Developing West: Gains and Glitches in Global GDP - Essay Sample

Introduction

Most of the developing countries of the west, like the United States, Germany, and Canada have the same dreams. However, most of these countries have different prospects. Some are developing at a high rate than the others; however, they contribute to about 60% of the global GPD by producing quality products.

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Persistent Problems and Troublesome Anomalies

The growth and development of the western countries have resulted in the rise of their Gross Domestic Product (GDP). However, the nations are faced with problems like high rates of unemployment, slow wage growth, income inequality, and low productivity. Nevertheless, unexpected monetary expansion in the Western nation's market, falling total demand meant that, the Great Depression, reduction, not increase, shown the most significant risk for the first time. Besides the Western nations' struggling with complications and irregularities, they also experience threatening markets and economic environments internationally. In the year 2016, the Internet-Standard Network Management Framework (IMF) conducted a research to investigate the causes of an increase in the slow growth and the risks of that the developed economies were experiencing and concluded that it was as a result to the developing technology. On the other hand, the developed states would later fall into deflationary spirals while the evolving markets experience secular immobility.

The Promise and Peril of the 4th Industrial Revolution

The fast-growing economies of the west ern states have brought forth transformed economies and market frontiers. The fourth Industrial Revolution years have presented new techniques and tools that require reconsidering the conception of work, productivity, and prosperity. However, some of these developments may hinder them from achieving efficient production. The robot machines that have been introduced in the developing continents are more cost-effective than humans in an expanding range of applications. On the other hand, once they replace the works done by humans, these countries' population is likely to experience unemployment, thus increasing insecurity.

Timing Revolutions

Due to the industrial revolution, the robots machines that have been developed have not only replaced the farm labor but also have started replaced factory labor. Therefore, besides farm works and manufacturing jobs, business processes that have been referred to as white color jobs have also are becoming "mechanized" via robots powered by artificial intelligence. Therefore, people working in professions like accounting and medicine are being forced out of work since these machines have created job insecurities in the west countries by replacing their labor force, and their services are not needed anymore.

Questions

How do the current economic problems reflect the changes and challenges of the 4th Industrial Revolution?

The financial benefits of the fourth industrial development have resulted in the availability of digital technologies, have resulted on social fragmentation, political polarization, unemployment, and lack of trust in institutions. The developed technology will fundamentally impact the way people relate to one another, live, and work. Through the technological changes caused by the internet, digital connectivity, and robots, the labor market will experience a significant impact. There will be fewer jobs, insecurities, and education that will be rendered useless since the robots have replaced people's labor force.

What are the implications of the 4th Industrial Revolution to current notions of economic freedom?

The industrial revolutions have caused unrest the will generally change the way we live, relate with each other, and the way we work. Industrial manufacture will shift the demand designs, enabling nations regulating transit and funds, and disempowering others. The development of robotic machines to replace humans form their work is seen as a bad idea by some the nations. While on the other hand, some states will embrace the invention ideas and prove themselves better prepared to embrace the developments of technology that comes in hand in hand with it, and their infrastructures and education for transitioning workers replaced by the machines into new, economically, socially justifiable and creative means to earn a living.

In the economic environment of the techno sphere, should governments estimate the performance with monetary aggregates, like GDP, or sustainability and stability, like human development or happiness?

Even though financial aggregates are essential, they are increased by other measurement catalogs to give an extensive view of the economy. For example, in the world today, we have seen nations shifting fast a result of budgetary totals just like GDP to indicators like Human development Happiness, Catalog, and ecologically accustomed Net Domestic Product of the state. For that reason, only the financial totals give a narrow view of the nation's budget, and it has been observed that income cannot guarantee human development, happiness, and environmental security, which are in the same way essential in computing the nation's general safety. Therefore, the new gauges stated above reflect both the quantity and the quality of the welfare. As a result, a comprehensive outlook of the budget has been ignored that in some countries where GDP may not be very high, but is doing very well in social development records, sustainability, environmental protection.

Working in the techno sphere signals the increasing likelihood of working alongside ever-smarter machines. Some advice workers to complement, not compete with, AI-powered machines. How would you do so?

According to Martin Ford, "as the technology develops it does not take our jobs but creates new (Ford, 2016)." Therefore, workers should complement because the machines are made by people, programmed to perform the tasks they are assigned to, repair them once they broke down and even monitor them regularly to monitor if they are performing the programmed duty correctly. Therefore, as the technology progresses, new roles and jobs are created.

Who will likely benefit more from the 4th Industrial Revolution: developed, developing, or emerging economies?

The developed countries are more likely to benefit from the fourth industrial revolution because they are listed as the top in the global economic forum. These machines are expensive to install and maintain, therefore, the emerging economies are at the losing end to experience the developing technology. However, some developing countries have indigenous business initiatives that they have innovated and are taking full advantage of by advanced technologies. For example, Kenya is a developing country in Africa that is renowned for producing the leading M-Pesa mobile phone application that has transformed the retail and banking sectors in Africa with its use of mobile and digital technology money banking.

References

Ford, M. (2016). Rise of the robots: Technology and the threat of a jobless future. New York : Basic Books, 2016.http://www.worldcat.org/oclc/1021336507