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Economic sector: 21st century challenges

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Marginal gains (Small economies)

Quinary. Gig economy. Jobs that no longer exist. Ingenuity. Public v private. Primary: Extractive (e.g. Mining) Doughnut economics. Advertising / Marketing. Secondary / Manufacturing. Productivity. Splinternet. Economic centre of gravity. General C21st challenges. "Makers Up Of Spurious Statistics"… 5 main stories shaping our future that deserve more focus in 2018: 1 AI 2 Falling share of wealth going to global labour force 3 Graphene 4…

Today in the Inquirer section in @australian @BernardSalt and I present the top 20 fastest growing and top 20 fastest declining jobs in… Capitalism reforms. Tertiary: Retail. Tertiary: Finance. Quaternary. Future of capitalism. 9 Rules of Innovation by @Digitaltonto & @xLontrax.

Economic and social impacts

Automation / Mechanisation. *****Quaternary: These are 2017’s most attractive employers for students. The lost lesson of the financial crisis. Ten years ago this month, the French bank BNP Paribas decided to limit investors’ access to the money they had deposited in three funds.

The lost lesson of the financial crisis

It was the first loud signal of the financial stress that would, a year later, send the global economy into a tailspin. Yet the massive economic and financial dislocations that would come to a boil in late 2008 and continue through early 2009 – which brought the world to the brink of a devastating multi-year depression – took policymakers in advanced economies completely by surprise. They had clearly not paid enough attention to the lessons of crises in the emerging world. Anyone who has experienced or studied developing-country financial crises will be painfully aware of their defining features.

I'll bet they're properly paid in Scandinavian countries too. Countries winning the digital race, neoliberalism’s end and other top stories of the week. Countries winning the digital race.

Countries winning the digital race, neoliberalism’s end and other top stories of the week

The global digital economy is evolving. Too much waste, too little landfill? Globalisation: the rise and fall of an idea that swept the world. The annual January gathering of the World Economic Forum in Davos is usually a placid affair: a place for well-heeled participants to exchange notes on global business opportunities, or powder conditions on the local ski slopes, while cradling champagne and canapes.

Globalisation: the rise and fall of an idea that swept the world

This January, the ultra-rich and the sparkling wine returned, but by all reports the mood was one of anxiety, defensiveness and self-reproach. The future of economic globalisation, for which the Davos men and women see themselves as caretakers, had been shaken by a series of political earthquakes. How pencils get sharpened at a factory.

*****Soon won't have the skills needed to get a job. Robot servers don't ask to be paid.

*****Soon won't have the skills needed to get a job

(Johannes Eisele/AFP/Getty Images) Nearly a third of business leaders and technology analysts express “no confidence” that education and job training in the United States will evolve rapidly enough to match the next decade’s labor market demands, a new report from the Pew Research Center finds. About 30 percent of the executives, hiring managers, college professors and automation researchers who responded to the Pew survey felt future prospects looked bleak, anticipating that firms would encounter more trouble finding workers with their desired skill sets over the next decade.

“Barring a neuroscience advance that enables us to embed knowledge and skills directly into brain tissue and muscle formation, there will be no quantum leap in our ability to ‘up-skill’ people,” wrote Andrew Walls, managing vice president at Gartner, an IT consulting firm. Thatcher, Reagan and Robin Hood: a history of wealth inequality. Persistently high rates of income or wealth inequality are bad for social cohesion, political inclusion and crime.

Thatcher, Reagan and Robin Hood: a history of wealth inequality

The evidence for this is overwhelming. Often, stubbornly high income inequality partly reflects deep historical injustice. *****Japanese workers making throwing things #productivity. These two Swedish economists foresaw a #globalization backlash. In the 1930s. *****#Map shows countries that owe money to #USA in green (countries that the #USA has to pay back are marked red). *****Revenue split of #tech giants @Apple 63% #iPhone @Google 88% ads @Microsoft 28% #MSOffice Fore more.

*****Winners and losers of globalization - aka the "Elephant Curve" ht @ianbremmer. *****Six maps that show the anatomy of America’s vast infrastructure - Washington Post. China's big push for its global trade narrative. Image copyright Youtube/Chinadaily China's President Xi Jinping intends to tell you a story.

China's big push for its global trade narrative

But first he's going to try it out on the world's political leaders. Not those of the United States, Japan, India or much of the European Union. They've declined the invitation. But this weekend Mr Xi is gathering all the presidents and prime ministers he can muster in Beijing, hoping to inspire them with a vision about China as a force for good in the world. Xi Jinping came to power five years ago with a determination that China should stop hiding its light under a bushel. Classic #retail business in #USA is in #crisis. Temporary downturn or permanent change? *****In the US the middle class is smaller, but richer.

*****Shifting Incomes for Young People 1966-2016. Millennials’ income and baby boomers’ income.

*****Shifting Incomes for Young People 1966-2016

The story goes like so: The Millennial generation makes less now than the baby boomers did back when they were the same age as the Millennials, based on median personal income. *****FANGs: “The Fangs sell their stuff wherever there is internet access & don’t have to worry about pesky supply chain issues” How @JustinTrudeau is preparing #Canada for automation @CanadianPM #technology. *****Infographic: Map of global economies with GDP over one trillion US dollars. The average millennial worker makes less than the average baby boomer did in 1975.

Demonstrators gather in front of a McDonald's to call for a minimum-wage increase in Chicago on April 15, 2015.

The average millennial worker makes less than the average baby boomer did in 1975

(Scott Olson/Getty Images) The United States has enjoyed extraordinary economic progress over the past four decades, but average incomes for today's young workers are lower than they were in 1975. Over the past four decades, young American workers saw their average incomes decline by 5.5 percent after adjusting for inflation, according to new figures published Wednesday by the U.S. Census Bureau. In 1975, workers aged 25 to 34 had a median personal income of $37,000 in modern dollar terms. Earnings have declined despite the fact that today's young people are better educated than 40 years ago. Chinese hotel constructed in 90 hours. This is the most dangerous time for our planet. .@adidas is now making 3D-printed shoes by @sai. Comparing business to country. Read more. The History of opportunity by @FundersFounders. They started here! @10MillionMiler #startup #leadership #inspiration #entrepreneur RT... by #martin_steinman.

#Manufacturing workforce in #Australia 1984: 1,098,000 jobs (17% of workforce) 2017: 907,000 jobs (8%) @australian. Worried about AI taking your job? It's already happening in Japan. From smugglers to supermarkets: the 'informal economy' touches us all. As I talk to him, Ahmed pulls his chair into his store to escape the hot Tunisian sun.

From smugglers to supermarkets: the 'informal economy' touches us all

He is a retired teacher – the years of screaming children can be counted in the rings framing his eyes. Behind him is his merchandise. *****Chart: The Largest Companies by Market Cap Over 15 Years. The Oil Barons have been replaced by the Whiz Kids of Silicon Valley The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

*****Chart: The Largest Companies by Market Cap Over 15 Years

By definition, the largest companies by market cap are the most valued by investors in absolute terms. *****The Fourth Industrial Revolution: what it means and how to respond. We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another. Old Ladybird Books updated, part 96. The farm labourer, 1970 (This line was removed from later editions!) This skill could be key to the jobs of the future. At first glance, it looks as though the group of young adults is building Lego. But these are actually students at the University of Cape Town’s Hasso Plattner Institute of Design Thinking, and they’re using the colourful blocks to design a prototype. It represents policy reform ideas around transitioning from informal to formal economies.

It’s a complex system represented with very basic materials. This is design thinking in action: human-centred, problem solving activities that ground design thinking in practice. It helps students to understand and innovatively solve challenges. Design thinking can be used very successfully as an academic programme that goes beyond traditional university practices. CEOs of big companies Guys named John: 5% Women (all names): 4% #InternationalWomensDay. The jobs of the future – and two skills you need to get them. The future of work is a key topic at this year's World Economic Forum Annual Meeting.

For more information, watch the Promise or Peril: Decoding the Future of Work session here. Could a robot do your job? Millions of people who didn’t see automation coming will soon find out the painful way. The answer is a resounding yes. The World Economic Forum’s Future of Jobs study predicts that 5 million jobs will be lost before 2020 as artificial intelligence, robotics, nanotechnology and other socio-economic factors replace the need for human workers. Image: Reuters. #Onthisday 1949: Hops were harvested the old-fashioned way... on stilts. Hopefully beer drinkers raised a glass to these brave farmers. Employers are going soft: the skills companies are looking for. It’s no longer enough to fill your CV with impressive grades.

Employers are looking beyond qualifications to figure out what other skills their candidates have. Cognitive skills in topics like maths and English have long been used as to measure the calibre of a job candidate. But a report by The Hamilton Project, an economic think-tank, says that non-cognitive skills are also integral to educational performance and success at work – and are becoming increasingly so.

Few low skilled jobs on offer. These days more than ever #education is key to financial independence and success. Worried about AI taking your job? It's already happening in Japan. Is globalization on its last legs, asks Barry Eichengreen. LONDON – Does Donald Trump’s election as United States president mean that globalization is dead, or are reports of the process’ demise greatly exaggerated? Too Big to Fail: Inside America's Economic Downfall - CreditLoan.com®

*****Problems w US protectionism (Factory N America v Factory Asia etc) LONDON – Donald Trump’s ignominious executive order barring entry into the United States for refugees and others from seven predominantly Muslim countries has dominated headlines in recent weeks. But the damage done to America’s image, and to the global economy, will only be further compounded by Trump’s early decisions on trade.

*****4 levels of computer skills, and the surprising number of adults who fall short. It’s easy to assume that almost everyone, particularly in rich nations, is computer literate. Simple graph reminds us how spectacular the rise of the service sector in our #economy is in historical context.