What is the yellow economy?

How does the yellow economy work?

Basically, optimizing industry means doing more with less: reducing costs and boosting production to make businesses more competitive. Technology is the best means to that end. New techniques and machinery can do things like cut wait times, make processes more precise, narrow the margin of error and boost security.

Just by looking back in time and considering how work used to be done in farming, transport, communications and other sectors, we can appreciate the extent of what technology has done for industry. Farmers used to plant, harvest and perform maintenance by hand or with animals; by the end of the 19th century, they started using the first tractors, which then made way for combine harvesters and reapers Now, because of technology in so-called “precision agriculture”, self-driving tractors with global positioning systems (GPS) can plant and harvest and drones can fertilize crops and spray for insects.

In transport, technology has made way for vehicles with more amenities for drivers — there are even self-driving cars that need no one to operate them. In communications, a sector that technology has innovated most in recent years, the Internet, social media, smartphones and other inventions have revolutionized how we communicate and consume information.

The yellow economy means industrial innovation and competitiveness. However, using its productive model excessively or improperly could jeopardize jobs if only technology is used as a substitute for manual labor.

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