Artificial Intelligence and Labor Productivity Paradox: The Economic Impact of AI in China, India, Japan, and Singapore

Artificial intelligence is designed to generate technologies that potentially increase productivity and economic welfare. This study analyzes the relationship between GDP and high-technology exports, GDP per person employed, and unemployment rate in China, India, Japan, and Singapore. Recent concerns on technological unemployment claim that artificial intelligence disrupts the labor market which decreases employment over time. Using the multiple regression analysis, this study proved that Japan comparatively has better utilization of AI and labor productivity as all independent variables show significance to the GDP. Labor productivity in all countries is positively related to GDP. However, China and India showed signs of improper AI utilization as technological unemployment occurred. The unemployment rate in China is insignificant to its GDP, while India's unemployment rate is positively related to GDP, hence the jobless growth. In Singapore, the insignificance of high-tech exports to GDP is due to its lack of R&D investments these recent years. The results suggest that AI escalates growth through proper utilization trade liberalization, as exercised by Japan, as it helps the economy to be open and flexible to various free trade agreements which facilitates technological progress and enables the opening of new markets for growth and expansion, especially of artificial intelligence, which attracts and encourage foreign direct investments that will cater technology transfer, creation of new jobs, and economic growth.

Challenges of the Output-Employment Growth Imbalance in Transition Economies

The trade-off between output and unemployment has become an essential part of modern macroeconomics and is known as Okun’s law. However, in transition and emerging markets economies’ context, the output-employment nexus has a much more important role as these countries strive to significantly improve the growth dynamics of both variables. This paper aims to analyze the particularities of this relationship in selected Central- and South-Eastern European transition (and former transition) countries to find out a discrepancy between the output and employment growth. Therefore, the employment elasticity coefficients are calculated. The estimated results suggest that, in the observed period, economic growth has not contributed to satisfactory employment growth, which is commonly referred to as a “jobless growth” hypothesis. Accordingly, this paper attempts to single out the main challenges of the output-employment growth misbalance in these countries and propose adequate policy measures that could reduce it. The industrial policy that differentiates from the “one-size-fits-all” paradigm is emphasized as the most important part of macroeconomic policy in transition economies to make their development more balanced. Additionally, short-run stabilization policy, especially the one focused on the labour market, has a significant role in these economies.

Economic Growth and Labour Market Dynamics in Nigeria: Further Evidence from ARDL Bound Testing

Recently the phenomenon of jobless growth has become common, defying the famous Okun law which predicted increase in job with increase in economic growth. Many factors have been advanced as explanations for this, most prominent of which are changes in the labour market and lopsidedness in economic growth. This paper is an attempt to measure labour market dynamics in Nigeria focusing on the relationship between economic growth and unemployment. The paper used data from 1991 to 2020 and employed GMM and ARDL models to analyze the data. Unlike the Okun law which prophesies negative relationship between unemployment and economic growth, the result from this analysis show that there is positive relationship between unemployment and economic growth, confirming the existence of the phenomenon of jobless growth in Nigeria. The paper recommended structural changes in the economy and the labour market.

Automation to have uneven impact on Sub-Saharan Africa

Significance This is significant since the region is projected to need 16-20 million new jobs each year to keep pace with population growth. Impacts An expansion of high-skilled jobs and reduction in low-skilled jobs will increase inequality. Jobless growth will intensify political instability. Post-pandemic reconstruction will reduce public spending on infrastructure and human capital.

THE ROLE OF LABOUR IN CONTEMPORARY TRENDS OF ECONOMIC GROWTH

The purpose of the paper is to show relationships between the stock of labour and economic growth in the XXI. century, and especially to show the shares of this factor in economic growth. The empirical basis of the research is based on the statistical data for Poland and groups of the EU countries in the years 2000–2019. The research indicates the indicators of the shares of employment growth in GDP growth (the so-called absorption indicators) are in Poland much lower than in the country groups of the Eurozone, EU 15 and EU 27. Estimations of the limits of jobless growth indicate they are in Poland much lower in the years 2000–2019 than earlier, and moreover their levels are in Poland much higher than in the mentioned country groups.

Inclusive growth in the fastest-growing Asian countries

The paper discusses the extent of inclusiveness of economic growth in the ten fastest-growing Asian countries between 2001 and 2019. It focuses on essential aspects of inclusiveness i.e. on poverty and inequality reduction and development of employment opportunities for poor people. The study is based on the data retrieved from the ILOSTAT and World Bank Database. In the twenty-first century, the fastest growing countries in Asia have significantly reduced poverty. However, the benefits of rapid economic growth in these countries have not been spread evenly. Income inequality has been steadily increasing in some Asian societies. Besides, economic growth in the fastest-growing countries in Asia has not been always accompanied by an increase in employment opportunities. Although unemployment is not a problem for the large part of the population in Asian countries, a lot of workers are still in extreme or moderate working poverty. Reasons behind the working poor in the fastest-growing Asian countries vary slightly from country to country but the most important are: jobless growth, high vulnerable employment in agriculture and a large part of the non-agricultural labour force working in the informal sector.

Migrant’s the faceless & nameless economic driver amid Covid19.

India is least urbanized among top ten economies of the world. Recent years have seen a spurt in development in various sectors, and a transition of work force out from agriculture to other sectors; this coupled with jobless growth has made a huge flow of unskilled labours from various states. The so called Migrants, the faceless nameless people who are the real driver’s of our economy. They move from their states to other places in search of a livelihood, to sustain and survive, and contribute to our economy, in a subtle way we never actually thought off. There are many reasons for this, regional disparities, employment opportunities, are most prominent. Never the less their invisible hands are more needed than ever now, as we unlock and head towards economic activity, but maybe we have failed the migrant labours as a society. India’s informal workforce is made up of 80% migrant workers, and yet we haven’t given them the credibility they deserve. May be it’s time now, to acknowledge who they are, and what they are, else we risk losing the major workforce of our country, and face unprecedented economic consequences.

Strategies for Development of Handicraft Sector (Small Industries) in India

Handicrafts products are made by hand, often with the use of simple tools and generally artistic and traditional. It is sometimes in the current scenario called Handomen craft (women handicraft) because most of the handicraft products are related to women artisans, and women have an apex role in the handicraft products of the rich Indian cultural heritage of the country. Indian handicraft industry is a decentralised, unorganised, labour-intensive cottage industry. The sector that has a strong potential to provide massive employment to the rural sector. However, it now faces several problems, and significant competition from machine-made and electronic products, and technology and artificial intelligence, and there is an increasing state of unemployment and jobless growth. For the welfare of Artisans especially women and their social and economic justice there is requirement of strong strategies for uplifting the standards of their life. This paper would discuss and cover important strategies in Handicraft sector and better labour relation, for their development and focused on level of Strategies and sustainable development of labour relation (SDR), Not only in India but also whole of the world and labour relation in management.