Before the turn of the 21st century, during the 2nd industrial revolution, (20th-century things) there was this common phenomenon where it was believed increased labour led to increased productivity, this was the era which ushered in mass production. And true it did.<\/p>\n
But this economic theory and thinking was crushed with the rise of the 3rd industrial revolution largely referred to as the era of digitisation. Automation, robotics, computer programming and software\u00a0amongst others delivering efficient and effective process with less labour, increasing productivity and competitiveness.<\/p>\n
And as we speak, the world is currently witnessing a 4th industrial revolution, cyber-physical systems, M2M, artificial intelligence (AI), cloud computing, etc.<\/p>\n
Yes, we are sleeping, and still talking about the basics of computing et al but we expect leadership and that leadership isn’t one that still holds a 20th-century economic approach and thinking. The government’s excuse of being faced with huge and enormous challenges hence the huge elephantine government is exactly the approach to things before the turn of the 21st century.<\/p>\n
The competitive and comparative advantages of nations today does not lie in the size of their populations, neither does the efficiency of any government anywhere in this 21st world lies in a huge government size requiring massive public expenditure.<\/p>\n
I think this government and for that matter, President Akufo-Addo, must demonstrate leadership and wake up to the realities of game-changing approach and strategies.<\/p>\n
The 4th industrial revolution is here, and we are still talking about an increased labour-increased productivity relationship? I just can’t think far.<\/p>\n
–<\/p>\n
By: George Spencer Quaye<\/p>\n","protected":false},"excerpt":{"rendered":"
Before the turn of the 21st century, during the 2nd industrial revolution, (20th-century things) there was this common phenomenon where it was believed increased labour led to increased productivity, this was the era which ushered in mass production. And true it did. But this economic theory and thinking was crushed with the rise of the […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[374],"tags":[],"yoast_head":"\n