Economics Principles and Decision Making
Do you think labor markets benefits from technology and innovations?
While technology creates unemployment, its benefits in the labor market outshine the demerits. Technology and innovations benefit the job structure of the economy through the continued modification of the labor market (Chesbrough, 2010). For example, the use of technology helps design flexible forms of work that empower workforce such as online contracting. Technology expands employment opportunities through innovation of more globalized skills, digitization of work standards, and enhancement of greater connectivity.Technological innovations assist companies in recruitment through internet advertisements. The use of company website in job advertisements saves companies from advertisement costs since all post are updated there. Technology has changed some professions in a way that benefit both the personnel and the employer (Tellis, 2016). For instance, the use of robots in automobile industry enhances efficiency and quality. Further, technology and innovation enhances competition in the workplace hence contributing to skills growth in the labor market.
What are your thoughts on this when considering disruptive technology and innovation?
Disruptive technology and innovation plays a significant role in raising the quality of life of global economies, employees, and business models. For examples, technology helps design efficient value supply chains at Amazon and this is the main cause for the company’s global success (Chesbrough, 2010). Disruptive technology and innovation assists companies’ employees design new products that are demanded in the market.
As the industries develop, organizations use technology to design attractive and unique products and this helps gain competitive advantage. Further, disruptive technology helps companies expand their market size through innovation of new products as required in the identified market opportunities (Tellis, 2016). For example, the innovation of 5P printer and landlines in the market. Finally, disruptive technology and innovation go hand in hand and largely contributes to growth in the labor market.