Technological progress can lead to job loss from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
Technological progress can lead to job loss. This may seem counterintuitive, as we often associate technology with creating new jobs and opportunities. However, the reality is that technological advancements can also result in the displacement of workers. One reason for this is that machines and automation can perform tasks more efficiently and at a lower cost than human workers. As a result, companies may choose to invest in technology to increase productivity and reduce labor costs. This can lead to job cuts and downsizing as workers are replaced by machines. Furthermore, technological progress can also lead to the obsolescence of certain jobs. As new technologies emerge, the demand for certain skills may decline, making some jobs redundant. Workers who are unable to adapt to these changes may find themselves unemployed or facing difficulties in finding new employment. Moreover, the benefits of technological progress are not always evenly distributed. While some workers may see an increase in wages or opportunities as a result of technology, others may find themselves marginalized or left behind. This can exacerbate income inequality and social tensions within society.- While technological progress has the potential to create new jobs and opportunities, it can also lead to job loss for many workers. It is important for policymakers and businesses to consider the impact of technology on the labor market and take measures to ensure that the benefits of technological advancements are shared equitably among all members of society.
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