Photo supplied
Vijay Mathur
Technological change in the U.S. is essential for capitalism and the market economy to thrive in the globally competitive economy. Many economists and non-economists, including politicians and businesses executives, believe that technical change and automation improve production efficiency, save labor cost, and increase productivity and profits. There is also an understanding that workers will participate in productivity and profit increases in the form of higher employment and wages. Therefore, the share of productivity increase for workers will grow in addition to the increase in shares of profits and compensation for business executives, thus decreasing income inequality. However, […]
Full Post at www.standard.net