Among the most important thinkers in the twenty-first century is Professor Goran Roos. He is good and knowledgeable about Australian manufacturing.
Even if the figures and information he showed are for the Australian government, still the principles are for all. For sure, you will be able to view them more increased in the UK and USA. Read this post at http://www.youtube.com/watch?v=lHjyKpWLS4s.
The Reason Why Modern Economies Need To Manufacture
What will I learn from the presentation?
Below is a short list of the effects of manufacturing in an economy:
* It drives the R&D.
* Innovation is created because of the manufacturing
* High quality exports are typically manufactured
* Makes plenty of indirect work per direct job than some sectors
* Plenty of service companies have a specific goal.
* Gives plenty of knowledge rapidly.
* Is needed for a competitive economy
The main point is that in order for an advanced economy to maintain both social and economic wellbeing, a healthy manufacturing sector and victorian employers is needed.
Plenty of people's attention were captured by the person mentioned above. Australia really needs manufacturing and it is something that plenty of people agree.
Manufacturing makes jobs
He also mentioned above the effects of manufacturing to jobs and why there are job problems in Australia. The official figure of unemployment is low, still that is due to the fact that, plenty of individuals look for jobs and are not involved in the figure. For every manufacturing work, there are two point five other work made around it. If we talk about Australia where there are one million employment with australian exporters, then there will be three million employment as a whole connected with manufacturing. For every individual working, there is a certain individual relying on them for the profit. These may be children, spouse, relatives and others. Overall, there are seven million individuals in Australia depending on the manufacturing.
With regards to mining, there is another work created around every mining work. There is also a dependent individual being relied upon for all of the employees. These can either be children, relatives, spouse and others. So in general, there are four hundred thousand individuals in Australia dependent on the mining.
Thus, the government of today has practices and policies that reduce manufacturing so as to increase mining for direct export are really not good for the economy. Indirect job making is also not good when service industry is mentioned even if it employs plenty of people than mining jobs.