What are the Economic Impact of Technology?
Technology significantly influences economic systems, industries, and the labor market, impacting the distribution of wealth, productivity, and employment. Key economic impact of technology include: Automation and Job Displacement: Advances in automation, robotics, and AI have the potential to transform the labor market. While these technologies can increase productivity, they also raise concerns about job displacement and the need for reskilling and upskilling of the workforce. Gig Economy and Digital Labor: The rise of digital platforms and the gig economy has changed the nature of work. It offers flexibility but also challenges traditional labor rights, benefits, and job security. Ethical considerations about workers' rights and protections are central. Globalization and E-Commerce: Technology has facilitated globalization, enabling businesses to reach global markets. E-commerce platforms have disrupted traditional retail and supply chains, leading to changes in the way go