Tag: consumption

Contra the Skeptics, Trade and Technology Really Do Benefit Most American Workers

Contra the Skeptics, Trade and Technology Really Do Benefit Most American Workers

Figuring out how to help the minority being left behind is policymakers’ most urgent challenge.

As we plunge into another presidential-election year, one key point of contention will be the state of the American worker: Are most Americans getting ahead in today’s increasingly high-tech, globalized economy, or have wages and incomes “stagnated” for middle-class and blue-collar workers?

Progressives on the left and economic nationalists on the right seem to share a common view that most American workers are worse off today than in past decades. Trade and technology, they say, are largely to blame. Their favored policy prescriptions range from […]

Is Automation Causing Economic Disparity?

Is Automation Causing Economic Disparity?

The utilization of both industrial and service robots has been increasing quickly during the past decade. There is little uncertainty this is leading to changes in income imbalance. Automation replaces tasks recently performed by low-skill labor, however, it likewise makes new tasks, generally more highly talented. Automation clarifies, to some degree, the poor labour market performance of low-talented laborers in cutting edge economies since 2000.

The total level of wages related with jobs that have the technical potential to be automated in the UK is £290 billion every year, which speaks to 33% everything being equal and income from labor […]

Flying High: The Top Ten Airline Routes by Revenue

Flying High: The Top Ten Airline Routes by Revenue

Every day, global trends are reshaping society and the business landscape. Here are 10 insights into how the world is changing—and where we are heading. 10 Global Insights into a Transforming World from 2019

Every day, global trends are reshaping society and the business landscape.

Today’s infographic from McKinsey Global Institute (MGI) presents a snapshot of 10 insights into how the world is changing, based on its research work from 2019.How did we get here, and where are we going? A Connected World in Flux Globalization is making the world “shrink” every day, as humans and trade become increasingly connected. […]

Advanced Economies’ Missing Link

Advanced Economies’ Missing Link

As 2020 gets underway, employment in both Europe and the United States is at a record high and still rising.

The job losses from the 2008 financial crisis and subsequent recession have been all but reversed. But you wouldn’t know it from the public mood in many developed countries. With so much good economic news, why is public sentiment so gloomy?

New research by the McKinsey Global Institute takes a deeper look at the advanced economies to determine how individuals’ experiences as workers, consumers, and savers have changed over the past 20 years.There is much to cheer about, including new opportunities […]

Advanced Economies’ Missing Link

Advanced Economies’ Missing Link

After a decade of recovery from the 2008 financial crisis, aggregate economic indicators across the OECD are looking bright, with GDP continuing to grow and employment reaching record levels. So why is public sentiment in the advanced economies so gloomy?

AMSTERDAM – As 2020 gets underway, employment in both Europe and the United States is at a record high and still rising. The job losses from the 2008 financial crisis and subsequent recession have been all but reversed. But you wouldn’t know it from the public mood in many developed countries. With so much good economic news, why is public […]

Organised business and trade unions should consider joint ventures in IoT to kick-start ailing industries

Organised business and trade unions should consider joint ventures in IoT to kick-start ailing industries

C onnecting everyday physical objects to the internet and ensuring these can “talk” in the cloud may sound like something best left to science fiction writers. However, when you strip away the noise around machine-learning, robotics, the Internet of Things (IoT) and the coming Fourth Industrial Revolution, it becomes clear that an array of exciting opportunities for businesses and industries are on our doorstep in 2020.

The secret to success will be ensuring this data is harnessed so that a valuable action can be performed to benefit consumers, businesses and communities. The potential of this cutting-edge technology to lift under-performing […]

The shape of the British economy has changed radically since 2000

The shape of the British economy has changed radically since 2000

A personal view from Ian Stewart, Deloitte’s Chief Economist in the UK.

The past, as the novelist LP Harley wrote, “is another country, they do things differently there”.

And things were different in the year 2000. The global economy was booming. The 3.5% growth rate in the UK and the 3.8% figure in the euro area that year have not been bettered in the 19 years that followed.Tony Blair was in Downing Street, George Bush was in the White House and Vladimir Putin had just become president of Russia. The events of 9/11, and the subsequent wars in Afghanistan and […]

If this era of automation mirrors the past, we’re in trouble

If this era of automation mirrors the past, we’re in trouble

There are two general philosophical camps when considering the automated future: those who believe it will be a time where massive numbers of jobs eliminated and large segments of the population will find themselves struggling to make ends meet, and you will also find people who think everything is going to be just fine. The second group will argue that automation will create new types of work and that automation has always been a positive thing in the past.

Those who think automation fears are overhyped often cite the Industrial Revolution, which started towards the end of the 18th century, […]

Redefining Capitalism @Davos 2020

Redefining Capitalism @Davos 2020

In the last decade

There’s been trade

There’s been globalizationThere’s been technology It’s all good Or not?Companies are flush with funds, but real incomes of people have declinedGrowth has not been equal; the richest 2000 own more than 4.6 billion othersCapitalism has flourished while people have been left behindCapitalism has flourished while our environment has been severely degraded It’s not all good These are the debates and the discussions at the World Economic Forum at Davos where business leaders and experts are highlighting the need to redefine the current form of capitalism also called “shareholder capitalism” which is the dominant form […]

Say Hello to the Robo Worker

Say Hello to the Robo Worker

Illustration by Tanmoy Chakraborty MORE FROM THIS SECTION

Right from when I started working with the government in 1956, the approach has been that India must adopt labour intensive methods in manufacturing industries. The logic was that our large population and abundance of low-cost labour would help us manufacture goods at low cost. Quite predictably, labour unions opposed any form of automation or use of technology in factories that would lead to additional jobs not being created.

Everyone is aware that manufacturing in India has stagnated at 15-16 per cent of GDP while some of the bigger countries in […]