Year: 2024
Type: article
Abstract: Robots and artificial intelligence (AI) are transforming work across many industries, and it is important to evaluate the impact of these technologies on employment, productivity, and the overall economy. While automation and AI have clear benefits such as efficiency, lower costs, and greater accuracy, these technological advances pose challenges, such as loss of jobs, skills mismatch, and economic inequality. This paper will examine how different sectors are being impacted, considering the potential for new job creation in emerging fields, and discuss the need for reskilling and training to prepare the workforce for the future. Throughout history, technological advancements have had a dual-edged effect. While such advancements have enhanced and benefited us, they have also brought about unforeseen issues that sometimes are rectified, and at other times require urgent strategic policy measures. The global economy and future of work are expected to be more automated, but only if we strategize and take policy measures to achieve a “just” transition. Keywords- Automation, Artificial Intelligence (AI), Employment, Productivity, Economic Impact, Job Creation, Skill Mismatch, Economic, Inequality, Reskilling, Workforce Training, Technological Advancement, Global Economy, Future of Work, Automation Policy.
DOI: 10.55041/ijsrem37548
Authors: HIET GROUP OF INSTITUTIONS, Shahpur, Mrs. Shallu Dogra, Gourav Rana, HIET GROUP OF INSTITUTIONS, Shahpur, Ishita Sharma, HIET GROUP OF INSTITUTIONS, Shahpur
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4402678277