Technology and unemployment
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I've been dealing at a local bank for 10 years that has its staff 50% of what it was when I joined. I'm told this has been accomplished with the same amount of customers. Between 24 hour ATM machines, online banking, etc, the need for people is less. With EC/e-Business and technology increasing, will we see more and more companies downsizing? In addition, e-business companies like Amazon are stealing customers away from other book companies. Could this force more unemployment? With technology growing at an astronomical rate, what effect will this have on the job market? Will there be enough new technology related jobs to make up for the difference?
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Solution Summary
Technology and unemployment connections are made. The technology growing at an astronomical rate is found. The effect it has on the job market is given.
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Executives looked at the balance sheet to trim the fat, and viewed cutting labor as a necessary and relatively painless method to boost profit margins. The economy was experiencing the sort of growth that made both skilled and unskilled labor more and more superfluous. At the low end of the wage and skill scale, advanced automation in machinery and assembly were enabling workers to become more productive, and reduced the amount of workers necessary for a given level of profit. At the middle end, rapid advances in information technology reduced the need for a large layer of middle ...
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