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

In: Proceedings of the 9th International Conference on Financial Innovation and Economic Development (ICFIED 2024)

Author

Listed:
  • Wenchong He

    (The Australian National University)

  • Beiqin Zhang

    (Cardiff University)

  • Jialu Zhang

    (University of Glasgow)

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.

Suggested Citation

  • Wenchong He & Beiqin Zhang & Jialu Zhang, 2024. "The Impact of Technology on the Labor Market: An Analysis of the Changing Landscape," Advances in Economics, Business and Management Research, in: Khaled Elbagory & Zefu Wu & Hamdan Amer Ali Al-Jaifi & Shafie Mohamed Zabri (ed.), Proceedings of the 9th International Conference on Financial Innovation and Economic Development (ICFIED 2024), pages 498-504, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-408-2_56
    DOI: 10.2991/978-94-6463-408-2_56
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