that affect our economy, gross domestic product (GDP), real GDP, nominal GDP, unemployment rate, inflation rate, and interest rates. All of these factors have influences over how we purchase groceries, weather there will be massive layoffs of employees, and decrease in taxes.

Unemployment rate, one of the biggest macroeconomic indicators. Unemployment rate controls the rate of the economy, or GDP. If unemployment rate drops from 9.1% to under 5%, the entire economy would benefit. The job market would increase, total products produced would increase, and the overall standard of living would also increase. Employment is a key economic factor that affects all things economic.

problem at hand is the rising rate of unemployment. This problem must be dealt with

A lot of factors contributed to increasing American production some of these are: war, communication improvements, transportation improvements, and mass production. War helped to increase American production because it caused more equipment to be made in the factories for war, which helped American industry to improve. It also created more jobs, competition, and businesses. Communication improvements increased American production because businesses and companies could send messages that otherwise would take days, in one day, allowing for instructions to be given faster and perhaps clearer. Transportation improvements increased American production because it allowed for goods and services to be transported faster, allowing more goods to be produced

The article discusses the reinforcement of the labour-intensive production. There are more people willing and able to work, especially in manufacturing and constructing. The article insists as the growing rate of employment shows the prosperity and the balance of the country right now. Although there is a risk of restructuring in the near future as technologies develop. Replacing labor with capital, “factor substitution”, is becoming a major problem day by day. By taking away jobs from people and giving it away to the mechanics, it will highly increase the

As society continues to evolve over years, each country of the world will be developed more rapidly than before. In such cases, there will be some fierce competitions between countries, and these oppositions have related to some phases, such as its global economy and social lifestyles of its citizens. Countries have more oppositions with each other in the aspect of its labor and economy than any other features. In previous years, enough labor forces could support the growth of the national economy of a country because they had available jobs to do. Nevertheless, the demand of the labor and economy is different than what it’s used to. The population has surpassed the acceptable size, and industries in the labor force are surplus. For the moment, technology, skills, and machinery have become the trend of the global economy.

One of the biggest controversies with the advancement of artificial intelligence is the debate on job automation. Many people believe that artificial intelligence will advance to become better than humans and replace humans in most jobs. The opposite belief is that AI will be used to improve the standard of living and will be a tool to support humans, not replace them. Job automation has many benefits such as performing more dangerous jobs and complete tasks that humans do not desire to do. Even though job automation has benefits, there are many people who believe robots will take over the job market and the unemployment rate will skyrocket. There are multiple supporting factors for each side of the job automation debate, but the argument will never be settled until AI is further advanced and utilized.

Such examples are basic. A further analysis of unemployment, would reveal even more complex problems that are too delicate to deal with. In parallel, undoubted there is a positive side in replacing humans with machines. That workers who lost their jobs because a robot is now doing them, can invest in other areas of knowledge and technical capabilities. They can specialize in a field where machines cannot act and it will be always dependent on human capital, intelligence, sensitivity, and autonomy. Characteristics that the most advanced robot does not have. The options are numerous, but they require attitude, willingness to cooperate with the changing, and the desire to grow

The objectives for this newly developed capitalist society are to establish sustainable high rates of growth and a robust middle class. In order to achieve this there must be an effective government institutions, economic policies, laws, and to establish the role of the worker. If these objectives are not achieved then the newly developed nation is in danger. Due to this it is essential to analyze the great nations of our time such as the United States, Germany, Great Britain and Japan. One must see what they have achieved and what have they failed to accomplish, it will give us a clear indication in which route to take.

Usually this goal is "macroeconomic stability" - low unemployment, low inflation, economic growth, and a balance of external payments. Monetary policy is usually administered by a Government appointed "Central Bank", the Bank of Canada and the Federal Reserve Bank

TFP is the essence of economic notion of productivity and is used as a measure of technical progress. It shows the efficiency with which all inputs are used in a production function and is defined as the measure of increase in output not due to different input choices but due to increase in marginal products of factors of production.