A few days ago
soumil r

how the objective of modernization and removal of unemployement can be coincided?

how the objective of modernization and removal of unemployement can be coincided?

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A few days ago
Andrew W

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Modenization is usually made possible by new technology, which has to be perfected for it’s intended role before it can be left to do a job automatically.

This creates a system where there is lots of up-front work, and very little later work (just basic maintenance).

The old way was to complete tasks with manual labour, so there was a steady stream of work.

So modernization inevitally leads to low skilled labour no longer being needed, and unemployment. However, the initial period of modernization creates a very significant amount of work if you have skills.

So if you have skills and there is constant growth, you can go from one modernization project to the next, and always have lots of work. The added bonus is that modernization usually allows manufacturing to be more efficient, and leaves spare capacity (i.e. time & money), in comparison with the old way.

This spare capacity can then be used to begin the next growth cycle, or fund to next growth area, and so the process goes on. As long as science, technology and human imagination keeps looking for something new, in principle it can go on forever.

However, if you have low skills, you have to chose between doing the basic maintenance job or unemployment.

So modernization creates enormous amounts of work as long as you’re skilled.

For modernization and low unemployment to coincide governments have to invest heavily in education and raise the skills level for the whole country.

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