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The nature of modern economy is that the only occupations coming to existence are low-pay jobs and this problem cannot be solved by existing policies, says an academic.

“The only jobs coming to existence are low-pay jobs and then there are a lot of people with no jobs, unemployed or part-time jobs. This is the nature of the modern economy and it cannot be solved by existing economics and existing government policy,” Rodney Shakespeare, professor of Binary Economics from London, said in an interview with Press TV.

The remarks came after a recent research by Resolution Foundation suggested that more than five million workers in Britain are languishing in low-pay jobs and have little money left to spend after their basic needs are met.

The report said workers in Britain are more likely to be low-paid than workers in countries like Germany and Australia.

The Resolution Foundation said women are still far more likely to be low-paid than men, as 27 percent of employed women are in jobs very poorly paid compared with 17 percent of men.

The report also revealed that almost 25 percent of minimum-wage workers have remained on that rate for the past five years.

Shakespeare said an immediate need is to “get jobs”, adding that it can be done by central or national banks putting out interest-free loans in the public capital projects.

The professor concluded by saying that the longer term issue is the “technological shift” and for that the mechanism of binary economics is needed to spread the ownership of capital and productive capacity.