Most experts nowadays fear technology. The rapid automation happening in the industrial sector has become a cause for concern for many policy planners because of the huge unemployment that automation creates when it displaces the workers. As a technologist, I certainly want technology to continue progressing.
Productive use of technology happens when machines are used to ease the lives of human beings by means of automation. The role of technological progress should be to ease the lives of human beings through automation of strenuous and repetitive operations. However, as a macroeconomist, I am equally concerned about ensuring full-employment in the economy.
Hence, I recognize the need to balance my dual professions when putting forth macroeconomic policies that may help usher the progress of technology as well as growth of overall economy. We have to plan our economy so that technology can continue its progress forever and so that this progress enhances consumer purchasing power in the economy. That, in turn, will create a desire to further technological progress.
Every technology expert who wants to envision the future of Moore's Law must have a broader understanding of both technology and macroeconomics. It is the poor macroeconomic policies that are resulting into a premature demise of Moore's Law due to poor return on investment (RoI). Hence, for sustaining the progress of Moore's law and for envisioning the progress drivers for the tech sector, we have to prepare our economy for a rapid growth in productivity of machines resulting from the rapid progress of Moore's Law.
Anyone in the technology or semiconductor industries who wants to understand how our future economy looks would be well served to read the thoughts of economists (including my work). I believe that the traditional aluminum metal process is going to play a significantly important role in the upcoming Industry 4.0 by bringing about an overall progress of not only the bleeding edge of digital process technology but also an abundant use of traditional aluminum process on analog and mixed signal technology.
For technological progress to continue in a sustainable way, only human beings should apply and benefit from the growth of technology in this new economy. When rapid automation leads to a rapid growth in productivity, this productivity can bring about a sufficient purchasing power for all human beings on this planet. Freed up time could be used for leisure, research and development of future technological progress, training and preparation of the future workforce, efforts to increase human creativity, activities to eliminate poverty, etc. For all these ambitious goals to be achieved, it is essential that the economy has to adjust with the changes in time and space. Only a mass capitalis-based free market economy can adjust to these changes in time and space.
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