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Skip to 0 minutes and 6 secondsWelcome to the course. Are you ready to learn more about the possibilities for our economic future? Join in the debate as we tease out the key issues together over the next three weeks with expert academics from Griffith University. Hi, my name is Fabrizio Carmignani. I'm a Professor of Economics and Dean Academic in the Griffith Business School at Griffith University. I'm concerned about the economic well-being of the next generation. Without a fourth Industrial Revolution that creates conditions for future economic growth, the living standards of the next generation may decline. I'm Ross Guest, Professor of Economics and Dean of Learning and Teaching in the Business School at Griffith University.

Skip to 0 minutes and 48 secondsThere are good reasons to expect society to be more prosperous in 30 years than it is today, if we take average living standards as the key indicator of prosperity. I will be taking the case of Australia, but I would argue that the same applies to most, if not all, other countries, although to varying degrees. The main reason is quite simple. The power of compounding productivity growth. Productivity growth has been relentless over any given 30 year period since the Industrial Revolution. We have history on our side. The next generation will face major shifts in the job market with new technology, artificial intelligence, and innovation having a huge impact.

Skip to 1 minute and 29 secondsWhile it all sounds like great progress, you might be surprised to find out that these innovations will be disruptive and the next generation will have to be resilient in ways that the current generation has never been. You've probably realised by now economists have different viewpoints when it comes to predicting our economic future. What will you decide? This week we begin the debate. We'll explore the history of economic growth and discuss key issues impacting the future. We'll look at factors affecting our living standards and the relationship between economic growth and well-being. You will hear reasons for my pessimistic view, but you will also hear reasons for a more optimistic view.

Skip to 2 minutes and 12 secondsAnd maybe at the end of the course, you will form your own views. Let's get started with week one.

Welcome to the course

Thank you for joining us as we debate the question, “Will the next generation be better or worse off than their parents?”

By the end of the course you should be able to:

  • explore the economic prospects of the next generation in a global context with emphasis on Australia and industrial countries;
  • describe the rationale for government intervention in the economy and provide relevant examples of intervention;
  • explain the criteria for success/failure regarding government intervention in economic policy; and
  • discuss the economic policy options that may allow the next generation to have an improved economic outlook.

This week we’ll investigate our economic position, looking at economic growth throughout the ages and in the future.

In Week 2 we’ll consider the economic challenges ahead of us, such as preparing for changes in the job market and discovering who will be the winners and the losers of creative destruction.

Finally, in Week 3, we’ll contemplate the impact on the future through discussion about inequality and the pivotal role the middle class plays in the process of our economic growth.

Your task

Which part of the course are you most looking forward to?
Share your answer in the comments below.

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This video is from the free online course:

Exploring Economics: Will the Next Generation Be Worse Off?

Griffith University