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

In: The Economics of Digital Transformation

Author

Listed:
  • 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)

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.

Suggested Citation

  • Elena Gorbashko & Irina Golovtsova & Dmitry Desyatko & Viktorya Rapgof, 2021. "Breakthrough Technologies and Labor Market Transformation: How It Works and Some Evidence from the Economies of Developed Countries," Studies on Entrepreneurship, Structural Change and Industrial Dynamics, in: Tessaleno Devezas & João Leitão & Askar Sarygulov (ed.), The Economics of Digital Transformation, edition 1, pages 67-84, Springer.
    • Handle: RePEc:spr:seschp:978-3-030-59959-1_5
    DOI: 10.1007/978-3-030-59959-1_5
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