Thank you for inviting me to be here.
Drucker over this half a century. Still, a kind of booms is likely to include some meaning, so I want to take up this theme at this time. In economics, economic growth is often expressed by the next equation.
It can relatively properly approximate a feeling of realities. For example, if continuing to pour just one of various production factors, an increase of production will reach the ceiling in course of time.
For example, the relation between input and output e. Nevertheless, an effect of an increase of production capital stock will be likely to reach a peak by decreasing returns of marginal productivity, especially in advanced countries. Technological progress is generally something like labor saving.
In the above equation, if A increases, required amounts of L under given K will become less than before.
We can often hear examples about horses, cows and agricultural machines, or typists and word processors, etc. If new technology comes to the force, employment opportunities which have depended on conventional technology and industry for a long will be taken away.
Well, over the past few centuries, more jobs than lost ones have been created by new industry related to new technology and final demand based on expansion of income. One of them is that it has begun to corrode territories of human such as pattern recognition or communication, and another is exponential speed of progress.
Such words seem to be including a lack of recognition about the nature of knowledge and digital technology.
In addition, a pretty proportion of it has been becoming nonexclusive by improving of accessibility by internet or SNS. Through such a process, a sort of knowledge will change into something like public goods, and that will accelerate creation of new knowledge through combination of different ones.
Even if so, the number of combination will snowball, and new generated knowledge will increase exponentially, maybe. Platforms for that have already become a part of our lives…for example, internet, SNS, mobile devices and so on.
Yet, such an awareness of issues is not specific to them. For the past years, many investigators have proposed various problems just like the nature of knowledge as a production factor or a management resource, affinity with digital technology, or overwhelming impacts on business activities or societies and economy.
Besides, they seem to be more optimistic about the future than other investigators. Needless to say, opportunities have been expanded, and they will be opened up more and more with advancement of digital technology from now on.
Tools and platforms for that are rich variety such as application stores including Google and Apple, crowd sourcing for various skills, co-creation by contests or social design and so on.
If thinking so, surely, the future of this world looks rosy. It may be a transitional phenomenon although technology unemployment is widely and serious.
However, those are opportunities to the end, so they will not ensure results they will bring. There seems to be a weakness of this kind of theories about the knowledge society or the digital economy.
Economy is nothing but an inter-dependent system. Even if being the haves, they cannot continue to be so without support by many other have-nots through markets.Posts about Global Economy written by kazu_kitamura.
you have supported U.S. with buying treasury bonds by “our” current account surplus due to imbalance between more earning and less expending.
There seems to be a weakness of this kind of theories about the knowledge society or the digital economy.
Pressing global challenges and non-trade concerns require development-focused, coherent and integrated responses, including in trade policy, the report says, emphasizing that while global value. Economy Environment Opinion Politics Society Technology. German elections 8 proposals for Germany’s progressives Beliefs, China, Delusion, Development, Economic Crisis, Economic Disorder Donald Trump, Fiscal Policy, Global Economy, Imbalance, Reciprocity, Savings, Trade, Trade Deficit, Trade War, United States, WTO.
Commentary. Apr 03, · Ben Bernanke and Larry Summers are in the midst of a vigorous blog debate about why the world’s economy is so messed up and how it can be fixed.
Mr. Bernanke says a “global savings glut. In Global imbalances and the evolving world economy, Edited by: Jane Sneddon, Little. Boston, MA: Federal Reserve Bank of Boston. [Google Scholar]) gave many reasons why the US current account deficit is often misunderstood.
It is clear that the global economy, with all its growth, has failed to take care of both poor farmers and food consumers across the vast majority of developing countries and LDCs. In sum, they still need support from their own governments, supported by the global community.