It leads to the development of the industrial, agricultural, tertiary and export sectors of the economy.Consequently, employment, national income and growth rate of the economy increase. It has its harmful effects which are discussed below.Machines help in the exploitation of natural resources for the benefit of the people.
It leads to the development of the industrial, agricultural, tertiary and export sectors of the economy.Consequently, employment, national income and growth rate of the economy increase. It has its harmful effects which are discussed below.Tags: Programming Problems To SolveThesis Report On Child LaborWriting Research Papers A Complete Guide Spiral 14th EditionHome Healthcare Agency Business PlanGrade 1 Retrolisthesis Of L5-S1Novel Writing HelpEssay On The Battle Of The SommeEssay About Car Accident
Perishable consumer goods like milk, vegetables, fruits, eggs, etc.
are no longer perishable and are available all the year round with the spread of cold storage facilities.
This prevents their wastages and prices from rising when their supplies are short.
By increasing production, machines raise the incomes of the people and the country.
More Employment: In the beginning, machinery replaces labour and there is unemployment. ‘The use of machines increases productivity of labour thereby increasing production, reducing costs and making the goods cheaper. In order to meet this demand, more workers are employed to increase their production.
Income will rise which will further increase the demand for goods, thereby necessitating the employment of more workers. Secondly, as machines are made by machines, workers are needed to manufacture new machines.Fourthly, machines require for their operations, repairs and maintenance, educated and skilled manpower.This leads to the setting up of institutions on formal and technical education which create demand for the teaching staff.We discuss the economic effects of machinery as under.Machinery benefits the workers, the producers and the economy in the following ways.The manufacture of innumerable consumer goods from the smallest pin to the largest aeroplane has been made possible by machines.Machines have, in turn, been manufactured by other machines, called capital goods.The efficiency of the worker increases because he can work accurately and faster, and produce quality products in larger quantities.Jobs which are dirty dull and involve lifting of heavy loads are done by machines.For example, the cleaning of the city and the sewerage system by machines, preparing of accounts by a computer, and lifting of heavy loads by a crane have brought relief to workers.They take more interest in their work and their efficiency increases.