Employment in some sectors can decline sharply, but new jobs created elsewhere have absorbed those that have been displaced.Īll advanced economies have experienced profound sectoral shifts in employment, first in agriculture and more recently in manufacturing, even as overall employment has grown. Technology adoption can, and often does, cause significant short-term labor displacement, but history shows that in the longer run, it creates a multitude of new jobs and unleashes demand for existing ones, more than offsetting the number of jobs it destroys, even as it raises labor productivity.Īn examination of the historical record highlights several lessons.
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