Consider some of the figures provided by the McKinsey Global Institute’s recent report Digital America. The two sectors in the United States that have experienced the most rapid productivity growth since 2005 are the ICT (information and communications technology) and media industries, with a combined GDP share of less than 10 per cent. By contrast, government services and healthcare, which together produce more than a quarter of GDP, have had virtually no productivity growth.
Techno-optimists, such as the McKinsey authors, look at such numbers as an opportunity: there remain vast productivity gains to be had from the adoption of new technologies in the lagging sectors. The pessimists, on the other hand, think that such gaps may be a structural, lasting feature of today’s economies.
For example, economic historian Robert Gordon argues that today’s innovations pale in contrast to past technological revolutions in terms of their likely economy-wide impact. Electricity, the automobile, the airplane, air-conditioning, and household appliances altered the way ordinary people lived in fundamental ways. They made inroads in every sector of the economy. Perhaps the digital revolution, impressive as it has been, will not reach as far.
Article source: http://www.afr.com/opinion/how-much-will-tech-innovation-really-boost-living-standards-20160613-gpho2j
Steve Aoki was born in Miami in November in 1977. He graduated Newport Harbor High School as a member of the Class of 1995, and he went on to attend the University of California in Santa Barbara. During his time there, he began to explore a potential career in music by producing records and holding different underground concerts. Steve founded Dim Mak Records in 1996, which released music for a variety of different electronic artists. (The record label still exists today, and it has grown to act as a lifestyle brand, as well.) Steve wasn’t much of a solo artist at the time, instead opting to produce remixes and collaborate with different established bands from time to time.