Today we are living in the era of globalization where everything has become easier and shorter. Saving time is the main objective of any task which eventually pushes us towards the high tech world. The labor force earlier was considered the main input for any mode of production. However, today the fact remains the same, but the form has completely changed.
Employers in the fifth generation of computers are observed to be lazy, distracted and less productive. More than 30,000 communication networks have increased the accessibility over different zones of the world but depreciated the real output to this point. IT industries have galvanized our human resources and influenced the young minds. But the easiest ways are not the rewarding ways. According to an article in The Economist, “The big leap in American economic growth took place between 1939 and 2000, when average output per person grew at 2.7% a year. Both before and after that period, the rate was a lot lower: 1.5% from 1891 to 1939 and 0.9% from 2000 to 2013.And the dramatic dip in productivity growth after 2000 seems to have coincided with an apparent acceleration in technological advances…” heading us to ponder over the Solow Paradox.
Solow paradox or Productivity Paradox is, ‘the peculiar observation made in business process analysis that, as more investment is made in information technology, worker productivity may go down instead of up’, not going into details and being real, after all a man made a machine which clears out that abatement of real productivity is a result of the urge of answering the ping on your phones and unbroken links.
Dependency on machines is creating impotent employees running inside the perpetual cycle of dinky yield. Workers today are unable to combat the participation in the race of earning better profits, becoming discrete personalities with less concentration on their discrete works. Controlled by technology, it all concludes into diminishing returns.
According to Michael Mankins, a partner at Bain and Company, in an article for the Harvard Business Review, “Technology can have enormous benefits in the workplace. But it’s fair to ask whether we have reached the point of diminishing returns in some areas.”