Economics teaches that the development of

Economics teaches that the development of science and technology can grow an economy. In accordance with this teaching, the government of many countries has used the development of science and technology as the engine of economic growth.

It is true that the development of science and technology seems to serve as an engine for economic growth, as science and technology are developed in advanced countries and developing countries are lagging behind.

However, it is the experience of world history that the development of science and technology that has overtaken the income level has played a role in exacerbating employment problems as well as economic growth.

China is the most recent example. China has developed a labor-intensive industry, laying the foundation for today’s economic prosperity. As a result, he was nicknamed the world’s factory.

However, after Xi Jinping took office, he adopted a policy to skip the traditional stage of industrial development. In order to realize the Chinese dream. In particular, he focused his policy capabilities on the production of cutting-edge semiconductors, batteries, electric vehicles, and solar and wind power facilities, and to some extent, he achieved significant results.

However, the above technology-intensive industries did not create enough employment. In addition, the employment problem has become even more serious as the economic downturn coincided with the collapse of the real estate market that began in 2021. In particular, jobs have decreased significantly in labor-intensive industries, construction industries, and daily workers, and farmers have been hit the hardest.

Farmers who haven’t been able to find work in the city for a long time seem to be choosing to return to their villages. The Chinese government seems to be taking this issue seriously and forcing farmers who have returned to the village without any countermeasures to return to the city. If the unemployed are dispersed to several places, it will be out of control.

China’s tragedy was caused by incorrect economics teaching that the development of science and technology will serve as an engine of economic growth. In short, the current economics ignores the fact that the development of science and technology is a trailing variable of economic growth.