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Toil and Technology
Article

Toil and Technology

Innovative Technology Is Displacing Workers to New Jobs Rather Than Replacing Them Entirely

IMF, 2015 more...

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Editorial Rating

8

Qualities

  • Well Structured

Recommendation

Robots and computers are not the enemies of job creation, but they are changing how work is done and who does it, according to economic innovation expert James Bessen. His brief but insightful article describes how “smart machines” – from automated teller machines to computers that can diagnose breast cancer – are stepping into territories that humans once dominated. But Bessen adroitly points out that while technology has replaced some workers, it has actually generated more and different jobs requiring diverse skill sets. getAbstract recommends his timely report to human resources executives and policy makers.

Take-Aways

  • While automation has taken jobs from some laborers in certain industries, it has catapulted many more workers into different posts requiring diverse skill sets.
  • Among the major occupations, only manufacturing has seen job growth decline from 1982 to 2012, resulting in five million jobs lost. But new jobs in different fields have offset the loss of old ones.
  • Since the Industrial Revolution, automation has helped decrease costs and drive up demand for both goods and labor.

About the Author

Economic innovation scholar James Bessen is the author of Learning by Doing: The Real Connection Between Innovation, Wages and Wealth.