Technological Change and Unemployment: What are some examples of technological changes that have 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?
Technological Change and
Technological change is an important factor that is present in every economy in the course of their growth and development. Technological change helps to increase the efficiency of production in every economy which helps the economy to produce more output with the use of a lower quantity of inputs. This is made possible through the increased efficiency of production in the economy due to increased technological change in the economy,
Unemployment is the situation in which the people are willing to work at the prevailing market wage rate and are actively searching for a job in the economy but fails to find any from the economy. This means that the laborers will not be absorbed by the economy causing the problem of unemployment in the economy. In some cases, technological advancement causes unemployment in the economy. The technological advancement in the economy causing the unemployment examples are as follows:
- The technical advancement in the automobile industry has reduced the number of laborers and the advanced automatic machines replaced the laborers and also help the industry to minimize the time required to produce a vehicle.
- The introduction of technologies such as Tractors, Tillers, and harvesters replaced workers from the agricultural fields.
- The introduction of technological advancements such as helicopter fertilizer and pesticide sprayers have replaced the manual laborers who used to spray these in large plantations which helped the time used by many fold times.
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