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Effects of IT on the Economy
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Over the past few years IT has played an even greater role on the world economies. Before the use of IT in our economies the way governments watched over there economies was totally different compared to today where things as the internet has made keeping track of sales, purchases is a hard thing to do. Also such other things such as the premise that IT has caused unemployment, the contribution of IT to the inability of governments to control their economies and the influence of IT on the stock market will all be discussed. But with all this in mind it is clear to say IT has played a role in the economy and will currently and continue to play as role as we more heavily rely on IT. The premise that IT has caused unemployment. It can be said IT has caused a dramatic effect for such things in our societies such as unemployment. It is also true to say with the use of IT this has caused unemployment due to today’s workforce being more efficient and better equipped to do there jobs than ever before. Currently the trend that is appearing is that people need to have skills in one area rather than rely on older types of work that was done in the past etc Manual Labour. In such things such as manual labour where 50 years ago all of this type of work was done with men physically doing this with there tools etc which was slow and tedious but provided many jobs for unskilled workers but whereas today we rely on bobcats, bulldozers etc and other technological advancements in this area to do these jobs which is quicker, more efficient and requires a lot less workers than before where ass unskilled workers done these jobs before workers with more skills today do these jobs. There are still jobs that require labour like previously but not in the numbers as before but the disadvantages outweigh the advantages in this area because you did not need to have a lot of skill to do these jobs but now even to work a bobcat, bulldozer etc you need some skill to control the vehicle and work it. Also in the area of data processing where we required huge warehouses to store the information and huge numbers of people to enter data, maintain etc now we can have data processors done by small groups of people entering it into computers and there is a smaller chance of error and better data backup than before, which has inturn created IT jobs which has helped society and given more skilled workers to this area but has also lost more jobs due to less need for large numbers of data entry workers. With the new area of IT into our society, it has given us the need for new jobs which inturn has created new jobs for us all. Whether it be in simple computer operators, help desk, network administrators etc it has created jobs. But it is hard to say whether IT has filled the gap between this new area of work and the jobs lost due to IT. It is to my opinions that IT has caused more loss of jobs compared to jobs being made. The dot com boom also presented society with a lot more IT jobs which inturn helped the economy and which then helped the dot com boom because there were plenty of workers in the IT area with plenty of jobs available. But when demand flattened out so did the jobs and need to workers, and when the dot com bust happened there were a lot of jobs in the IT area lost due to the loss of interest and firing/retrenching etc of a lot of IT workers because it was apparent to investors etc that dot com companies were not profitable which meant investors took there money from these business’s and invested elsewhere and hence a loss of job, and loss of income for workers in the area.
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