Who does not love innovation right? Innovation, defined by the Webster’s dictionary, is defined as “an act or process of introducing new ideas, devices, or methods.” Innovation has been a common theme in the United States’ history.
For example, take the Industrial Revolution. Practices that were always done by the hands of workers were now swept aside by machines. What exactly does this mean? This means that goods were produced not only at a faster rate, but also in higher quantity. During this time, efficiency was at an all time high and innovation was winning by a landslide. The only problem was innovation itself. Even though innovation creates new and better jobs, it kills some jobs off.
As we speak, we are currently in a digital revolution. In the last couple of decades, jobs ranging from bank to clerical jobs have been replaced just like the workers were. It is very important to understand that even though new jobs are made by innovation, there is a disconnect in the delivery of resources to the people. Most of the people who have benefited from this digital revolution has been a small group highly skilled workers and owners of capital. An example of this would be the Apple Company. In the last decade, we have seen iPods, iMacs, iPhones, and iPads take the consumer market by storm. Where did all that money go? The money did not fall into the hands of the masses, but rather to the main owners of Apple. After the owners of Apple, the skilled workers who made these products would receive the next payday. After these two groups of people, the money will have to wait until it reaches more of the common laborers.
In my opinion, it is important to heed this message. As innovation begins, there will be more opportunities and growth. However, it is important to understand that these opportunities will not be given to everyone.