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15 Mar 2020  (516 Views) 
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Out of the box


Creating jobs in the age of automation
We need leaders who are innovative.

A challenge in the future is to create jobs for workers. Automation and artificial intelligence will destroy jobs. 

When people are unemployed, they will not earn any income. They will not be able to buy the products that are being produced by the robots. The global economy cannot grow when the consumers are not able to buy the manufactured goods. 

One way to create more jobs is to reduce the working hours. If working hours are reduced by 20%, the number of jobs will increase by 20%. 

Workers can continue to have jobs but they will spend 20% less time on working. They will increase their leisure time by 20%.

To achieve this outcome, it is necessary for all the countries in the world to agree on the reduction in work hours. They have to stop the unhealthy global competition.

Free market need to be more regulated to achieve this goal. Countries have to impose regulations and protectionism.

What can be done?

Suppose a country decides on reducing its working hours. The cost of producing goods in that country will be higher than those that are exported by countries with longer working hours.  It has to impose a tariff on all imported goods, so that the locally produced goods are competitive against imports. 

This is the only way that the country can keep jobs for its people. 

I am in favor of tariffs and protectionism to preserve jobs for the workers in a country.

Tan Kin Lian


 


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