Assess The Impact Of Technological Change On The Economy
Technological change is an increase in the efficiency of a product of a product or process that result in an increase in output. Structural unemployment occurs when a firm is looking for a worker and an unemployed worker is looking for a job, but the particular characteristics the firm us looking for do not match up with the characteristics the worker offers. Technological change is one source of structural unemployment.
First, the impact of technology on employment is that there will be massive unemployment as technological changes increases. Few studies predict large employment losses from such changes. Neither does it appear that, as a result of technological change. The skills required to get a job or keep a job in the future will be substantially …show more content…
Though the process of globalisation existed in its nascent state for quite a long time, but there have been many changes in the globalisation process in the last two decades that makes it distinct from earlier existences. Rather than commodities or other products- information and capital have become the major thing to be traded in today’s global market. Technological changes now a days allow capital to move almost instantaneously. Earlier products and capital were more rooted to a place. Today, many of the things traded and produced in the global market, such as knowledge and computer technology, are extremely mobile or rootless. All this has been made available by a vast network of satellites orbiting at twenty-two thousand miles in space, underseas fibre optic cables, wired and wireless networks, cellular phones, palmtop and laptop wireless computers etc. Thanks to this electronic nerve system which spans the globe. The global knowledge economy, i.e. a technology driven global economy, manifests itself in many different ways, such as profound changes in industry and firm structure, the emergence of the online economy, the rising value of knowledge, low inflation and rapid social change. In all developed economies, industry structure and the activities are changing rapidly. Output and employment in knowledge-based and
First, the impact of technology on employment is that there will be massive unemployment as technological changes increases. Few studies predict large employment losses from such changes. Neither does it appear that, as a result of technological change. The skills required to get a job or keep a job in the future will be substantially …show more content…
Though the process of globalisation existed in its nascent state for quite a long time, but there have been many changes in the globalisation process in the last two decades that makes it distinct from earlier existences. Rather than commodities or other products- information and capital have become the major thing to be traded in today’s global market. Technological changes now a days allow capital to move almost instantaneously. Earlier products and capital were more rooted to a place. Today, many of the things traded and produced in the global market, such as knowledge and computer technology, are extremely mobile or rootless. All this has been made available by a vast network of satellites orbiting at twenty-two thousand miles in space, underseas fibre optic cables, wired and wireless networks, cellular phones, palmtop and laptop wireless computers etc. Thanks to this electronic nerve system which spans the globe. The global knowledge economy, i.e. a technology driven global economy, manifests itself in many different ways, such as profound changes in industry and firm structure, the emergence of the online economy, the rising value of knowledge, low inflation and rapid social change. In all developed economies, industry structure and the activities are changing rapidly. Output and employment in knowledge-based and