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RE: What Is The Economic Impact Of Technology On Monetary Policy?

in LeoFinance5 months ago

Can anyone guess what having such a large portion of the economy being made up of software means? Think about that for a second, 7.8% of the global economy is software. That has to have serious implications on all aspects of economic thought?

I'm not much of an economist, but I'm guessing this means that the more automation we have the more "traditional" jobs will be replaced by technology? On the other this might also create new jobs, meaning new studies and or specializations will also emerge. If the new and traditional will balance each other out is the real question.

The emergences of technology might also have other beneficial implications in other sectors other than the economy, I think.

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All of that is true @rarej and cannot be disputed. I think you have a firm grasp as to what is taking place from a technological standpoint.

However, take it a step further: what is the impact of that on monetary policy? How are things affected in the situation you describe?

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I'm guessing consumer products affected by automation will get cheaper and maybe other products might get more expensive? This may have an impact on the average consumption power. Not sure what you're hinting at exactly to be honest. 😅