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.
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Notes
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Assemblers and Fabricators; Engine and Other Machine Assemblers; Electrical, Electronic, and Electromechanical Assemblers; Extruding and Drawing Machine Setters, Operators, and Tenders, Metal and Plastic; Forging Machine Setters, Operators, and Tenders, Metal and Plastic; Rolling Machine Setters, Operators, and Tenders, Metal and Plastic; Cutting, Punching, and Press Machine Setters, Operators, and Tenders etc.
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This chapter was prepared under the financial support of the Russian Science Foundation (Grant No. 18-18-00099).
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Gorbashko, E., Golovtsova, I., Desyatko, D., Rapgof, V. (2021). Breakthrough Technologies and Labor Market Transformation: How It Works and Some Evidence from the Economies of Developed Countries. In: Devezas, T., Leitão, J., Sarygulov, A. (eds) The Economics of Digital Transformation. Studies on Entrepreneurship, Structural Change and Industrial Dynamics. Springer, Cham. https://doi.org/10.1007/978-3-030-59959-1_5
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