The Impact of Technology on the Labor Market: An Analysis of the Changing Landscape

Wenchong He (), Beiqin Zhang () and Jialu Zhang ()
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Wenchong He: The Australian National University
Beiqin Zhang: Cardiff University
Jialu Zhang: University of Glasgow

A chapter in Proceedings of the 9th International Conference on Financial Innovation and Economic Development (ICFIED 2024), 2024, pp 498-504 from Springer

Abstract: Abstract The relentless march of technology and automation has ushered in unprecedented levels of productivity and efficiency, reshaping industries and profoundly impacting the labor market. This article explores the multifaceted effects of new technology and automation on the workforce, including the transformation of job roles, evolving skill requirements, and intricate wage dynamics. As cutting-edge technologies like artificial intelligence and robotics redefine tasks across industries, workers face changing skill demands that encompass technical proficiencies and soft skills. These shifts have led to nuanced wage disparities, with specialized technical skills often commanding higher salaries while some traditional roles experience wage stagnation. Additionally, the gig economy has introduced variations in wage structures, offering flexibility and income potential for some but income instability for others. Understanding the intricate interplay between technology and wages is essential for individuals, businesses, and policymakers as they navigate the evolving labor landscape. Addressing these complexities requires a multifaceted approach involving education, policy reforms, and labor market adaptations.

Keywords: technology impact; automation; workforce transformation; job roles; skill requirements (search for similar items in EconPapers)
Date: 2024
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DOI: 10.2991/978-94-6463-408-2_56

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