{"id":239719,"date":"2023-04-26T19:53:07","date_gmt":"2023-04-26T14:23:07","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=239719"},"modified":"2023-04-27T18:13:33","modified_gmt":"2023-04-27T12:43:33","slug":"welcome-to-the-brain-economy-technology-will-change-the-way-we-look-at-labour-capital-and-skills","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/welcome-to-the-brain-economy-technology-will-change-the-way-we-look-at-labour-capital-and-skills\/","title":{"rendered":"Welcome to the brain economy: Technology will change the way we look at labour, capital and skills"},"content":{"rendered":"\n

Source-<\/strong> The post is based on the article \u201cWelcome to the brain economy: Technology will change the way we look at labour, capital and skills\u201d published in \u201cThe Indian Express\u201d on 26th April 2023.<\/p>\n

Syllabus: <\/strong>GS3- Employment<\/p>\n

Relevance<\/strong>– Changing nature of employment<\/p>\n

News<\/strong>– The article explains the emergence of brain economy and its impact.<\/p>\n

How has the nature of labour changed?<\/strong><\/h2>\n

The nature of labour has changed drastically since the mid-19th century \u2014 from body to skill to brain. <\/strong><\/p>\n

Physical labour required no education, skill-based labour required higher education, training and expertise. Brain-based labour is about rapid innovation and creation, driven by technology. <\/strong><\/p>\n

No industry will be immune from technology<\/strong> in the global brain economy. Retail, agriculture, automobile, finance, energy, manufacturing, healthcare, education, sports and entertainment will be driven and reshaped by technology and brain power.<\/p>\n

Technology will not be limited to software, artificial intelligence and data analytics. It will spread rapidly across brain sciences, quantum computing, genetic engineering, 3D printing, nanotechnology and combinations.<\/p>\n

The search for perfection in technology<\/strong> and its related issues is an illusion. Technology will keep evolving and the new generation of technology<\/strong> will solve the problems of earlier generations. First generation vaccines saved billions of lives from Covid.<\/p>\n

What is the way forward for the success of the brain economy? <\/strong><\/h2>\n

There is a need to abandon outdated stereotypes<\/strong> of evil corporations, sinful profits and inhuman technology. <\/strong><\/p>\n

The myth of man vs machine<\/strong> needs to be ended. Technology doesn\u2019t destroy jobs. It creates jobs, liberates people and drives social progress. <\/strong><\/p>\n

Advances in technology in the brain economy will always be a couple of steps ahead of politicians, bureaucrats, policies and laws. We will have to learn to deal with it.<\/p>\n

There will be issues of concern like market dominance <\/strong>by corporations and exploitation of legal loopholes<\/strong>. There will be ethical dilemmas<\/strong> regarding technological choices. Regulation and oversight<\/strong> are essential. But these need to be pragmatic, not dogmatic.<\/strong><\/p>\n

There is a need to widen the definitions of progressive, intellectual and civil society<\/strong>. These definitions can\u2019t remain confined to a closed group of liberal arts professors, activists and NGOs.<\/p>\n

Technology illiterac<\/strong>y impedes understanding, perpetrates falsehoods and obstructs progress. A clear understanding of technology is an important issue.<\/p>\n

Scientists, technologists, businessmen, entrepreneurs and corporations must also be present at the discussion table<\/strong>. Collaboration<\/strong> is the key.<\/p>\n

The education architecture <\/strong>of the country needs to be revamped. Students and teachers in primary and secondary education need to be equipped with technology. Failures in experimentation and creation in school<\/strong>s should be celebrated.<\/p>\n

Multidisciplinary research universities<\/strong> should be created on a war footing. Courses in different aspects of technology<\/strong> must be made mandatory for all liberal arts programmes, just like liberal arts courses should be made mandatory in all science and technology departments.<\/p>\n

What will be the nature of the brain economy?<\/strong><\/h2>\n

The concerns of the employees in the body economy revolved around low wages, job tenure and exploitation.<\/strong> The concerns of the employees in the skill economy are skill relevance, flexibility and work-life balance. <\/strong><\/p>\n

In the brain economy, they will question the company\u2019s impact on the environment, gender parity, wealth sharing and other social issues.<\/strong><\/p>\n

There could be many failures. Every successful innovation is built on a graveyard of failures.<\/strong> We will have to get used to it.<\/p>\n

Many corporations will be a combination of brain, skill and body.<\/strong> Amazon, for example, has brains that create new offerings, skills that maintain their vast data centres and bodies that deliver packages to homes.<\/p>\n

The focus will be on the complete elimination of the body<\/strong> and the gradual replacement of skills<\/strong> through technology. The accompanying job losses will have to be offset by the creation of new types of jobs.<\/p>\n

Many brains will operate outside the ambit of corporations. <\/strong>The scale and scope of open-source innovation<\/strong> will continue to expand. It will give rise to a \u201csocietal brain\u201d<\/strong>. India\u2019s digital public goods revolution is an example of this.<\/p>\n

The relationship between capital and labour<\/strong> will change. Capital exploited physical labour and invested in skills. It will now partner with the brains.<\/p>\n

The balance of power between capital and labou<\/strong>r will become more symmetric. But markets will create inequality by assigning exponentially differential values to body, skill and brain.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source- The post is based on the article \u201cWelcome to the brain economy: Technology will change the way we look at labour, capital and skills\u201d published in \u201cThe Indian Express\u201d on 26th April 2023. Syllabus: GS3- Employment Relevance– Changing nature of employment News– The article explains the emergence of brain economy and its impact. How… Continue reading Welcome to the brain economy: Technology will change the way we look at labour, capital and skills<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[11516,216,10500],"class_list":["post-239719","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-brain-economy","tag-gs-paper-3","tag-indian-express","entry"],"jetpack_featured_media_url":"","views":{"total":4,"cached_at":"","cached_date":1700402497},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/239719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=239719"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/239719\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=239719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=239719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=239719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}