Question

Explain how technological innovation in terms of transportation decreases production costs and restore equilibrium between the land market and the labor market.

Answer 1

Innovation will generate employment in the future, but they will be in occupations other than those disrupted by automation and will be characterized by a low proportion of routine tasks and a high proportion of tasks requiring creative and social skills in particular. This includes many jobs in the health, education, and social fields. It is expected that digitalisation will change not only the amount of work and the demand for different skill levels but also the organization of work. Specific activities carried out by people will become more and more tradable over the Internet

Tasks undertaken outside the business and the proportion of self-employed people who work on a project-by-project basis with specific clients will increase. As a result, organizations are increasingly transitioning to more project-oriented organizational frameworks rather than set hierarchies. Such a' platform' or' gig' economy may lead to more self-determination and better work-life-balance for workers, but may also lead to more instability and periods of involuntary joblessness. In addition, self-employed workers on the network also lack legal security and the numerous social benefits to which employers are entitled.

For information and communication technologies (ICTs) over the last few years. Applications of ICTs, such as payroll processing software, barcode scanners, automated inventory software, or word processing, have replaced and made obsolete several repetitive office activities over the last 30 years. Many activities have also benefitted from ICTs, however, as ICTs have improved their efficiency. Examples involve the work of designers, engineers, or managers; ICTs have complemented and increased the skills required for these careers, and increased their demand.