Microeconomic Implications Of Automated Machines Umd/Senior Essay

2934 words - 12 pages

Kirk Garrity Microeconomics final essay 05/09/19
The innovations in technology has been tremendous in the past 20 years. This has had a greater effect on the population of the world as we now become more dependent upon using our devices in every day life, which impacts our society in many ways. Socially, as more interactions are taken place through our phones we spend less time interacting with one another in a one on one setting. Economically, as technology replaces jobs carried out by humans and ethically, as younger generations are exposed to a lot more things through devices.
There are definitely some negatives that have been drawn out from this development. For example, from a social stand point we now rely on our phone much more to communicate with one another. This shows how people have become a lot more distracted by their devices and our social interactions with one another in person are becoming less in depth and effective. Studies have claimed that attention spans have shortened and an expectation of constant gratification has developed through over use of our devices that can in turn cause depression. It is clear that as we move forward with technology there are more ethical issues with its use that will need to be addressed. Otherwise, it can have a greater effect on the development of our future generations. Despite the fact that we are faced with great issues regarding how technology is implemented into our society it is evident that we greatly benefit from the usefulness of it; but only if it is utilized in the correct manor to facilitate a development of our race that considers all the ethical stand points of its existence in every day life.
One of the greatest benefits of technology is how it has gave us instant access to vast amount of information and data that wouldn’t be as readily available to us. Without a doubt the access the internet has given us to valuable information through searching online has lead to great innovations and developments in all industries. A lot of the time we can take this for granted, which poses the question- how stuck would we be without it at this point? I believe that a lot of people would suffer drastically if for some reason technology was wiped out. People would be lost and struggle to function, which highlights a great ethical issue upon it, as for the first time in human history our race has become extremely dependent upon machines.
One main economic impact of this development is certainly seen by how technology has replaced every day jobs that used to be performed by people. This also brings social aspects into play as it is generally lower paid jobs of the lower class people that are being replaced. This is seen by the self check out service that has been implemented all over the world. This replaces jobs that were usually performed by people earning minimum wage. Having said this, it is clear that the self check-out saves people time queueing and helps the store to run more efficiently...

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