The Impact of Technology on Growth and Employment

The Impact of Technology on Growth and Employment

Technology has been a major drive on the growth of the economy, quality standard of living and gave birth to new and improved kinds of work. Even the gaming industry has not been spared with technology taking gaming to another level.

Technology and Employment

Moreover, the recent technology on artificial intelligence and machine learning has shifted the world as we used to know. The introduction of self-driving cars at some point fuelled the debate on the impact of technology on growth and employment.

With recent technological advancement, only a fool will not seek to update their skills and race with the machines. The ultimate reason being technology is changing the world. It is most likely that some skills will be totally replaced by machines.

Key to keeping up is match up the existing skills with current technological advancement. Because of technology, there’s also a rise of online entertainment such as casino games, read more at usrealmoney-casinos.com.

Technology and Labour

The average person in developed countries has a better package in terms of medical care, access to information and education. Even better ways to communicate and travel compared to the richest people the world of the past. All this has been a result of technology constantly changing the world and the day-to-day ways of living.

According to a study in 1830, it would take between 250 to 300 hours for a farmer to produce 100 tonnes of wheat. Fast forward to 1890 it was taking between 40 to 50 hours for animal drawn machines to produce the same amount.

In 1975, the same production was taking about 3 to 4 hours for the same amount. As a result, food became cheaper due to machines that decreased the production costs.

Conclusion

The above are just examples of how technology is affecting the growth and employment today. However, many people are becoming self-employed while others make money by playing casino games at sites such as casinosnz casino. According to the current prediction, technology will continue to displace the lower skill and most blue-collar workers around the world.

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