"This is the first paper to explore the unique psychological correlates of technological unemployment
. As more and more occupations are affected by automation, this is an increasingly important topic.
Now that a new generation of technologies is being adopted, the question is whether similar benefits to well-being will follow, or whether fears of technological unemployment
will create new sources of stress, undercutting consumer confidence and spending.
With developments in robotics and artificial intelligence, the imminence of technological unemployment
constitutes a serious issue among a significant segment of the workers.
Of particular note, Hang Chuon Naron (Cambodia's Minister of Education, Youth and Sport), together with several principals, participated in the panel discussion "Effective Learning in Preschool, Primary and Secondary Education With Industrial Revolution 4.0." In response to what is known as the Fourth Industrial Revolution--the merging of the physical, digital, and biological worlds (www.weforum.org/focus/ fourth-industrial-revolution)--N aron highlighted the importance of equipping students with soft skills and addressed the question of how education can deal with upcoming technological unemployment
. For this special event, the conference venue was fully packed, with more than 200 people attending.
The Ambassador made special reference to the importance of youth skills development, noting the challenges faced by countries in harnessing the positives of technological advancement, while minimizing the negative of technological unemployment
The longer that older workers remain in the labour force, the more exposed they are to technological unemployment
. From an employer's perspective, older workers simply do not have the skills to compete with fresh graduates or younger colleagues.
The first type of technological unemployment
takes place when earnings do not adjust for structural grounds, whereas the second one is as an impermanent episode, that is when technological change makes personnel out of work at a swifter rate than they can identify new jobs or such occupations are brought about.
The challenge that we face globally is not about the quantity of jobs -- we do not see massive technological unemployment
anywhere in the world, even in the most technologically advanced large economy, which is the United States.
One important observation is that at least so far there is no evidence in the data of what John Maynard Keynes called technological unemployment
, (1) either in the EU or any other OECD country.
The prospect of widespread technological unemployment
highlights a different relationship between education and technology than that offered by Goldin and Katz.
is another aspect of this debate, albeit it's darker version.
Mr Haldane added: "Given that the scale of job loss, job displacement, is likely to be at least as large as that of the first three industrial revolutions, we will need even greater numbers of new jobs to be created in the future if we are not to suffer this longer-term feature called technological unemployment
. "It has not been a feature of the past, but could it possibly be a feature of the future?