Peng Wensheng: digital economy combined with aging population may be a low desire Society

category:Finance
 Peng Wensheng: digital economy combined with aging population may be a low desire Society


With the development of digital economy, one view is that China is entering an aging society. With the compensation of machine and artificial intelligence for labor force, the aging problem of Chinas population may be alleviated.

Can digital economy solve the problem of population aging? On the supply side, artificial intelligence will boost labor productivity, at least partially offsetting the decline in the number of workers, Peng said. However, from the demand side, machines have no consumption demand and can not consume for people. What promotes the progress of human society is actually desire. The digital economy era, combined with an aging population, may be a low desire society.

He took Malthuss population principle as an example. The growth of human population showed geometric growth, far exceeding the growth rate of food. The reason is that peoples desire is infinite. At this point, machines cant replace human beings, and digital economy cant solve the problem of aging population.

There is also a view that in the future, a large number of labor jobs will be replaced by machines, and there may be a wave of unemployment in society.

Will this happen? Can digital economy change the pattern of income distribution? Peng Wensheng believes that this depends on whether machine replacement or machine empowerment. If machines replace people, the return on capital will rise and the return on labor will decrease; if the machine empowers people, it may increase or at least not damage the remuneration of workers. Taking China and the United States as a comparison, he proposed that the digital economy in the United States is more machine replacing human, and Chinas digital economy is more machine enabling people, and distribution is beneficial to workers.

Peng Wensheng also mentioned that data is a new factor of production, which is non competitive as a productive force and exclusive as a production relationship.

The traditional economy is competitive. There is an apple on the table. If I eat it, you wont have to eat it. But the digital economy means that when I watch the video, it doesnt affect the cost of watching the video. Thats noncompetitive. He said that non competitiveness is the premise of the expansion of the digital economy, and the benefits of scale are generated. Productive forces have relations of production. The question is who owns the data? Peng Wensheng pointed out that data property rights are exclusive. Therefore, the development of digital economy in the future should balance the relationship between productivity and production, and the relationship between non competition and exclusiveness. The digital economy can improve our lives and change the mode of economic development. At the same time, it also brings some risks and challenges. Peng Wensheng said: internally, the ownership of data raises concerns about the protection of personal information; externally, as a factor of production, data is also the main battlefield of the future international governance order game. Therefore, digital economy is not only an economic problem, but also a multi-level issue of social governance and international politics. Source: Southern Metropolis Daily Author: Intern Wang Fan, Nandu Reporter Lin Fangzhou, editor in charge: Wang Xiaowu_ NF

The traditional economy is competitive. There is an apple on the table. If I eat it, you wont have to eat it. But the digital economy means that when I watch the video, it doesnt affect the cost of watching the video. Thats noncompetitive. He said that non competitiveness is the premise of the expansion of the digital economy, and the benefits of scale are generated.

The digital economy can improve our lives and change the mode of economic development. At the same time, it also brings some risks and challenges. Peng Wensheng said: internally, the ownership of data raises concerns about the protection of personal information; externally, as a factor of production, data is also the main battlefield of the future international governance order game. Therefore, digital economy is not only an economic problem, but also a multi-level issue of social governance and international politics.