Technological unemployment occurs when the adoption of new technology causes job losses. Automation is a process of using robots, AI and machines to take the place of workers – not just in manufacturing, but increasingly new avenues – even in the service sector. The pace of automation is causing job disruption – with workers – especially in manufacturing losing jobs.
Any good economist will be well-acquainted with the Luddite Fallacy – the argument that new technology destroys jobs in the long-run is not true. Back in the nineteenth century, skilled artisans went around smashing spinning machines – machines which were […]
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