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Economic Growth - Coggle Diagram
Economic Growth
Economic growth is led by high or increased productivity
Manufacturing changes that historically stimulated growth
Steam Engine
Mass production model
Automation wave
Failed attempts at stimulating growth
Offshoring
Increase facility size
New tech at the hands of every citizen
Productivity decreased
Resulted in too much overstock
Supply chain not adaptable
Cheap labor didn't stay cheap
Return to manufacturing with the addition of technology is the key to the next wave of economic growth
Robots that can handle complex tasks combined with human workers increase productivity 20%
3D printing for metal and plastics can increase productivity by 40%
Trade floors become regional rather than global
Reshoring happens as consumer proximity becomes more important
Smaller facilities allow for focus on flexibility
Mass personalization becomes possible
Employment, productivity, growth all rise