![]() More inexpensive goods, less tedious work, and previously unimaginable levels of personalization are just some of the ways our lives are likely to improve through the sheer power of technology. Today, automation, artificial intelligence, and a worldwide digital communications network serve as an empowering platform for unprecedented innovation. Some say new technology always creates abundant jobs for workers with the proper training. They agree that some jobs disappear forever, what they refer to as “displacement.” Workers in obsolete industries find jobs, if they can, in emergent fields related to the new technology.Įconomists do not agree about the long-term automation and job loss statistics. The Industrial Revolution left millions unemployed, their jobs rendered obsolete by machines.Įconomists agree that new technologies can create a large wave of short-term unemployment. As automobiles replaced horses, industries based on the old order shut down. That’s the example economists cite when they talk about technology and employment. ![]() Employment in the buggy-whip industry is about 0%.
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