BA tech and labor markets

Why is this the era in time where there has been significant economic growth more than other times?

For most of the years, the value of commodities in international trade was very low, but now it has increased a lot

What are the 4 industrial revolutions in order?

Water and steam

Electricity

Automation

Cyber Phisical systems

Say the 4 bullet points about the 1 revolution

Water and Steam

• England invented it, and they dominated

• Allowed mass production

• Grew trade because trains could now actually travel

• Trade grew y 3%

Say the 2 bullet points of the 2 revolutions 

Electricty

• advanced cars + airplanes (commercial shipping began) 

• created communication (phones, TVs, and radios) 

Who launched the first long-distance phone call? Which revolution helped that?

The USA in 1915 (because of the second revolution)

What happened in the 1950s with transportation and communication?

it declined by a lot, Costs of communication went down to 0 in the 1990s.

What were the big developments of 3 revolution?

Computers (PC)

Internet

Automation

Why did the internet change the economy in the world?

it completely transformed the way that costumers and sellers interact and it created online shopping

What markets grew exponencially because of the internet?

The stock market, bond market, trade market, online shopping)

how did the internet change the way that banks, and firms and stocks work?

Access to foreign bank loans, stocks, and other financial instruments was available only to the most sophisticated investors.

What has happened to the stock market value since?

it has tripled over the last 20 years

What are the 3 points of revolution 4 

Cyber physical systems 

• created 3D, AI and robots 

• technology is merging more and more into humans 

• 30% of jobs are at risk due to this by 2030

Explain the chart in slide 23 about US employment of agriculture, manufactoring and other

yea

What % is employed in agreculture today of the population?

2%

How is manufacturing looking in the last decades and years??

Employment increased initially but is decreasing in the last several decades

is it good or bad for the world all of these industrial revolutions?

Overall, the whole economy and the society have benefited from those changes.

How is the industrail revolution 4 different from all the other ones?

• They require high skilled workers.

  • Everyone can work in a factory, but not everyone can be an engineer!

how does inequality and the revolutions relate?

The revolutions have gotten less and less inclusive, so it has just caused a lot more inequality as the revolutions go by

Be able to explain slide 27 and that chart

yea

Is AI a game changer?

Look at the last 5 slides