TED ANKARA COLLEGE / 9-S
The
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Growth With Depth: Economic Transformation
Ayşe İpek İNCE ‣
In economics, economic transformation refers to the continuous process of moving labour and other resources from lower to higher productivity sectors and raising withinsector productivity growth. Economic transformation has commenced with the shift from agricultural economies to industrial societies. Machines have replaced manual labor in the industrial process, transforming not only economic growth but also the amount of effort individuals put into their work.
These machines and artificial intelligence have increased efficiency but have called into question the role of labor in the work being done. Although this situation provides practicality and applicability, it has made economic security more vulnerable to disruption. Gig economy and remote work models, in particular, have blurred the boundaries between an individual’ s work and personal life. Economic transformation creates opportunities in the workforce but also increases structural inequalities. These inequalities show that economic growth and transformation do not necessarily have a positive impact on everyone. The impact of transformation on individuals also affects their outlook on the future and their sense of institutional belonging. uncertain economy, they are trying to adapt to their families’ lives and the way the world works.
In conclusion, economic transformation is not only a technical process of change but also a concept that reestablishes the connection between the economy and people. However, to move beyond an abstract concept, this transformation must provide people with equal opportunities and humane conditions. If this transformation, which allows us to examine the relationship between the economy and people in the most comprehensive way, does not improve the conditions of individuals’ working conditions or reduce inequalities, then it is not possible to speak of a true economic transformation.
The generation most affected by economic transformation is the younger generation. In a constantly reshaping and