The Economics of EdTech

The Economics of EdTech

The panic that robots will put us all out of work is unfounded. It won’t happen next year, and even a decade is not enough for that. When uncrewed cabs appear and are tightly integrated into our daily lives, regular cab drivers will be able to complete their careers and retire already. Their children will be able to learn something new beforehand.

Technology doesn’t introduce itself quickly. For example, the hyperloop is a project for a vacuum super-fast train that moves through a tube. It takes years, if not decades, to build the infrastructure for it and test it. In addition, this has to be done in parallel with conventional railroads because you can’t close one project for the sake of a new one – someone has to transport people and cargo across the country. 

This will require both specialists and time – changes will not come unexpectedly, and people will be ready for them. When we think about specialists, we tend to think about some university degree and a person who dedicated ten years to study at university. Well, the Academy also changed. The technological process helped us have assistance from thesis writer on the Internet, and it can be accessed within 2-3 sec. 

Work by profession

Nowadays, this word is associated with collecting debts from dishonest users of financial services. It used to be said that every 5-7 years, you had to change a position or a company, but now the reality is that you can (and even should) change the field of activity. You can afford to live your professional life from zero to guru level every time, feel like you’re at the top, and take the next one. Climbers don’t jump from one summit to the next; they go down and storm the next.

The Economics of Education

“What about a university degree?” – you ask. Is it indispensable to get a new one every 5-7 years to change the field of work? Of course, no one will answer this question in the affirmative. It all depends on the profession. There are specialties where you can work all your life without changing the field of activity but changing only the vector direction.

For example, a scientist can engage in further research and use new tools. Also, a doctor is retrained during his professional journey, learning new practices and using the invented drugs. And, of course, people in these professions are lifelong learners. But they may not change the field of activity but reconfigure the focus. This will not change the global task of studying the world around them or treating people. And they don’t need a new degree for that.

And if, for example, you are a creator of meta valleys, then you definitely do not and cannot have a corresponding diploma, simply because universities do not teach this yet. Such specialists teach themselves, do test projects, and are immediately accepted for orders. And if the topic is relevant, then in five years, such an expert can come to the university and offer his course to students. There are professions where you create something from scratch – the Internet was also invented by people who were not specially trained.

New professions will always require new means of education. Classical education may not be necessary if you want to quickly – sometimes adventurously – change your life and career trajectories.

Economics of innovation development of such areas as Digital Humanities, Art, and Science is another global trend. For people employed in these spheres, there are no precise definitions yet – they are taken as managers or PR specialists, but they are engaged in token auctions, for example. These people already belong to two worlds – humanitarian and digital – and their bright future in the professional market is guaranteed.

How quickly robots will leave us unemployed

This is worth dealing with in detail. Take a translator, for example. A machine can deal with some ordinary text, and it will convey the meaning. But documents where the slightest mistake can cost diplomatic relations between two countries, such as translation of poetry, cannot be entrusted to a machine.

We all work with algorithms every day – for example, we type a query in a search engine. Thanks to the nuances of wording, we train the machine to give us the correct answer or link.

Digitalization is not limited to the exclusive use of technology; it is characterized by a change in culture, integrated into all spheres of work, and transformation in the management of various teams.

Cost minimization (digitalization of documents resulting in general optimization of the process), decentralization of production, increased efficiency and productivity, faster, more efficient decision-making in real-time, increased environmental friendliness, production of steel products, reduction of time and costs for product development, improvement of product quality and quick reaction to changes in market conditions, diversification of production of a growing number of products at several production facilities are not the only advantages of digitalization.

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