Breakthrough Technologies and Labor Market Transformation: How It Works and Some Evidence from the Economies of Developed Countries

Elena Gorbashko (), Irina Golovtsova, Dmitry Desyatko and Viktorya Rapgof
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Elena Gorbashko: Saint Petersburg State University of Economics
Irina Golovtsova: Saint Petersburg State University of Economics
Dmitry Desyatko: Saint Petersburg State University of Economics
Viktorya Rapgof: Peter the Great St. Petersburg Polytechnic University

A chapter in The Economics of Digital Transformation, 2021, pp 67-84 from Springer

Abstract: Abstract The proliferation of digital technology and growing economic inequality have exacerbated the question of the boundaries of using breakthrough technologies. Economic practice shows that under the influence of new technologies there is a constant transformation of the labor market and these changes are usually associated with job cuts in the manufacturing industry. An analysis of empirical data of the US economy shows that job cuts in the industry sector and growth in the services sector are a long-term and sustainable trend. Such a process of structural transformation cannot be provided only by market mechanisms. The wide involvement of the state as an institution in the formation and financing of retraining and retraining programs for personnel is required to mitigate the consequences of profound structural changes in the labor market.

Keywords: Labor-saving technology; Labor market; Structural changes; Economic inequality (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:seschp:978-3-030-59959-1_5

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DOI: 10.1007/978-3-030-59959-1_5

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