Question

In today's economy, how does technology impact the labor market?

Are we losing jobs to technology, or are we gaining jobs due to the opportunities technology offers?

Answer 1

it can actually be mentioned that technology has a lot of impact in the labour market of the current scenario and this is because of the fact that automation is the main motto of technology where it has resulted in making lot of tasks easier as a result of which there is efficiency of scale and also average cost of a product is getting reduced and the productivity impact is clearly seen over the centuries and when it comes to the labour market it is slowly replacing the proper blue collar jobs but the demand for people who can work with technology and innovate and deal with it increase as a result of which employment is shifting from one direction to other and similarly in this regard it can also be mentioned that we are losing jobs to technology in one way as mentioned earlier where the blue collar jobs are the pure mechanical jobs are reducing but in other way we are gaining jobs do to the opportunities and technology offers because it is important to deal with the technology and handle them all in all.