Question

What are some examples, other than those given in the chapter, of technological change that has caused unemployment? And what are some examples of new technologies that have created jobs? How do you think you might measure the net impact of technological change on overall employment and GDP in the United States?

Answer 1

Some of the technological usage that have caused unemployment include automation which we can find in almost every work field. It is increasingly replacing humans as they are faster, efficient and easily replaceable. We can see automation in banking sector, trading, transportation and others which has gradually replaced humans from the picture. Another technological changes that is taking place is the increased usage of artificial intelligence. Human decision-making is being substituted for artificial intelligence. Robots have replaced humans in factories and fields. Again, Internet of Things (IOT) is another technology that is being pushed in a massive way.
It is not that technology is always bad for humans or the economy. An information driven society requires data for analytics and hence, requirement for data analytic specialists has emerged as the top jobs. Again, e-commerce firms that heavily rely on technology also require human workforce for service delivery – food delivery, cab services, medicine etc. Companies like Airbnb provide opportunities to home owner to earn a decent source of income by renting and managing their own properties. Number of freelancing jobs like that of designers, coders are on offer these days that can be performed from the comfort of home.
Overall, technology and human will synergise and learn to co-exist. We have reached a point in time where we cannot give preference to one over the other. The economy thrives on new opportunities and new ways of living. Ultimately, it is for the betterment for all.