Why Is The Economy Not Keeping Up With Technology?

     One of the problems of the economy today is that we are struggling to keep up with technology. Change is happening so fast that median workers are having a tough time keeping up. The technological progress is not the problem; it’s the holdup being caused by slower workers. The difference in time and efficiency between machines and workers are not balancing out. Compared to the beginning of the 20^th century, the US is now producing and consuming 6 times more products. On top of that, the use of machines has caused an 8 percent increase in efficiency throughout the country.  Tyler Cowen, a professor at George Mason University, stated that “When real productivity gains are happening, employment always follows.” The economy could be thriving right now if workers could produce at the same speed as technology, but because it doesn’t balance out, it has become a crisis and will continue to hurt our economy until something is done.

 

I Love Lucy Famous Chocolate Scene!

Lucy and Ethel. N.d. Photograph. Rotten Tomatoes. Web. 11 Dec. 2012. 

Too Many Remotes. N.d. Photograph. How-To Geek. Web. 11 Dec. 2012.

Miller, Michael J. "Is Technology Helping or Hurting the Economy?" PCMAG. N.p., 15 Nov. 2011. Web. 11 Dec. 2012.