WORLD ECONOMY-  HOW TO IMPROVE

How to fix the global economy in the modern industrial age? In fact, a large portion of the world's population suffers from double depression. This is because there is no precedent for such a big difference between those who have benefited from the global economy and those who have been left behind. In such a scenario, people's frustration with the global economy is not surprising.

While many developed economies have benefited immensely from globalization and technological innovation in recent decades, it is also a fact that the middle class has shrunk, with markets concentrated in a few sectors (which means There are fewer employment opportunities and fewer workers (while the link between productivity growth and wages has been eliminated.

Fortunately, the situation is different in many emerging economies, where people feel better because of digital technology, as it provides an equal field for better access to information, markets, services and employment, allowing them to do business. Newcomers have the opportunity to move on. However, it is not yet clear who will replace the previous model of production-based growth when it fades. Newcomers to the middle class are worried about whether their children's path to success will be open.

In a society, people's confidence can be judged as to whether their life is improving or worse. In this sense, many economies are growing up thinking that opportunities for the next generation are shrinking rather than increasing.

The pursuit of a common goal:

 In order for globalization and the Fourth Industrial Revolution to move forward in an orderly manner, in both developed and developing economies, the central priority should be the preparation of a social contract, based on the collective interest and the basic economic security ideology. To restore In other words, how can we ensure that modern technology connects and moves people and economies together instead of creating divisions and unrest?

In this regard, a new global study titled 'Setting up a New Economy in the Fourth Industrial Revolution' has been published, which focuses on 4 questions to fix the global economy. Do we need to re-examine what economic value is and what practical resources are available?

The digital economy has introduced a number of approaches to increasing productivity that have not been fully incorporated into traditional concepts and measurement standards. In particular, new types of assets and economic activity have not been well understood and new sources of consumer well-being (and loss) have not been adequately measured. For example, what is the value of providing information on Wikipedia? Or what are the implications of digital technology entering our personal lives? Furthermore, the way in which benefits are being distributed paints an incomplete picture, and the question remains as to who is actually creating 'value' in the economy.

STRATEGIES

In this regard, five strategies have been proposed to reconsider the economic benefits.

1) Identifying and calculating new intangible assets,

2) Adopting digital 'value' and making it part of global GDP,

3) Consumer welfare, improvement and social value Take steps,

4) focus on new standards of distribution measurement and segregation of data, and

5) reconsider the basic definition of 'value', increase the value of goods and services and increase profits only. Differentiate between the search for and review the markets created by the public and private sector.

Should we reconsider a place-centered market as a result of online platforms? How can it be balanced to reap the benefits?

Beneficial digital platforms such as new services, better choices, faster search for what you like and lower costs are becoming the top choice of consumers. It provides better opportunities for new businesses to access marketing tools, loans, transportation and other basic services.

Do we need to consider taking proactive steps to create jobs and what does that mean in today's economy?

Advances in technology are changing the distribution of labor between humans and machines, while global labor markets are undergoing major changes. If this process of change is carried out intelligently, it is possible to achieve the goals of a good job, a good job and a better life, otherwise the risks of greater inequality and unilateralism will increase.

Do we need to redefine social safety nets and what are the options for doing so?

In developed economies, the benefits of social insurance policies linked to formal employment and stable employment contracts are dwindling. This is because more people are becoming homeless or working in insecure environments, are being paid less and are not being given equal access to good jobs. In developing economies, where work is more diverse and informal, the trend of providing people with additional job opportunities through modern technology will continue, leading to the question of the future 'social protection' in these economies What will the model look like?

It is true that workers will need support to enter the new world of employment, but it is still debated how wide the scope of this support should be and who will be responsible for service delivery.