The tech transformation changes economies. Potential economic benefits from emerging technology are huge, but new problems arise with new opportunities.
Digitisation has redefined the economy, the business, and the job environment, increasing the economy’s income and wealth inequality. Inequalities between companies and employees have increased.
The allocation of capital and labour income is increasingly uniform and the average income from work to capital has changed. The only reason for rising inequality, however, is not technological advancement. Failures in policy were an integral part of the story.
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Below are 5 roles technology is playing in promoting income and wealth inequality:
1. Technology as a driver of economic growth
To maintain economic development, technology is regarded as a crucial tool. Taking advantage of water power, accompanied in 1769 by the development of a powerful steam engine, was crucial to Europe’s first industrialization. The second industrialization was probably caused by the internal combustion engine, whereas the third by computer technology. It is at best difficult, challenging, and approximate to assess the technology’s impact on efficiency or economic development. It is difficult because innovation is intertwined with other growth drivers …