Product Description
by Apek Mulay (Author)
Tremendous technological progress in the last half century has exponentially grown productivity as well as increased automation to reduce the costs of operation for businesses. On one hand, ever-growing productivity has reduced requirements for manual labor through automation. But, on other hand, huge unemployment created from reduction of workforce due to automaÂtion, has reduced the consumer purchasing power and is indirectly hurting the Return on Investments (RoI). This brings any further progress of technology to a standstill. For technology to progress both supply and demand have to grow. The supply comes from producÂtivity of workforce and demand comes from their wages. Hence, free markets must ensure that wages automatically catch up with ever-growing productivity, with minimal government inÂtervention. To avoid automation from destroying jobs in an economy, free markets should ensure that working hours of workforce be reduced during the waning phase of economy and increased during its waxing phase.
Author Biography
Apek Mulay is founder of Mulay's Consultancy Services and an entrepreneur with WFG. He authored several books such as (2014), Sustaining Moore's Law: Uncertainty Leading to a Certainty of IoT Revolution (2015), How Information Revolution Remade the Business and the Economy: A Roadmap for Progress of the Semiconductor Industry (2016), New Macroeconomics (2018) and edited Economic Renaissance in the Age of Artificial Intelligence (2019). He has also authored a monograph on technology and a patent entitled Surface Imaging with Materials Identified by Colors. He holds two masters degrees-one in electrical engineering from Texas Tech and other in business analytics from The University of Texas at Dallas.
