The Epilogue By Charles Wheelan
In merely 200 years, the world has gone from the first car in 1800, to the first moon landing in 1969, and to the first major production electric cars (Tesla) in 2008. It is these examples that provide evidence of the exponential growth of technology. Furthermore, these inventions have served a great importance in today’s economy. Cars have become a staple point in society and space exploration and sciences have become increasingly more helpful towards society due to the first moon landing. However, how will the exponential rate of technological advancement affect the economic health in terms in scarcity and production efficiency in the future? There are many prime examples of technological revolutions such as the Industrial Revolution and
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This portion of the book is merely predictions, but valid ones at most. Throughout this chapter, Charles Wheelan addresses the possible (and most likely) state of the economy in 2050. Furthermore, Naked Economics reminds the reader multiple times that scarcity is the backbone to economics, but goes further in depth in the Epilogue Chapter. In this chapter, 7 questions were asked. One of the questions asked, “How many minutes of work will a loaf of bread cost [in 2050]” (Charles Wheelan, 317). Moreover, this portion of the chapter raises the question of productivity and scarcity will change in 2050. Charles Wheelan claims, “productivity growth gives us choices. We can continue to work the same amount while producing more. Or we can produce the same amount by working less” (Charles Wheelan, 318). This reveals that allow though the economic health will improve and allow society to work less and produce more. Furthermore, Charles Wheelan reveals, “Economic theory predicts that as our wages go up, we will work longer hours--up to a point, and then we will begin to work less. Time becomes more important that money. Economists just aren't quite sure where that curve starts to bend backward, or how sharply it bends” (Charles Wheelan, 318). What this statement attempts to explain is that as technology improves production efficiency, there will a be a point (which is …show more content…
Furthermore, technological growth is slowly down. It is growing, exponentially. The day in which technological machinery is conducting all of society's work may be just around the corner. What does this mean for society in the 40 years? Society will lack human capital to keep up with new technology. This will in turn limit the amount of jobs society is able to take. Furthermore, society will begin to decline as people are not able to maintain a stable capital. To reiterate in the simplest terms, according the MIT Tech Review article, the graph titled, “Decoupling Productivity and Employment” (David Rotman, Page 1) reveals a startling pattern that seems illogical. As productivity began to rise in 1947, unemployment began to rise with it. It appears then, that productivity and employment are positively correlated. But what does this answer in terms of the essential question mentioned in the intro? Technological advancement results in increased productivity. Therefore, this reveals the technological advancement results in more unemployment. Moreover, this means economic health is declining, ever so slightly due to the increasing technological advancement. Although productivity will be at an all time high, it will not be the result of human labor, but rather the result of artificial
This portion of the book is merely predictions, but valid ones at most. Throughout this chapter, Charles Wheelan addresses the possible (and most likely) state of the economy in 2050. Furthermore, Naked Economics reminds the reader multiple times that scarcity is the backbone to economics, but goes further in depth in the Epilogue Chapter. In this chapter, 7 questions were asked. One of the questions asked, “How many minutes of work will a loaf of bread cost [in 2050]” (Charles Wheelan, 317). Moreover, this portion of the chapter raises the question of productivity and scarcity will change in 2050. Charles Wheelan claims, “productivity growth gives us choices. We can continue to work the same amount while producing more. Or we can produce the same amount by working less” (Charles Wheelan, 318). This reveals that allow though the economic health will improve and allow society to work less and produce more. Furthermore, Charles Wheelan reveals, “Economic theory predicts that as our wages go up, we will work longer hours--up to a point, and then we will begin to work less. Time becomes more important that money. Economists just aren't quite sure where that curve starts to bend backward, or how sharply it bends” (Charles Wheelan, 318). What this statement attempts to explain is that as technology improves production efficiency, there will a be a point (which is …show more content…
Furthermore, technological growth is slowly down. It is growing, exponentially. The day in which technological machinery is conducting all of society's work may be just around the corner. What does this mean for society in the 40 years? Society will lack human capital to keep up with new technology. This will in turn limit the amount of jobs society is able to take. Furthermore, society will begin to decline as people are not able to maintain a stable capital. To reiterate in the simplest terms, according the MIT Tech Review article, the graph titled, “Decoupling Productivity and Employment” (David Rotman, Page 1) reveals a startling pattern that seems illogical. As productivity began to rise in 1947, unemployment began to rise with it. It appears then, that productivity and employment are positively correlated. But what does this answer in terms of the essential question mentioned in the intro? Technological advancement results in increased productivity. Therefore, this reveals the technological advancement results in more unemployment. Moreover, this means economic health is declining, ever so slightly due to the increasing technological advancement. Although productivity will be at an all time high, it will not be the result of human labor, but rather the result of artificial