The primitive old two prime factors of production (labor and nature) have taken a loud change with the blessings of technology.
Modernization of the industry was made to increase the productivity. Productivity not only of the quantity being produced but quality of product & labor force. But the prime reason for modernization and introduction of technology was to improve the quality of human labor has just turned opposite for the intended purpose. Standing in front of 2012 and starring back to the world it can be well seen that neither the problems of production was solved neither human labor quality has improved. Quality of products has improved by wide height backed by extensive use of upgraded technology applied and improved day after day. But the intended purpose for the application of technology for human labor improvement has ditoriated.
We have replaced heavy machines with chips and those chaps are cheaper that you don’t count while throwing them away instantly. Chips have replaced human labor force and also reduced the quality. Technology has now replaced the thought of doing production with less manpower or no human labor. Industrial revolution has forgotten the prime economic theory that is to improve the quality of production and society (which is the producer and consumer) should benefit and upgrade the human labor.
Economic situation of any country cannot grow without the growth of human labor and society. Technology up gradation has violated the rules of nature and now we are counting the punishment. This has happened due to conceiving the principle that Technology is the replacement of human labor. Technology will reduce manpower requirement and will enhance the productivity and process of production. My question stands that did Technology every tried to keep humans as the first person for the development.
I am not claiming that technology up gradation is bad and against mankind but its innovations have rules out the thought of human labor resulting growth of unemployment across the world. I am not discussing any thing related to any specific country I am talking on the global front. Did we ever thought that every day unemployment is increasing and politicians and industrialist all are finding hard to absorb the increasing manpower as well as absorbing the replaced manpower. What we will keep for the 3rd generation in this earth.
Technology was able to replace human man power due to treating the latter as an income generating force and not as a capital. Now a question will come how labor can be income and capital. Income is the product being generated and used from rigorous cycling and capital is a preserved and applied with cautious planning. I am not against of Technology. What I mean to express here that technology should be used to increase the productivity of every aspect of manufacturing and not to eliminate the main factors of production. Chips have replaced place of storage and has increased the speed of manufacturing. If any one ask what is the size of knowledge it might sound like a Lunatic question. Knowledge cannot be measured. Technology has replaced this thought line. Knowledge has taken the form of Chips resulting minuscule size of knowledge.
Today we are all scouting for coal and oil blocks. In fact we have been doing this and consuming too for the past 2 centuries. Energy demand is growing 3 times more than the birth of single child on the earth every moment. So we the increase in demand we are in quest of coal and oil reserves under the earth. Do we ever gave any thought that due to geographic reasons if all the coal and oil blocks come to an end suddenly then how we will run our earth. No need to think as long as we get. We are using these blocks of oil and coal as an income and not as a capital.
Technology has taught us that treat nature as an income and not as a capital. You exploit nature and make golden goose but one time the goose will not fetch any price since no one will be their to buy them. We must understand that the recent huge crisis of Unemployment being faced by the world is just in the initial days of the biggest crisis waiting to come. It may come soon may be in the next decade but its is bound to come. We need to solve the problem of manufacturing. Technology has made us believed that the problems of manufacturing has been resolved but it has just began the journey of end of nature.
Global Macro Economic Researcher and Business Strategist
Master of Economics, MBA in International Business Management, ICWAI (Final)/CWM Final/Journalist