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ECON 6000 Economic Principles And Decision Making
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ECON 6000 Economic Principles And Decision Making
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Course Code: ECON6000
University: Greenwich School Of Management
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: United Kingdom
Question:
Do you think that the labour market benefits from technology and innovations? What are your thoughts on this when considering disruptive technology and innovation? Discuss briefly by providing at least two examples
Answer:
Impact of technology and innovation in labour market
According to the economic principles, there are two types of technologies that affect businesses and labour markets either positively or negatively. The technologies includes; sustaining and disruptive technologies. Sustaining technology enables organizations to grow and develop gradually therefore maintaining its productivity level resulting to a positive effect to labour market. On the other hand, disruptive technologies are unexpected innovations that always occur abruptly and results to changes in the market and products which was not planned for. They mainly result to overturning of existing products and markets thus affecting labour markets negatively (Lee, 2014)
Putting into consideration disruptive technology and innovation in labour markets, it has resulted to negative impact to the labour market. This shows that the labour market does not therefore benefit fully in technology and innovation. As much as advancement in technology and innovation brings about new opportunities in almost every field of operation, new sectors, new markets and advancement in human and machine interaction, the labour market is discovered to be slowly laid out due to increase in automation of almost every task that is supposed to be performed by human beings. Human labour is being replaced at a high rate by adoption of technology especially disruptive technology. Examples include;
Introduction of online retailing which replaced human labour that was highly involved in traditional retailing.
The use of mobile phones also replaced human labour that was provided by fixed line operators.
However, as much as technology and innovation have played a great role in the global economy and leading to efficiency in operations, it has also lay off a huge portion of the labour market (Majumder, 2018)
References
Lee, K. (2014). 10 years of innovation studies in Asia through the Asian Journal of Technology Innovation. Asian Journal Of Technology Innovation, 22(1), 168-184. doi: 10.1080/19761597.2014.909990
Majumder, R. (2018). Technology and Labour Market: Insights from Indian Manufacturing Sector. The Indian Journal Of Labour Economics. doi: 10.1007/s41027-018-0128-1
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