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Society, in its quest for order in an inherently chaotic natural setting, tends to think about technological innovation much too narrowly. Innovation is necessary for economic growth, yet this narrow attitude limits its possibilities and focuses on achieving a single goal without acknowledging its effect on other aspects of society. By thinking out of the box, this book encourages thoughtful innovation while remaining conscious of its positive and negative consequences for society. It presents a method for contextual analysis that enables assessment of the disruption that any innovation could induce, and puts ideas into contexts so that innovators may anticipate consequences, minimize resistance, and enhance acceptance. Drawing on Anglophone and Francophone literatures in business, economics, history, and sociology, this book reminds us that progress is often achieved at some sacrifice of well-being. It allows academics and practitioners from these traditions to engage in systematic communication and enrich one another with new ideas.
Commissioned and brought tohgether for the research project by the world-renowned Council on Foreign Relations, the authors have produced an important compendia in applied economics.
Society, in its quest for order in an inherently chaotic natural setting, tends to think about technological innovation much too narrowly. Innovation is necessary for economic growth, yet this narrow attitude limits its possibilities and focuses on achieving a single goal without acknowledging its effect on other aspects of society. By thinking out of the box, this book encourages thoughtful innovation while remaining conscious of its positive and negative consequences for society. It presents a method for contextual analysis that enables assessment of the disruption that any innovation could induce, and puts ideas into contexts so that innovators may anticipate consequences, minimize resistance, and enhance acceptance. Drawing on Anglophone and Francophone literatures in business, economics, history, and sociology, this book reminds us that progress is often achieved at some sacrifice of well-being. It allows academics and practitioners from these traditions to engage in systematic communication and enrich one another with new ideas.
Addressing the big questions about how technological change is transforming economies and societies Rapid technological change—likely to accelerate as a consequence of the COVID-19 pandemic—is reshaping economies and how they grow. But change also causes disruption, creates winners and losers, and produces social stress. This book examines the challenges of digital transformation and suggests how creative policies can make it more productive and inclusive. Shifting Paradigms is the second book on technological change produced by a joint research project of the Brookings Institution and the Korea Development Institute. Contributors are experts from the United States, Europe, and Korea. The first volume, Growth in a Time of Change, was published by Brookings in February 2020. The book's underlying thesis is that the future is arriving faster than expected. Long-accepted paradigms about economic growth are changing as digital technologies transform markets and nearly every aspect of business and work. Change will only intensify with advances in artificial intelligence and other innovations. Investors, business leaders, workers, and public officials face many questions. Is rising market concentration inevitable with the new technologies or can their benefits be more widely shared? How can the promise of FinTech be captured while managing risks? Should workers fear the new automation? Are technology-driven shifts in business and work causing income inequality to rise? How should public policy respond? Shifting Paradigms addresses these questions in an engaging manner for anyone interested in understanding how the economic and social agenda is being transformed by today's winds of change.
The pressures of global competition are affecting regions throughout the world and making it increasingly necessary to understand the complex underlying mechanisms and the potential for innovation offered by new technology. Success in economic restructuring depends not only on the technology itself, but the professional and entrepreneurial skills available and the support of provided by institutions and information networks. The very local nature these phenomena, which are critical to the innovative propensity of firms operating within the region, introduces an inevitable spatial dimension. The time therefore seems ripe to bring together contributions from scholars working in different, but related disciplines, with the aim of investigating the triangular relationship between technological change, economic development and space. The present volume offers a compact review of current theoretical developments and valuable insights deriving from recent empirical studies carried out both within Europe and elsewhere. All those contributing to this volume are actively involved in research in the field. Without their intellectual contribution and willingness to participate in this joint project, the book would not have been possible. We should like, in addition, to thank Angela Spence for her capable assistance in coordinating the various stages of preparation of the book, as well as her translation work and careful linguistic editing. Thanks also go to Paola Stasi for her meticulous copy editing and help in preparing the indices. Their work has been invaluable in moulding together in a single volume contributions from so many different sources.
Growth in a Time of Change: Global and Country Perspectives on a New Agenda is the first of a two-book research project that addresses new issues and challenges for economic growth arising from ongoing significant change in the world economy, focusing especially on technological transformation. The project is a collaboration between the Brookings Institution and the Korea Development Institute. Part I of the book looks at key elements of change from a global perspective. It analyzes how technological change, shifts in investment, and demographic transition are affecting potential economic growth globally and across major groups of economies. The contributors explore possible scenarios for the global economy as the digital revolution drives rapid technological change, including impacts on growth, jobs, income distribution, trade balances, and capital flows. Technology is changing the global configuration of comparative advantage and globalization increasingly has a digital dimension. The implications of these developments for the future of sectors such as manufacturing and for international trade are assessed. Part II of the book addresses new issues in the growth agenda from the perspective of an individual major economy: South Korea. The chapters in this section analyze how macroeconomic developments and technological change are influencing the behavior of households and firms in terms of their decisions to consume, save, and invest. Rising income and wealth inequalities are a major concern globally. Against this backdrop, trends in the labor income share and wage inequalities in South Korea are analyzed in terms of the role played by technology, industrial concentration, shifts in labor demand and supply, and other factors. Throughout the book, the contributors, in their analysis of both global and Korea-specific trends and prospects, place emphasis on drawing implications for policy.
The technological revolution has reached around the world, with important consequences for business, government, and the labor market. Computer-aided design, telecommunications, and other developments are allowing small players to compete with traditional giants in manufacturing and other fields. In this volume, 16 engineering and industrial experts representing eight countries discuss the growth of technological advances and their impact on specific industries and regions of the world. From various perspectives, these distinguished commentators describe the practical aspects of technology's reach into business and trade.
Leading international scholars provide a timely reconsideration of how and why entrepreneurship matters for economic development, particularly in emerging and developing economies. The book critically dissects the evolving relationship between entrepreneurs and the state.