The Impact Of Technological Advancements On The Economy Essay
Technological advancements and globalization have helped to fuel growth of the economy. However, as prices for goods decrease and healthcare prolongs life (i.e. people work longer), less-skilled workers, particularly the population of high school dropouts, are faced with fewer job options and with eroding wages. Additionally, the Great Recession was most detrimental to workers with less education and job-related skills. Many in this group remain unemployed. Compared to the 2001 recession, after which low and high wage industries saw almost equal share of job growth, the current recession recovery is focused on low-wage industries (see Figure 1).
Low wage industries saw 22% job loss during the 2008 recession and have seen 44% growth from 2010-2014. These industries employ 1.85 million more workers than they had prior to the recession.
As the information-based economy grows, there are new opportunities for less skilled workers to participate in IT; however the class-related digital divide still persists. Computer and IT occupations are projected to grow 12 percent from 2014-2024, which is faster than the average for all jobs. Specifically, the job trajectory in this area begins with “maintainer” jobs, supporting computers and networks, providing data entry, and other entry level positions, requiring on-the-job training, vocational training, or an associate’s degree while “creator” jobs, along the lines of programing and engineering, require at least a…