Technology is exacerbating unemployment and wage stagnation – and it’s set to only get worse

Technology is exacerbating unemployment and wage stagnation – and it's set to only get worse

In Silicon Valley, only 1.8 per cent of workers are employed in new industries For most people, a secure, fairly paid job is the difference between a reasonable life and destitution. Today changes in the structure of the work force make this objective increasingly elusive.

Technology exacerbated declines in employment and incomes by eliminating certain tasks and deskilling many jobs. Robotics and complex computerised equipment successfully replaced often skilled labour. Computer software is now replacing journalists being able to synthesise news items electronically up crawling the worldwide web. Even traders in financial markets are being replaced by automated algorithms.

In the […]

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