Question
In: Economics
4. Explain the relationship between technology and inequality. Focus your answer on the workers' wage share.
4. Explain the relationship between technology and inequality. Focus your answer on the workers' wage share.
Solutions
Expert Solution
There is a direct relationship between the improvements in technology and inequality in the worker's wages share. With the improvement in technology, the demand for skilled workers increases as compared to unskilled workers, and thus wages of skilled workers increases as they get good jobs and the unskilled workers remain poor.
When there is technological growth, many workers are replaced by the new machinery or tools and thus it becomes difficult for them to find a good job and then they settle for something less than they deserve. This also causes income inequality between workers.
Thus with improvement in technology the income ineaulitu or inequality in the wage share between workers keep increasing, skilled and qualified workers keep getting good jobs and the unskilled keep struggling to get even a low wage job that they don't desreve.
Rahul Sunny answered 1 year agoRelated Solutions
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