Changes in occupation impact the middle-class community and foster economic development. The middle-class community in a society refers to persons with a comfortable and efficient standard of living, who are not rich and therefore are required to work to maintain their living standards. In many communities, the middle-class population is usually considered the most significant social class as it emerged from the political economy of capitalism. In the industrial era the middle class in society
The middle-class community in many countries is experiencing the common trap which refers to the inability to move from the middle-class position to the upper-class in their economies. The trap has been facilitated by slow economic growth where middle-class incomes have remained constant due to stability in production and growth (Ravallion, 2009). The focus of this essay is to evaluate the impact of the change in occupation in the middle-class community and how it will affect economic development. The community that hosts the middle class has seen a consistent increase in employment opportunities as a result of increased financial restructuring and reforms. The middle-class community is associated with job specialization with high skills which results in high paying jobs increasing the per capita income of the middle class (Easterly, 2000).
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Many factors influence the occupational changes within the middle class which are associated with economic growth and development. Factors which affect the substantial advancement in the job market include factors such as technological advancements, globalization, and new institutional policies.
Advancement in technology- Technological advancements influence the middle age movement in occupations which has a positive impact on economic development. Advancement in technology leads to innovation and creativity which increases production and output. Technological advancements have also contributed to the improvement in the skill sets of the middle class in communities which offers them higher and diverse opportunities. Technological progress pushes the middle class into becoming more innovative and creative as a way of improving and advancing production (Ravallion, 2009). The middle class can be associated with the revolution in information technology that has seen diversification and provision of services such as mobile banking, distribution of goods and services and increased consumption which leads to economic development through exports and foreign exchanges in the country. The advancement of technology has led to higher living standards and a push toward supper class status in society.
Globalization- The coming together of the world nations in production and consumption has affected the occupational status of the middle class in society leading to economic development. Globalization has provided more opportunities for the middle class since they are equipped with skills and knowledge which has led them to be more suitable in advanced positions and widened their chances in other countries for further exploration and development. The middle class remains the most beneficial class in globalization, and their contribution to economic growth and development in different countries has been immense (Ravallion, 2009).
Occupational advancement has affected the middle class through the introduction of new institutional policies favorable to the middle class. Due to demand for their services and skills institutions have diversified the labor market through the division of labor ensuring that each talent is suitably utilized to increase production and consumption. Division of labor as an occupational adjustment for the middle-class community has an impact on economic growth and development through refinement of skills.
Effects of Occupational Advancements in Society
Advancement of the middle class and their movement in the professional lines has several effects on in the society. The middle class in the community have been associated with higher incomes, higher growth of production, distribution, and consumption of products and services, the pursuit of high education to advance their skill sets and tap into higher opportunities (Bertola et al., 2014). The middle class in society can access better health services, better infrastructure such as schools roads and social services. They have a better chance of political representation leading to the formulation of effective economic and administrative policies. Communities with more middle-class citizens have less political instabilities and civil wars with less exposure of the ethnic minorities to discrimination and racial divisions. Middle-class populations appear to be more modernized and upholding democratic values and practices (Easterly, 2000). They look to invest and save capitals to establish themselves as entrepreneurs and employers.
Conclusion
The above discussion discloses how the middle-class population in the community affects economic development in society. The middle-class society through the changes that have occurred in their occupations has progressed in economic growth and development. The main contributors and facilitators of occupation include technological advancement, and the introduction of new rules and regulation to monitor and evaluate occupational movement among the middle-class community (Goodin & Le Grand, 2018). The impacts of the shifts in occupations have profoundly affected the society by increasing access to products and services.
The standards of living have also raised through the access of better health care services, education, sanitation, political and administration, investments, favorable economic policies and economic growth and development through increased per capita incomes (Bertola et al., 2014). The middle-class community has eradicated insecurities, racial discrimination, ethnicity, and inequality through the implementation of advanced social welfare systems. Middle-class communities’ advancement through betterment and diversification of places them in a better position to close the middle class came to advance into the upper-class society through the accumulation of wealth to become rich and affluent (Goodin & Le Grand, 2018).
References
Bertola, G., Foellmi, R., & Zweimüller, J. (2014 ). Income Distribution in Macroeconomic Models. Princeton, NJ, USA: Princeton University Press
Easterly, William. (2000). The Middle Class Consensus and Economic Development . Policy Research Working Paper; No. 2346. World Bank, Washington, DC.
Goodin, R. E., & Le Grand, J. (2018). Not only the poor: The middle classes and the welfare state . Routledge.
Ravallion, M. (2009). The developing world's bulging (but vulnerable)" middle class". The World Bank.
