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Learning by Doing - The Real Connection between Innovation, Wages, and Wealth

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 							 Learning by Doing - The Real Connection between Innovation, Wages, and Wealth

  
  
  
  
 
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  Learning by Doing: The Real Connection
between Innovation, Wages, and Wealth 
  ISBN: 0300195664 | 2015 | EPUB | 312 pages | 3 MB
  
  
 
Technology is constantly changing our world, leading to more efficient production. In the past, technological
advancements dramatically increased wages, but during the last three decades, the median wage has remained stagnant.
Many of today's machines have taken over the work of humans, destroying old jobs while increasing profits for business
owners and raising the possibility of ever-widening economic inequality.Author James Bessen argues that avoiding this
fate will require unique policies to develop the knowledge and skills necessary to implement the rapidly evolving
technologies. At present this technical knowledge is mostly unstandardized and difficult to acquire, learned through job
experience rather than in classrooms. Nor do current labor markets generally provide strong incentives for learning on
the job. Basing his analysis on intensive research into economic history as well as today's labor markets, the author
explores why the benefits of technology take years, sometimes decades, to emerge. Although the right policies can hasten
this process, policy has moved in the wrong direction in recent decades, protecting politically influential interests to
the detriment of emerging technologies and broadly shared prosperity. 
  
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