The Advancement of Technology and its Impact on the Workforce

Abstract

In this paper, there will be an explanation of the advantages, disadvantages, and potential scenarios that can take place as a result of advancing technology. There will also be an analysis of what would be likely to happen. This paper defines “advancing technology” as innovation in terms of equipment pertaining to economic production, with the ability to take on existing roles with a higher productive potential; and “unemployable” is defined as not having the level of skill required to be employed in a job. The main stakeholders identified in this paper are the government, the firms, the workers and the consumers.