THE IMPACT OF ROBOTICS ON THE ECONOMICS

The evolution of new technologies, mobile and internet, while on the other hand financial crises and economic developments, supported with the changing needs and behaviors of customers are still putting a heavy pressure on the world economics, on countries and its budget deficits, on financial services and on business especially on the profitability and revenues sides of the financial tables. The last global financial turmoil accelerated the entrance of
the humanity to a new age by having strong impacts and results on the global economy.The monetary base and the issuance of the money all across the developed and G-20 countries were / are exponentially growing and capital movements and cash flows especially to emerging countries via risk capital funds, business angels, non-bank financial institutions e.g. microfinance, mobile operators boosted new entrepreneurships, SMEs and most of all innovation and more researches in companies and industries. The “Digital Age” that began with internet and mobile echnologies, plunges corporations into opening their stores in cloud and web, to mobilize together with its customer base, drag governments into launching their e-government initiatives, financial institutions into presenting hemselves in tablets, mobile phones and social media. Huge transformation in doing a new type of business which
is called e-business containing e-signature, e-invoice, e-commerce, internet, mobile banking and e-payments, creates efficiency in corporate and individual life. Minimizing or optimizing the work processes, business processes reengineering shifted industrial age towards the digital age by the help of e-business environments. On the other hand, he amount of the information getting bigger and bigger every single day led business environment to analyze big data and to react simultaneously with CRM systems. Although, digital age together with other sciences like mechatronics, nano technology, genetic and so on is a step for “Space Economics”, some other progresses are going
to change business and economics directly or indirectly more than other developments. These progresses are named Robotics and Artificial Intelligence. The “Industrial Age” has been started by the industrial revolution and mechanization primarily in UK and by car makers (McKenzie, 2015). Production and deriving from that the supply side of the economics have made huge impacts on business and economics at the beginning of the 20th Century. The Production Factors, i.e. capital, entrepreneurship, work force, land were affected by the industrial age developments and mechanization and life style, education, finance, management have been all changed due to these effects (Mokyr, 1985). In order to solve new issues and problems, white collars and management have come to the agenda which created higher education needs due to the level of information, decisions and quality of the work force needed (Keller, 1983). Workers in order to be at the same working time at factories or production lines have begun to live in housing estates, large buildings or complex which directed life style to live in cities rather than villages. Wages and wealth have changed the buying attitudes and social behaviors (Davies, 1962). Lowering the human work force costs on one side by bulk population management e.g. transportation, municipal services and employee rights on the business environment, while on the other hand depreciation of allowance of the machines in production lines,
calculation of the return on investment of these production lines led to new definitions in accounting and finance and the cost of capital. Robotics and Artificial Intelligence will be also opening new pages in the economics and business which are also bringing new life style and sociological side effects. Roubini and Stiglitz mentioned about the possible results and impacts of these effects in their articles (Roubini 2014; Stiglitz 2014), together with many discussions held in the last World Economic Forum 2015 (WEF, 2015) and papers, news are newly started to be issued on the same topics. One of the clear impacts will be the increase of jobless ratio in the economy. Regarding this first effect on the business side will also be on the hiring or buying new robots which most probably have an artificial intelligence comparing with its first movers.This conceptual and hypothetical paper starts with a summary of the main definitions, trends and latest facts that are still shaping economics, business and finance. This paper is
aiming to address and discusses possible disruptive changes and impacts as well as results on industries, management functions and economics theories with visionary perspectives that may / will occur in the near future mainly in an innovative and futuristic way of thinking. Most of the arguments are still under discussion or could not be still valid with today’s disciplines but future is directly related with imagination and estimation as Jules Verne wrote in his novels.

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