Essay The Decline Of The 21st Century

1885 Words Nov 30th, 2016 8 Pages
The 21st century is facing a remarkable increase in unemployment rate as millions of workers have been permanently eliminated from the economic process and many job offers have become extinct. Brynjolfsson (2011) presented the unfortunate catastrophe about the American Associations after the Great Recession between May 2007 and October 2009. In fact, companies didn’t resume employing, they hired new machines. After the sharp decline in economic activity during the late 2000s, the quality of the work field didn’t improve. As a result, new entrants into the workforce found themselves without jobs. As Weidel (2015) stated, the employees with a potential to be replaced by “labor-saving technology” no longer find opportunities as machines substituted them. As an example, computer threw out factory workers, service representatives and many more (p. 6). This loss of jobs is caused by some sort of technological change, which indeed promotes technological unemployment. Just as horses employed as prime means of transport were gradually made obsolete by the automobile, humans ' jobs are also affected throughout modern history. The latter consists of diminishing the efficiency and the capacity of the “mechanical muscle and mind”. However, this loss of employment which is caused by the introduction of labor-saving technology can be solved by implementing a universal basic income (UBI) in which all citizens of a country regularly receive a sum of money.

Technological unemployment leads…

Related Documents