Technological Unemployment

Technological unemployment is a term created by British economist John Maynard Keynes. Keynes used the term to refer to a situation where technology or automation destroys jobs at a pace that is faster than the pace at which jobs are being created. The result is a net loss of jobs due to technology. Some analysts see technological unemployment as a structural trend that is inhibiting economic growth rates in the post financial crisis economy. While technological development results in productivity contributions, the loss of jobs and higher unemployment rate offset the productivity gains and lead to lower economic growth.

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