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NEW WORLD ORDER LABOR, CAPITAL AND IDEAS IN THE POWER LAW ECONOMY Antti Kauppila, Tommi Vallas, Jesse Karjalainen.

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Presentation on theme: "NEW WORLD ORDER LABOR, CAPITAL AND IDEAS IN THE POWER LAW ECONOMY Antti Kauppila, Tommi Vallas, Jesse Karjalainen."— Presentation transcript:

1 NEW WORLD ORDER LABOR, CAPITAL AND IDEAS IN THE POWER LAW ECONOMY Antti Kauppila, Tommi Vallas, Jesse Karjalainen

2 1. Summary 1. Key message 2. Reasons behind 3. Implications 4. Proposed solution 2. Criticism Structure

3 Key message

4 Scarcity of inputs - Present PresentFuture DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPED COUNTRIES DEVELOPING COUNTRIES

5 Power Law Economy

6 Reasons behind Technology Automation Digitalization

7 Implications Technology has sped globalization  One large market for labor, capital and other inputs ‘’The second machine age’’ Where is this all going to lead?

8 The solutions  Adjust and adapt  Educated work force and an entrepreneurial culture  Public investments in high-quality basic services

9 Critique  Lack of empirical evidence  The access to cheap labor will continue to matter  Not everything is economically viable to automate Automation? Cheap labor High product variety High production amount

10 Critique  Why would the second machine age be different from the first one?  Although structural changes tend to wipe old jobs away, they to tend to create new ones in return  Digital capital is not always accessible for “next to zero cost” replication  Ideas are not everything  Skilled labor and capital is needed for execution


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