Technology's Impact On The US Economy

In the United States, most goods and services are produced by privately owned firms. They are able to do so by having firms specialize in making a certain product and workers being assigned specific jobs within a company. In earlier centuries, this would not have been happening in the US economy because people were more self-reliant and produced their own goods and services. Over time, as the population increase and the economy began to grow, it was more reasonable for people to start buying things in the marketplace. Today, buying services and products all come from a company that focuses on one type of work. For example, when you are hiring a plumber to fix a leak you wouldn't also ask them to fix the internet connection. This is because current jobs and businesses are only focused on what they specialize in to have the outcome of the largest profit by becoming advanced in the area. In the current U.S. …show more content…
With this new technology, there have already been improvements in assistance through advancing productivity due to the skilled tasks it can perform. The negative effect that technology has had on the U.S. Labor Market is replacing tasks that were previously completed by labor. A modern example of this already happening today is industrial robots. In the future, advancement of technology can end up destroying our economy due to the loss in need of people for labor. Another effect on our economy is the increase percentage of unemployment. Since workers are being replaced with new technology, people are losing their jobs and have nowhere else to go because their skills are no longer needed. With the new advancements in technology, it has affected the current labor market and economy both positively and negatively, making it a personal judgment on whether we should continue to advance with technology in the