Does technology improve or detract from jobs?
A famous economist recently led a research that looked at how technology has affected the growth of jobs in the United States since 1940. According to the report, new technologies have the potential to kill employment, but they may also generate new ones. Nevertheless, the overall result indicates that throughout the 1980s, technology has eliminated more employment than it has generated.
For this analysis, the researchers used a novel methodology that involved examining patent documents from the last century and employment classifications from the US census. This gave them the first opportunity to measure the number of jobs created and lost as a result of technology.
According to the report, over 60% of employment in the United States are new professions developed after 1940. The researchers were able to establish connections between emerging technologies and their impacts on employment by using natural language processing algorithms to examine the content of all U.S. patent applications submitted since 1920.
According to the analysis, there were more than twice as many detrimental consequences of automation on employment between 1980 and 2018 as there were between 1940 and 1980. Comparing 1980–2018 to 1940–1980, there was a little but favorable shift in the augmentation impact on employment.
The study also discovered that automation and augmentation frequently take place in the same sectors of the economy. Technological developments over the past forty years have made the U.S. wage gap worse, since professionals with advanced degrees are now more likely to work in industries that include high-paying and low-paying positions.
The study also implies that technical innovation is driven by widespread customer demand. It is difficult to predict the directions that innovation will take and how this will affect jobs, especially in light of the possible applications of AI in the workplace. The study team is hopeful that their methodology will enable them to comment further on this in the future.
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