Technology can do a lot of great things for our nation and it can lead to all levels of life enhancements. However, we do have growing concerns over growing wage disparities. That is happening at a time when technology is going to change much of what we understand about our world and that is against the backdrop of how money circulates through society to feed further growth.
Is there a link to pay and productivity? When people relied heavily on human physical capacity pay and productivity were directly tied. Automation improved productivity and in turn, extended human abilities to produce by volume. Some did well and some did not. Ensuring that manufacturing still pays well can help attract people to those fields our nation needs.
We now have advanced technologies that truly extend, not only the productivity of human abilities but also their creative outputs. These are smart technologies that connect more closely to the way people think and are partially intelligent so they extend the influence of individuals to create innovative products. Income growth may not filter to all members of society equally.
The study below indicates that wages are based on productivity. As we move into a new era of advanced technologies let us consider that ensuring people are paid well by using technology to hedge those costs. Technology is a good thing when it is used to enhance people's lives and their productivity.
Remember that AI and technology should work for us and we should not have to work for it. It should have serious societal benefit for the average person and not just those at the top or otherwise wage disparities are going to create social inequality and in turn limit social stability.
We also find from this study that we have to increase the productivity of low-wage workers. That can happen through technology, training, education, small business, and many other avenues. Working in low-skilled labor and trying to compete with technology versus hedge technology isn't going to improve lives. We might need to rethink education and training in an advanced digital era.
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