Changing Economic Lanes

Over the course of human history, we have seen drastic changes.  Some took a long time while some took no time at all, for instance, slavery and update to the smartphone respectively.  Hence, it is imperative that we do not stand still or else the world’s constant changing will overwhelm us, particularly in this fast-paced lifestyle.

At one time, we were astonished with what a printer could do.  We were even more astonished with what a color printer could do.  And now, we have 3D printing.  Okay, it’s not as common as a printer but hey, give it a few decades.  Granted, not all professions need it, like a bank or a market research company.  However, it’s relied upon in construction planning among other things.

And recently, it has expanded its clutches onto food.  The Project on Channel 10 in Australia reported on their website on “3D Printed Meat”.  Monash University teamed up with Meat and Livestock Australia to create a future for meat using 3D printers.  In my entire short life, I never imagined that we could ever print meat.  Okay, so it’s not the traditional way of farmers rearing animals but the world is moving forward unfortunately.

So, that’s with a product.  Product innovation is nothing new.  The innovation is new but the idea of innovating products is not.  What about the way you purchase those products?  We had the convenience store, then we had the Internet, and now Amazon is planning a chain of grocery stores you can walk in, grab your stuff and walk out of.  Well, there seems to be something interesting going down under in Australia too.

In an article by news.com.au titled “OzHarvest Launches Supermarket with No Price Tags, With Shoppers Invited to Pay What They Feel Like”, it’s back to basics.  We have been so willing to innovate that now, innovating could mean looking back at the past and making some modifications to our current system.

OzHarvest’s intentions are to simplify two problems of shoppers, “How to reduce the amount of food that goes to waste every day?” and “How to reduce the pressure on people to pay for basic essentials?”  The shelves in this designated OzHarvest store are filled with food and basic essentials donated by major businesses.

I know what it sounds like.  It sounds like a system easy to manipulate.  Well, that’s the risk but OzHarvest is a charity, not a business.  For low income earners, they will be seeking their groceries here instead of big supermarket chains.  As for another concern, you’re right.  No, this is nothing new.  This is pretty much like a wet market where you bargain your way through to obtain a lower price.  However, to be able to do that in a supermarket, that’s something new.

Are we seeing some changes in the Malaysian economy?  We are definitely looking to change.  There is an article in The Sun titled “Malaysia – On Road to a Cashless Society” that highlights Malaysia’s ambitions to be a cashless society by 2020.  It has already started, kind of.  Most toll booths are cashless now and when it comes to public transport, they encourage cashless transactions by offering cheaper prices for using a travel card.

Honestly, it is not going to happen by 2020 but it will happen eventually.  Malaysia is after all ranked second in a list of fastest moving digital economies.  By the way, in case you are confused, cashless means paying through wiring or prepaid and whatnot.  It does not mean you do not spend money anymore.

Is it all great when it comes to an economy moving forward?  Not really.  I mean it’s important to innovate but there are some harmless practices that get on the chopping block because of the shift.  In the first story for example, how will the farming industry survive if 3D printing becomes a true substitute for meat?

And since we like the Internet so much, we get our news and information from it.  What about newspapers?  They are becoming obsolete by the day.  The New Daily reported in their article “Fairfax Staff Strike After Massive Job Cuts Unveiled” that journalists at The Sydney Morning Herald and The Age will strike after 125 jobs were axed.

The move to cut the jobs is to save Fairfax Media $30 million.  It is indeed sad to see people lose their jobs but NewsCorp did the same thing a few weeks prior.  In fact, Fairfax Media’s rivals cut staff nationwide to save $40 million!  And NewsCorp is the largest media corporation in Australia!

The best article I will be referencing here comes from the BBC titled “TV Dinners: The Hidden Cost of the Processed Food Revolution”.  It pretty much showed the positive change in the economy from female participation.  But at the same time, it cultivated a lifestyle and economy that is unhealthy.  In 2015, the US reported that out-of-home spending exceeded in-home groceries for the first time.  England achieved that a decade earlier.

I really like that article because it highlights how this modern economy is.  I may only reference it partly here but seek that article out.  At the end of the day, it is still foolish to stay in the past because we ought to keep moving forward.  But at the same time, to smooth the transition, we need to understand the loss incurred so that we can benefit as many people as possible.