I will argue that not only is that changing, but this new era of structural, technological unemployment is something we should seek out for the betterment of society and our economy. Today, economist and governments view the health of their economy is heavily based on the GDP. As you remember, the GDP is the “aggregate measure of production”. There are three basic ways to determine GDP; Production approach, Income approach and Expenditure approach. All three should produce the same number. I argue that because of improvements in technology and the resulting structural unemployment, these three approaches will be beginning to produce different numbers and result in a need to reevaluate how we put a value on our economy. Historically, since technological improvements increase productivity (a key factor in both classical and Keynesian economic models). And if a new technology is able to decrease the costs of production; increased …show more content…
If you are not employed, you face starvation or worse. I believe this notion may be changing quickly due to the exponential improvements in technology causing more and more people to become unnecessary as laborers, leading to mass unemployment on a global