Assignment:
Project - Macroeconomics
Please review the excerpt given below. Then analyze the impact of the technological change on different variables given below.
Excerpt from a newspaper
"Companies eager to automate more of their back-office tasks are fueling a booming market for software "robots."
Two of the biggest players in the market are Blue Prism Group PLC, a publicly traded U.K.-based company, and UiPath Inc., a private firm based in New York.
Their specialty, called robotic process automation, is increasingly in demand as more companies use it to take care of formerly labor-intensive tasks such as data entry and processing paperwork.
The technology uses software to mimic the way workers process transactions, creating applications to power automated systems that can perform tasks faster and better than humans.
Tech leaders at companies in nearly every sector, who have been racing to upgrade their enterprise technology with cloud computing and advanced digital tools, are finding similar applications for the time-saving software across operations- especially when it is enhanced by artificial intelligence and machine learning capabilities, industry analysts say."
Analyze the Impact of such a technological change on the following areas:
1. Production; Aggregate Demand, Supply and the Price level
2. GDP changes and economic growth
3. Employment and Labor Demand
4. Credit Demand and Interest rates
5. Business Cycles
6. Lessons learnt - as a student of economics
Instructions:
1. The paper should be typed.
2. The paper cannot exceed 6 typed pages - font 11 or 12.
3. Attachments will not be counted as a part of your paper i.e. data; newspaper clips/web pages etc.
4. The paper should be original and not copied. Any copied material will not be accepted and will get a zero automatically.
5. The paper should include a table of contents, Introduction to the topic and a conclusion.
6. You need to analyze all topics given above.
7. Include graphs, tables and data as required.