Economic Reading

1.    The book tells me about the jobs in the future. Jobs in the future will be less and less. The book has mentioned that the decline in the demand for labor brought about by technology is an important reason for this decline, although some new jobs will appear, compared to the jobs that were disappeared, new jobs are less. It reminds me that Jack ma recently open a supermarket call Hema supermarket and there is no waiter in that supermarket but machines. All the machines replace human being to provide services which would increase unemployment. Which means that it will be more competitive in the future.

In this circumstance, I will not change my dream job which is a portfolio analyst because I am interested in finance. Moreover, my strategy of this circumstance is being flexible and adaptable. Being flexible means that I will learn how to handle and process different information and I will learn how to learn new things on my own because new things happen every day. Also, due to competition, I will learn how to be able to sell myself and how to be able to persuade people.

2.    First of all, since the book mentions that AI will replace human being to do basic work. Machines can, in theory, do things better, faster, cheaper and without any vacation leave. Therefore, it is no doubt that companies which required a lot of labors will cut down a lot of cost by using AI machines instead of human being. Besides, for those companies which required fewer labors, the cost will probably decrease as well. It is because, based on the book, the demand for jobs will increase due to a lot of replacements and the salaries that employee required is going to decrease. Secondly, be more specific, according to Figure 4-3 of the book, it shows that the worst-hit sectors were hospitality (42 percent), followed by retail and finance (41 percent each). By contrast, education (18 percent) and healthcare (24 percent) had the lowest impact on employment. Finally, according to tittytainment theory, due to rising productivity, a large part of the world's population will not use or be able to actively participate in the production of goods and services. To comfort these people, their lives should be filled with lots of recreational activities (such as the Internet, TV, and games). Governments can avoid conflicts between the few who benefit and the many at the bottom by encouraging people to create more entertainment companies. Thus, entertainment companies will dominate the market.

3.    My biggest takeaway from the book is a warning. This evolution has made me think differently about what it means to be an employee or manager, or even what it means to actually work. With the 5G internet show up, the world has shrunk to a tiny village. The language that we speak, the currencies that we transact in and where are we physically located all not matter. Therefore, there is far less structure and there is far less predictability in the future society. Politically, just as I said, the government will carry out the tittytainment policy. Economically, since the cost will decrease and social productivity will increase, economic will go well. For me, the warning is that it would help that had a skill that is required to deal with information. Also, trying new things that I never thought about and challenge my assumptions about what I am good at would help me find talents that I do not realize and find things that make me happy and successful since it is more unpredictable in the future.