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The trade-off between technology and employment

 


Technologies that increase productivity are essential for increasing national wealth and lowering poverty. Nevertheless, certain recent technological advancements save labour and eliminate the need for humans in some industrial processes. At the same time, the impact of new automating technologies on employment may be neutral or even beneficial over time if the increase in wages brought about by more productive production generates demand for new jobs and responsibilities. The overall impact of new technologies on employment, which is expected to change across different time periods, is a highly conflicting topic.

The employment effects of integrating new technology into manufacturing processes can be learned from history. The past 40 years' worth of history suggests that on average, workers has been displaced by advances brought about by technology.

The way businesses and their workers must carry out their work is changing as a result of technology. Different disciplines, including sociology and psychology, take into account technologies, which are described as digital, electrical, or mechanical instruments that alter how job activities are completed.

Recent developments in artificial intelligence and machine learning which gave us self-driving vehicles mark the beginning of a seismic upheaval in the way we see the world. However, significant advancements have existed since history began to be recorded. These inventions have altered the path of history, beginning with the first metal tools and continuing with the wheel and printing press.

Technology has always stimulated economic growth, raised living standards, and created opportunities for new and better types of labour. We need to find a means to adapt more rapidly in order to navigate the uncertain labour market and take advantage of the numerous opportunities provided by new technology. We may "race with the machines" by constantly improving our abilities and looking for different employment opportunities. Change is on the horizon whether we like it or not, and ignoring it would be the worst possible path.

Although it is well known that technology is displacing lower-skilled and blue-collar employees, high-skill occupations have mostly been preserved since they are less replaceable and demand more education and advanced cognitive abilities. Whether we like it or not, technology has altered the job market due to greater competitiveness brought on by the globalisation of the workforce. The era of stable, long-term employment, particularly with a single company over a lifetime, is quickly coming to an end. Those who had been successful in industries where automation is now pervasive find it challenging to accept this

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