Race Against Time Essay

1874 WordsNov 4, 20148 Pages
Term Paper on ‘Race against the Machine’ Contents Term Paper on ‘Race against the Machine’ 1 Executive Summary 2 Key Words 2 Further Sources 2 Summary of the Book 3 Technology’s Influence on Employment and Economy 3 Humanity and Technology on the Second Half of the Chessboard 3 Creative Destruction: The Economics of Accelerating Technology and Disappearing Jobs 3 Expert Support 3 Expert Refutation 4 Conclusion 4 Recommendations 5 Bibliography 5 Executive Summary This paper talks about the impact of technology on the social arena and means to counter its cons. The article focuses on the socio-inequalities created with the advent of machines in day-to-day activities on personal as well as professional level. Machines have made inroads in the daily lives of human beings by lending a helping hand to resolve almost every easy or difficult situation. It has led to productivity growth but the flip side of it is that there is no economic policy that everyone will benefit equally from it. Machines have made us dependent in all walks of life, be it work or leisure. Increase in use of machines rather than human labor has led to inequality in wages and living standard rendering people unemployed. Though technology has its own pros, there are negatives which cannot be neglected or under-estimated. While the third Industrial Revolution awaits the world, it has to be made sure that everybody works with the machines rather than against them. To achieve this goal, humans and machines should be brought together and made to work towards the organizational innovations which utilize human brain as well as technology providing growth and maintaining equality in people. Key Words General Purpose Technologies (GPTs) are small group of technological innovations so powerful that they interrupt and accelerate the normal march of economic progress.

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