Until the mid-1950s, Professor Robert Solow of the Massachusetts Institute of Technology (MIT), who is now a lecturer, told us that "even the growing population and the increase in capital investment (in acquiring assets that support the production process) preserve the economy growth. Instead it is a technological breakthrough that will lead to such growth over time. " Indeed, his work in macroeconomics illuminated the importance of innovation and technological progress, the result of human ingenuity, for the growing wealth of society. However, we have simply changed our oil asset to spend money. Recently, in 2012, Professor Claus Schwab, Founder of the World Economic Forum, told us that capital (assets) yields to creative activity and innovation capability. He saw it as a breakthrough in industrialization, where capital (investment-backed cars) was replaced by handicrafts. Consequently, his conclusion is that human talents are now the most important factor in economic production, so capitalism replaces "talent".
Starting with Schumpeter, followed by Solow and others, it has been accepted that innovation, be it radical game changers (butterflies such as electricity or digital computers) or continuous improvements, make things a little more efficient and more efficient. good without the right to get a license. contributed to the improvement of our standard of living. Indeed recognizing the role that innovation, the pinnacle of skill / education, plays in maintaining competitiveness, this type of human capital has always been and has become increasingly important in the economic success of companies, cities and countries. It follows, therefore, that continuing education and the use of such labor force are now essential for the sustainable economic development of the country, where demand worldwide exceeds supply.
However, today Prof Solow acknowledges that the tendency is to see technology as a solution to the future of work, ultimately freeing people to have more rest and more. However, despite the impact of technology in the workplace, what became apparent in the capitalist model is the disproportionate income growth in the economy of the top 1 percent of income, say in the US, and the bottom 50 percent, and the same goes for nation wealth when compared to 1962 and 2014 between years. Prof. Solowin. “Society has changed. And society has changed one of the ways that everyone knows we have inequality inequality than before. ”
We are witnessing the impact of digital technologies, mass automation, robotics and artificial intelligence (AI) in the labor market. Certain classes of work have found themselves replaced by technological artifacts, so much so that there is talk of helicopter money, as from heaven, of the population, not of work done, but as a return to the technological advances that have brought us to this day. Instead of improving the status of the lower-level employee, Moreso, these PC-led technologies disrupt the workforce by increasing efficiency. While employee productivity increases wages / salaries have not kept pace with growth in the world, all of Karl Marx's forecasts.
The trademark of capitalism by Milton Friedman (Chicago School of Economics) was a free market that allowed man to pursue his self-study freely, and thus, I hope, maximizing collective prosperity, capitalism being both a means and an end. For May and Maynard Keynes (a prominent British economist), the most dangerous type was not to make money but to keep it for a long time. The only way to keep high levels of population well-being and employment high was to produce and consume more and more. they must continue to grow in order for the economy to survive. However, he saw the race one day come to an end (continuous exponential GDP growth is unlikely: he expected GDP growth rates to decline as the economy evolves) so we can stop capitalism and spirits It is not a way of life, today growth-based industrialization threatens the very life of the planet through climate change. Keynes. "The love of money as a dominion that differs from the love of money, as a means to the pleasures and realities of life, will be recognized as a disgusting disease …", contributing to the inequality that follows. Then it comes as a surprise that Socialist Senator Bernie Sanders is leading the US Democratic package in his bid to become president.
What does all this mean for the sustainable development of our economy? No one will argue that we should diversify our economy, but few will agree on how it will be done. One thing is clear: Prof. Solow's suggestion is that even a growing population (including our Venezuelan immigrants) and increased capital investment will not ensure economic growth. For example, despite the recent approval by the PVC Minister of Trade for Pipes and Other Products, the use of art equipment and raw materials imported from China, the law on sustainable diversification does not fit such types. The same can be said of the government's investments in highways, highways, ports, industrial parks, etc., whose main interest is in restoring the oil industry.
The Central Bank is still in its economic newsletter 2020 In January he tells us: "Long-term recovery in the non-energy sector (?) Will depend on the public sector investment program and the government's improvement of other capital expenditure projects." Missing component remains technological improvement, an innovation proposal Richard Baldwin also made in his book The Great Convergence. However, we need to be concerned about the inequality that our economic system can bring. Thus, our government's role is to provide social services, such as universal education and health services, accessible to the population, and to provide an environment for the promotion of ideas and innovation.
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