There are various theories which were developed by people as a mean to relate economics with the social status and upbringing of the people. Money is a medium to help people trade services and things which actually changed its shape with the passage of time. Gold coins are now reminiscent of times before the birth of Christ. Fast forwarding towards the current times, cryptocurrency namely blockchain and bitcoins are started to take a better face and assuming a good monetary value. According to the experts, it takes around 2 centuries for any currency to make its place in the market or succumb to disappointment.
America has mostly enjoyed a better place in terms of the economy while experiencing a ‘Thucydides trap’ with the china and other emerging markets around the globe. Today the minimum wage is better than the past but inflation is also taking a hold of markets around the globe. This tussle between the inflation and current monetary value of money with the backed up commodity is kind of complex to understand but has a great deal of effect on our common lives.
Orlando, Florida – Jack in the box says that they are considering swapping some cashiers with the automated machines because of the increment in the minimum wages in order to keep pace with the profits requirements of the fast-food chain.
As we see the rising cost of the labour, it just makes sense – says the CEO Leonard Comma during the ICR Conference
The chain is currently testing the technology right for their needs. They have worked with kiosks which according to them helped them with efficiency and increased sales. However, in past Comma said that the cost of installing kiosks wasn’t worth it.
Thought, recently with the costs of wages increasing, Comma along with other CEOs of companies are thinking to replace the counter guy with these kiosks. According to our reports, minimum wages are increasing in 18 states in 2018. California is on the brink of getting a wage increment. After the increment, the minimum wage is going to get an increment to $15.
We can name other fast food restaurants thinking the same. Wendy’s also announced their plans of giving thoughts to install the automated cash counters. McDonald’s is going to add kiosks to 2,500 stores.
Smaller chains like Eatsa and CaliBurger have been working on automating the entire restaurant experience.
With government driving up the cost of labor, it’s driving down the number of jobs, You’re going to see automation not just in airports and grocery stores, but in restaurants. – Carl’s Jr. and Hardee’s CEO Andy Puzder told Bussiness Insider in 2016.