Development economists and social scientists know that economic growth alone is not enough to reduce the increased inequality and insecurity accompanying the transformation of work. We need to navigate the world of work, in an age of rising automation, stagnant wages, and greater part-time, temporary employment, thereby we could effectively boost the inclusive growth and economic development to improve purchasing power of the working population. Investing more in people is not only essential to strengthen countries’ social contracts with citizens at a time of rapid technological change. Second, governments, together with employers’ and workers’ organizations, should upgrade national rules and institutions relating to work. Sustained economic growth is always accompanied by technological improvements that enable people (labour), land, and existing capital to become more productive.

Source: The Nation January 07, 2021 00:56 UTC