Money doesn’t make the world go round. Indeed, but without money, you can not afford anything today. Strange things are happening when you are listening to different people who keep telling you that money is not essential. You will have your workplace and nothing goes wrong as there are some government organizations that are interested in your rights. Unfortunately, in a democratic western world, such organizations win only in cases when the opposite side didn’t want to pay enough. Money allows you to feel good, to plan your day, and costs, and if you have extra luck even gamble at the playamo but our world keeps going round. We will describe some ideas of the world’s economists about finances today.
Economists continue to analyze possible strategies for preserving the existing industry in the West. Without using a bias toward total automation and without importing cheap labor.
Research has shown that when a company chooses a full automation strategy for itself, it means closing the plant and building a new plant in a country with lower taxes. As a result, jobs are lost and unnecessary technology transfer occurs.
There are other examples and it is their authors who propose to support them. First of all, introducing such innovations that would help to save jobs without losing the quality of the labor force. Without importing cheap migrants these technologies do not imply a complete replacement of the existing labor force.
In their studies, well-known economists Acemoglu and Restrepo prove that it is possible to correct existing technological trends. Also, forces innovators to produce innovations that would create technologies that would need a lot of labor.
The first such area could be education. AI could be used to create personalized learning programs and specialized tasks for teachers. It will be given that different students have different learning speeds and perceptions of the material. All this would lead to the emergence of learning in small groups. So it would lead to an increase in the number of jobs in this area, leading to a revival of individual training programs and small group training programs.
The second such area could be healthcare. The use of AI will enhance diagnostic capabilities, as well as increase the capabilities of medical staff. That will allow them to perform tasks that doctors with more than 10 years of experience could perform before. It will be able to develop tasks for experienced doctors.
A third example that Acemoglu and Restrepo note could be the use of augmented reality and robots to perform high-altitude work. This might be allowing people and robots to work together, instead of someone replacing them.
In conclusion, such works are interesting to read as there are some real examples of how we can develop our old economical system.