On one hand, automation often creates as many jobs as it destroys over time. Workers who can work with machines are more productive than those without them; this reduces the costs and prices of goods and services and makes consumers feel richer. As a result, consumers spend more, which leads to the creation of new jobs.
On the other hand, some workers lose out, especially those who are immediately displaced by robots and now have to compete with them. Indeed, since the 1980s, digital technology has exacerbated labor market inequality, with many industrial and clerical workers losing their jobs or seeing their earnings fall. There have been new career opportunities established, including some that pay handsomely for highly educated analytical workers. Others, such as those in the personal services industry, pay substantially lower earnings.
Automation ensures that the approaches are put to good use in the supply of goods and services. However, technology inherently makes many workers redundant (particularly unskilled workers) and forces them to be displaced.
Automation will very probably have a significant negative impact on employment and pay in all occupations that do not require specialized training or skills. Many of these employees, on the other hand, might simply be retrained for other positions, and the impact of this technology on our society is revolutionary enough to open up new doors for everyone.
The good economic consequences in terms of new businesses and jobs available much exceed the negative ones, according to the World Bank’s World Development Report 2019, yet automation-based technical unemployment remains a source of concern.
Despite advancements in automation, even if the tool can execute the majority of the duties, some manual involvement is always necessary. Automation experts who work on the development, implementation, and monitoring of such technologies are in high demand.
