Service Sector Growth Essay Example | Topics and Well Written Essays - 2500 words

Service Sector Growth - Essay Example Other services include those that assist firms in conduct of operations within the regulatory regime, such as auditing and legal services. (Innovation : 2006). Thus these diverse services most of them knowledge based are supplementing traditional services as banking, tourism and leisure. This broad expanse now falling within the ambit of services has placed greater emphasis on the use of science and technology and innovation in this field. The internationalization of technology and its impact on national competitiveness also has a significant influence on the services sector. While traditionally services such as banking, retailing, business processing have not been considered amenable to research and development and innovation as compared to other emerging services such as software development and genetic engineering, this appears far from the truth. Thus innovation can also be employed for creation of growth in the services sector. (SETI : 2004). There is a growing trend which shows that a substantial amount of research and development is occurring in the services sector. While new products and processes were not unknown in the services sector but innovation in services more often related to changes in how, where and when a service is delivered. For instance, electronic banking is an innovative way to provide traditional banking services at home at any time. The growth of knowledge based work along with technological change and competition has also highlighted the need for innovation. Knowledge based work implies non routine, cognitive skills as abstract reasoning, problem solving, communication and collaboration which contribute to the services sector. However, services innovation need not be linked to changes in technology. Fast-food chains, like McDonalds, have applied innovative changes in delivery to obtain fast track growth in diverse geographic areas. To ensure that growth is constant and non linear, it is essential that the services sector is supported by suitable science, technology and innovations policies. Where policies are prevalent there is a need to review them to enable their rationalizing with the markets. (Future of Work: 2004). Innovation policy frameworks also need to focus on non technological facets of the services sector. This will come about once problems in traditional research and development activities have been recognized and importance is given to interactive people oriented actions. (SETI : 2004). The developed World is well aware of this need. Thus the OECD Committee for Scientific and Technological Policy at Ministerial Level has emphasized the importance of the policies for knowledge creation and innovation for sustainable economic growth and social well being. (Science : 2004). The need to involve the research enterprise and involve civil society and business in governance of public research has also bee n identified. The policy design is said to include an interface between innovation and science systems to harness benefits from investments in research. This will also facilitate effective industry science linkages. Policy Initiatives Fostering Growth Patents and copyrights are an essential part of the services industry particularly those related to information technology, knowledge creation

Employment Coursework Example | Topics and Well Written Essays - 1750 words

Employment - Coursework Example Other professionals will find themselves locked into an arms race with their competitors, and companies will have to provide their teams with the best equipment or face serious defeat. The advancements in medicine will reduce the population of potential employers lost through disease, and increased child care cost will force most employees to find ways of bettering their wages, either through job hoping, or making themselves marketable. Workers will telecommute; enabling them to use time spent commuting into productive work. The choices available for reemployment will be endless due to new, upcoming jobs including computer programmer, day care provider, environmental engineer, and elder specialist. People will be working during the weekends, in the evenings and on holidays (Roger Backhouse).   Inflation Inflation is expected to increase in the next five years, because the rising prices of commodities is not lasting a short time. Prospects of currency shifts and high commodity price s will cause the inflation to increase. In my view, the current market imbalances will continue keeping commodity prices rising in the next five years, with the inflationary pressures hitting emerging markets more, since a bigger share of their consumption is commodities. New emerging markets have in the past been a source of disinflation for most of the developed economies, because cheap imports from countries like China decreased inflation in the US and Europe, but that dynamic will be changed with higher commodity prices. The developed world policy makers will also try making their economies competitive through a cheaper currency, which in my view; will cause higher inflation for net importers like United States. In addition, emerging economies will let their currencies appreciate with a bid to combat inflation causing exportation of inflation to countries that buy their goods (Roger Backhouse). Interest rates Suppressing interests now will lead to disproportionate rise after fiv e years. In addition, the proposed low rate encourages depositors, who can relocate their money elsewhere, leading to more pressure for a rise. In my opinion, the monetary system is in a complete mess characterized by cons and quick solutions to serious economic problems. Currently no single borrower or saver can be immune. There is a lot of fake currency with no fixed value, and the trend seems to be escalating with time. Although there are few exceptions including gold silver coins and liberty dollars. With the currency and legal system plus savings and pension, most people are enslaved. There is no longer money, and people are just dealing with negative and positive numbers, which are illusions of debt and credit, of which we have no control. Probably, we can introduce some feel in the monetary system by nailing the currency to stabilize the unstable financial environment. The question, therefore, is how one can plan and be successful with their finances. This, therefore, makes i nterest rate speculation meaningless (Roger Backhouse). Level of taxation The middle class has been the category of tax payers who have mostly felt the weight of the tax mans demands. With increasing government spending, and demand for more infrastructures, the level of taxation is expected to go up, because the government will have to meet its high budget, while at the same time provide necessary social facilities for its citizens. The expected rise in inflation would also mean the governments would be faced with the challenge of getting the